Common use of Liquidity Facilities Clause in Contracts

Liquidity Facilities. The Issuer may establish one or more Liquidity Facilities in connection with the issuance of an Additional Series by entering into transaction documentation (the “Liquidity Facility Documents”) with one or more Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a Liquidity Facility: (a) the Issuer’s having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Liquidity Facility Provider to assign, transfer or delegate its obligations under the Liquidity Facility, (iv) ensuring that draws on the Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the Liquidity Facility as it nears its stated maturity, and to effect draws under the Liquidity Facility in the event the Liquidity Facility is not timely renewed or replaced, or the Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (e) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Liquidity Facility, duly executed by the Issuer and the Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions of counsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuer shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish enter, from time to time, into one or more additional Liquidity Facilities in connection with the issuance of Facility Agreements (each, an “Additional Series Liquidity Facility”) by entering into transaction documentation (the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuers shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish enter, from time to time, into one or more additional Liquidity Facilities in connection with the issuance of Facility Agreements (each, an “Additional Series Liquidity Facility”) by entering into transaction documentation (the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Additional Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuer shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish enter, from time to time, into one or more additional Liquidity Facilities in connection with the issuance of Facility Agreements (each, an “Additional Series Liquidity Facility”) by entering into transaction documentation (the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Additional Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuer shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish enter, from time to time, into one or more additional Liquidity Facilities in connection with the issuance of Facility agreements (each, an “Additional Series Liquidity Facility”) by entering into transaction documentation (such Additional Liquidity Facility together with the Initial Liquidity Facility, the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuer shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish establish, from time to time, one or more additional Liquidity Facilities in connection with the issuance of (each, an “Additional Series Liquidity Facility”) by entering into a Liquidity Facility agreement and/or other transaction documentation (such Additional Liquidity Facility together with the Initial Liquidity Facility, the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.

Liquidity Facilities. The On the Initial Closing Date, the Issuer shall establish the Initial Liquidity Facility and thereafter, the Issuer may establish enter, from time to time, into one or more additional Liquidity Facilities in connection with the issuance of Facility agreements (each, an “Additional Series Liquidity Facility”) by entering into transaction documentation (such Additional Liquidity Facility together with the Initial Liquidity Facility, the “Liquidity Facility Documents”) with one or more Additional Liquidity Facility Providers. The following conditions must be satisfied before the Issuer establishes a may establish an Additional Liquidity Facility: (a) the Issuer’s Issuer having obtained Rating Agency Confirmation with respect to all Outstanding Series, provided that, because the establishment of such Liquidity Facility would occur in connection with the issuance of an Additional Series, the establishment of such Liquidity Facility would be subject to the same Rating Agency Confirmation as such Additional Series; (b) no Manager Servicer Termination Event, Event of Default or Early Amortization Event shall have occurred and be continuing at the time of the establishment of the Liquidity Facility, and no Manager Servicer Termination Event, Event of Default or Early Amortization Event would occur as a result of the transactions associated with the establishment of the Additional Liquidity Facility; (c) the Liquidity Facility Provider shall have a long-term credit rating of not less than the highest rating issued by the Rating Agency on any Outstanding Equipment Notes, and shall not have a published long-term rating issued by any NRSRO lower than the highest rating on any Outstanding Equipment Notes; (d) the Documents related to such Additional Liquidity Facility Documents shall contain provisions (i) addressing the limited recourse nature of the Issuer’s obligation to make payments to the Additional Liquidity Facility Provider, (ii) consistent with the bankruptcy remoteness of the Issuer, (iii) restricting the ability of the Additional Liquidity Facility Provider to assign, transfer or delegate its obligations under the such Additional Liquidity Facility, (iv) ensuring that draws on the such Additional Liquidity Facility are payable on demand and without the need for a default or event of default to have occurred, (v) setting forth timetables consistent with the Issuer having funds to make timely payments on the Equipment Notes, and (vi) allowing a reasonable period of time for the Issuer to renew or to replace the such Additional Liquidity Facility as it nears its stated maturity, and to effect draws under the such Additional Liquidity Facility in the event the such Additional Liquidity Facility is not timely renewed or replaced, or the Additional Liquidity Facility Provider is downgraded or defaults in its obligations after any applicable grace period; and (ed) the Issuer shall have delivered to the Indenture Trustee, on or prior to the establishment of such Additional Liquidity Facility: (i) an original copy of the Liquidity Facility Documents for such Additional Liquidity Facility, duly executed by the Issuer and the Additional Liquidity Facility Provider, as applicable; (ii) an officer’s certificate, duly executed by a Responsible Officer of the Issuer, meeting the requirements of Section 1.03 hereof and stating that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) all conditions precedent in this Master Indenture to (x) the establishment of such Additional Liquidity Facility and (y) the execution, delivery and performance of the Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture; and (iii) one or more opinions Opinions of counselCounsel, duly executed by counsel to the Issuer, meeting the requirements of Section 1.03 hereof and containing a statement to the effect that (A) the establishment of such Additional Liquidity Facility and the Liquidity Facility Documents are authorized and permitted by this Master Indenture and (B) that all conditions precedent in this Master Indenture to (x) the establishment of such Liquidity Facility and (y) the execution, delivery and performance of the such Liquidity Facility Documents have been duly satisfied in accordance with the terms of this Master Indenture. Unless otherwise provided in a Series Supplement, each Liquidity Facility will be secured by the lien of this Master Indenture.