Common use of Rating Downgrade Clause in Contracts

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately (or such greater period as agreed by the relevant Designated Rating Agency) comply with Section 17(c)(i). Party A must continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv). (c) Where Party A is required to comply with this Section 17(c) it must, subject to paragraph (b), at its cost do one of the following: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement (including by the deposit of US$ to the credit of a Swap Collateral Account); (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each Designated Rating Agency; or (iv) enter, or procure entry, into an Acceptable Arrangement. (d) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an account with an Approved Bank, which account shall be, for the purposes of this Section 17, the "SWAP COLLATERAL ACCOUNT". (e) Party B, at the direction of the Manager, may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise if directed to do so by the Manager and in such latter case only for the purpose of: (i) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (ii) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or (iii) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment. (f) Party B, at the direction of the Manager, may only invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support that matures on or prior to the next Payment Date. (g) The Credit Support Amount must be denominated in US$, pounds sterling, Australian dollars or in such other currency as approved by each Designated Rating Agency."

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately by the tenth day following a Major Downgrade (or such greater period as agreed by the relevant Designated Rating Agency) comply with Section 17(c)(i). Party A must continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv). (c) Where Party A is required to comply with this Section 17(c) it must, subject to paragraph (b), at its cost do one of the following: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement (including by the deposit of US$ USD/Euro to the credit of a Swap Collateral Account); (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating(s) of each relevant Designated Rating Agency domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each relevant Designated Rating Agency; or (iv) enter, or procure entry, into an Acceptable Arrangement. (d) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Accounttransfer Eligible Credit Support to Party B, the Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an account (where the Eligible Credit Support is in the form of cash) and/or a custody account (where the Eligible Credit Support is in the form of securities) with an Approved Bank, which account account(s) shall be, for the purposes of this Section 17, the "SWAP COLLATERAL ACCOUNT". (e) Party B, at the direction of the Manager, may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise if directed to do so by the Manager and in such latter case only for the purpose of: (i) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (ii) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or; (iii) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment.payment or (iv) funding any termination payment due to Party A. (f) Party B, at the direction of the Manager, B may only not invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support that matures on or prior to the next Payment DateAccount. (g) The Credit Support Amount must be denominated in US$, pounds sterling, Australian dollars or in such other currency as approved by each Designated Rating Agency."

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c18(c). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately within 5 Business Days (or such greater period as agreed by the relevant Designated Rating Agency) comply with Section 17(c)(i). Party A must continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv18(c). (c) Where Party A is required to comply with this Section 17(c18(c) it must, subject to paragraph (b), at its cost do one of the followingeither: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement (including by the deposit of US$ to the credit of a Swap Collateral Account); (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each Designated Rating Agency; or (iv) enter, or procure entry, into an Acceptable Arrangement. (d) If, at any time, Party A's obligations under a Transaction are novated in accordance with Section 18(c)(ii), a co-obligor is procured in accordance with Section 18(c)(iii) or any Acceptable Arrangement is entered into in accordance with Section 18(c)(iv) which results in Party A being replaced as Currency Swap Provider (the "REPLACED CURRENCY SWAP PROVIDER"), the Replaced Currency Swap Provider shall be immediately entitled to any Eligible Credit Support which has been transferred to Party B. (e) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Trust Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an a US$ account with an Approved Bank, which account shall be, for the purposes of this Section 1718, the "SWAP COLLATERAL ACCOUNT". (ef) Party B, at the direction of the Manager, B may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i18(c)(i) or make withdrawals from the Swap Collateral Account: (i) Account in accordance with the terms of the Credit Support Annex attached to this Agreement; Agreement or (ii) otherwise if directed to do so by the Trust Manager and in such latter case only for the purpose of: (i) novating the Replaced Currency Swap Provider's obligations under each Transaction in accordance with Section 18(c)(ii), enabling a co-obligor to be procured in accordance with Section 18(c)(iii) or entering into any other Acceptable Arrangement in accordance with 18(c)(iv); (ii) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (iiiii) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or (iiiiv) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment. (fg) Party B, at the direction of the Trust Manager, may only invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support that matures on or prior to the next Payment Date. (gh) The Credit Support Amount must be denominated in US$, pounds sterling, Australian dollars US$ or in such other currency as approved by each Designated Rating Agency. This Agreement may be executed in counterparts, each of which will be deemed an original. EXECUTED in London and Sydney. Each attorney executing this Agreement states that he or she has no notice of revocation or suspension of his or her power of attorney. PARTY A SIGNED on behalf of ) BARCLAYS BANK PLC ) by its attorneys under power of ------------------------------------ attorney ) Signature in the presence of: ) ------------------------------------ Print name -------------------------------------- Witness ------------------------------------ Signature -------------------------------------- Print name ------------------------------------ Print name PARTY B SIGNED on behalf of ) PERPETUAL TRUSTEES VICTORIA LIMITED ) by its attorney under power of attorney ) in the presence of: ) -------------------------------------- ------------------------------------ Witness Signature -------------------------------------- ------------------------------------ Print name Print name TRUST MANAGER SIGNED on behalf of ) INTERSTAR SECURITISATION MANAGEMENT PTY ) LIMITED by its attorney under power of attorney ) in the presence of: ) --------------------------------------- ------------------------------------ Witness Signature --------------------------------------- ------------------------------------ Print name Print name ISDA(R) INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. CREDIT SUPPORT ANNEX to the Schedule to the ISDA MASTER AGREEMENT dated as of ___________________ 2005 between Barclays Bank PLC and Perpetual Trustees Victoria Limited in its ("PARTY A") capacity as trustee of the Interstar Millennium Series 2005-1G Trust ("PARTY B") and Interstar Securitisation Management Pty Limited (ABN 56 100 346 898) (the "TRUST MANAGER") This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above and is part of its Schedule. For the purposes of this Agreement, including, without limitation, Sections 1(c), 2(a), 5 and 6, the credit support arrangements set out in this Annex constitute a Transaction (for which this Annex constitutes the Confirmation)."

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c18(c)(i). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately shall: (i) within 30 Business Days (or such greater period as agreed by the relevant Designated Rating Agency) comply with Sections 18(c)(ii), (c)(iii) or (c)(iv); and (ii) until such time as a Replacement Currency Swap has been entered into in accordance with Section 17(c)(i18(c)(ii). Party A must , a co-obligor has been procured in accordance with Section 18(c)(iii) or an Acceptable Arrangement has been entered into in accordance with Section 18(c)(iv), comply or continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv18(c)(i). (c) Where Party A is required to comply with this Section 17(c18(c) it must, subject to paragraph (b), at its cost do one of the followingcost: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement either: (including A) within 5 Business Days (or such greater period as agreed by the relevant Designated Rating Agency) deposit of US$ into a Swap Collateral Account and maintain in that Swap Collateral Account (whilst the relevant Downgrade subsists) sufficient funds to ensure that the amount standing to the credit of a the Swap Collateral AccountAccount is equal to the Credit Support Amount (or such lesser amount as agreed with the relevant Designated Rating Agency); or -------------------------------------------------------------------------------- Page 36 (B) acquire in the name of Party B or transfer to Party B Eligible Credit Support that matures on or prior to the next Payment Date with an aggregate face amount equal to the Credit Support Amount (or such lesser amount as agreed with the relevant Designated Rating Agency); (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each Designated Rating Agency; or (iv) enter, or procure entry, into an Acceptable Arrangement. (d) If, at any time, Party A's obligations under a Transaction are novated in accordance with Section 18(c)(ii), a co-obligor is procured in accordance with Section 18(c)(iii) or any Acceptable Arrangement is entered into in accordance with Section 18(c)(iv) which results in Party A being replaced as Currency Swap Provider (the "REPLACED CURRENCY SWAP PROVIDER"), the Replaced Currency Swap Provider shall be immediately entitled to any Credit Support Amount which it has deposited in a Swap Collateral Account. (e) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Trust Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an a US$ account with an Approved Bank, which account shall be, for the purposes of this Section 1718, the "SWAP COLLATERAL ACCOUNT". (ef) Party B, at the direction of the Manager, B may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i18(c)(i)(B) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise Account if directed to do so by the Trust Manager and in such latter case then only for the purpose of: (i) novating the Replaced Currency Swap Provider's obligations under each Transaction in accordance with Section 18(c)(ii), enabling a co-obligor to be procured in accordance with Section 18(c)(iii) or entering into any other Acceptable Arrangement in accordance with 18(c)(iv); (ii) refunding to Party A the amount of any reduction in the Credit Support Amount, from time to time, and provided the Designated Rating Agencies have confirmed in writing that such refund will not result in a Note Downgrade; (iii) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (iiiv) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or (iiiv) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment. For the purposes of this Section 18 and the Series Notice, a Downgrade will be deemed to "SUBSIST" until the earlier of the following dates: (i) the date on which the credit rating of Party A is restored to the Required Rating; (ii) the date on which a Replacement Currency Swap has been entered into in accordance with Section 18(c)(ii); (iii) the date on which a co-obligor has been procured in accordance with Section 18(c)(iii); and (iv) the date on which an Acceptable Arrangement has been entered into in accordance with Section 18(c)(iv). (fg) Party B, at the direction of the Trust Manager, may only invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support that matures on or prior to the next Payment Date. (gh) All interest accrued on and other income derived from the acquisition or transfer to it of any Eligible Credit Support under Section 18(c)(i)(B) or the investment of any amounts credited to a Swap Collateral Account will be payable monthly to the party that provided the relevant Eligible Credit Support or Credit Support Amount, provided that any such interest or income will only be payable to the extent that any payment will not reduce the balance of the Swap Collateral Account to less than the amount required to be maintained in accordance with this Section 18. -------------------------------------------------------------------------------- Page 38 (i) The Credit Support Amount must be denominated in US$, pounds sterling, Australian dollars US$ or in such other currency as approved by each Designated Rating Agency. This Agreement may be executed in counterparts, each of which will be deemed an original. EXECUTED in London and Sydney. Each attorney executing this Agreement states that he or she has no notice of revocation or suspension of his or her power of attorney. -------------------------------------------------------------------------------- Page 39 PARTY A SIGNED on behalf of ) BARCLAYS BANK PLC ) ------------------------------------ by its attorneys under power of attorney ) Signature in the presence of: ) ----------------------------------- Print name ------------------------------------------ Witness ----------------------------------- Signature ------------------------------------------ Print name ------------------------------------ Print name PARTY B SIGNED on behalf of ) PERPETUAL TRUSTEES VICTORIA LIMITED ) by its attorney under power of attorney ) in the presence of: ) ------------------------------------------ ----------------------------------- Witness Signature ------------------------------------------ ------------------------------------ Print name Print name TRUST MANAGER SIGNED on behalf of ) INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED ) by its attorney under power of attorney ) in the presence of: ) ------------------------------------------ ----------------------------------- Witness Signature ------------------------------------------ ------------------------------------ Print name Print name ISDA(R) INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. CREDIT SUPPORT ANNEX to the Schedule to the ISDA MASTER AGREEMENT dated as of March 2004 between Barclays Bank PLC and Perpetual Trustees Victoria Limited in its ("PARTY A") capacity as trustee of the Interstar Millennium Series 2004-2G Trust ("PARTY B") and Interstar Securitisation Management Pty Limited (ABN 56 100 346 898) (the "TRUST MANAGER") This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above and is part of its Schedule. For the purposes of this Agreement, including, without limitation, Sections 1(c), 2(a), 5 and 6, the credit support arrangements set out in this Annex constitute a Transaction (for which this Annex constitutes the Confirmation)."

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately by the tenth day following a Major Downgrade (or such greater period as agreed by the relevant Designated Rating Agency) comply with Section 17(c)(i). Party A must continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv). (c) Where Party A is required to comply with this Section 17(c) it must, subject to paragraph (b), at its cost do one of the following: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement (including by the deposit of US$ USD to the credit of a Swap Collateral Account); (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating(s) of each relevant Designated Rating Agency domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each relevant Designated Rating Agency; or (iv) enter, or procure entry, into an Acceptable Arrangement. (d) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Accounttransfer Eligible Credit Support to Party B, the Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an account (where the Eligible Credit Support is in the form of cash) and/or a custody account (where the Eligible Credit Support is in the form of securities) with an Approved Bank, which account account(s) shall be, for the purposes of this Section 17, the "SWAP COLLATERAL ACCOUNTSwap Collateral Account". (e) Party B, at the direction of the Manager, may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise if directed to do so by the Manager and in such latter case only for the purpose of: (i) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (ii) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or; (iii) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment.payment or (iv) funding any termination payment due to Party A. (f) Party B, at the direction of the Manager, B may only not invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support that matures on or prior to the next Payment DateAccount. (g) The Credit Support Amount must be denominated in US$, pounds sterling, Australian dollars or in such other currency as approved by each Designated Rating Agency."

Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c18(c)(i). (b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately shall: (i) within 30 Business Days (or such greater period as agreed by the relevant Designated Rating Agency) comply with Sections 18(c)(ii) or (c)(iii); and (ii) until such time as a Replacement Currency Swap has been entered into in accordance with Section 17(c)(i18(c)(ii) or an Acceptable Arrangement has been entered into in accordance with Section 18(c)(iii). Party A must , comply or continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv18(c)(i). (c) Where Party A is required to comply with this Section 17(c18(c) it must, subject to paragraph (b), at its cost do one of the followingcost: (i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement either: (including A) within 5 Business Days (or such greater period as agreed by the relevant Designated Rating Agency) deposit of US$ into a Swap Collateral Account and maintain in that Swap Collateral Account (whilst the relevant Downgrade subsists) sufficient funds to ensure that the amount standing to the credit of a the Swap Collateral Account)Account is not less than the Cash Collateral Amount; or (B) acquire in the name of Party B or transfer to Party B Eligible Investments that mature on or prior to the next Payment Date with an aggregate face amount not less than the Cash Collateral Amount; (ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider; (iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either: (A) a person with the Required Rating domiciled in the same legal jurisdiction as Party A or Party B; or (B) a person otherwise acceptable to each Designated Rating Agency; or (iviii) enter, or procure entry, into an Acceptable Arrangement. (d) If, at any time, Party A's obligations under a Transaction are novated in accordance with Section 18(c)(ii) or any Acceptable Arrangement is entered into in accordance with Section 18(c)(iii) which results in Party A being replaced as Currency Swap Provider (the "REPLACED CURRENCY SWAP PROVIDER"), the Replaced Currency Swap Provider shall be immediately entitled to any Cash Collateral Amount which it has deposited in a Swap Collateral Account. (e) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Trust Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an a US$ account with an Approved Bank, which account shall be, for the purposes of this Section 1718, the "SWAP COLLATERAL ACCOUNT". (ef) Party B, at the direction of the Manager, B may only dispose of any Eligible Credit Support Investment acquired or transferred to it under Section 17(c)(i18(c)(i)(B) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise Account if directed to do so by the Trust Manager and in such latter case then only for the purpose of: (i) novating the Replaced Currency Swap Provider's obligations under each Transaction in accordance with Section 18(c)(ii) or entering into any other Acceptable Arrangement in accordance with 18(c)(iii); (ii) refunding to Party A the amount of any reduction in the Cash Collateral Amount, from time to time, and provided the Designated Rating Agencies have confirmed in writing that such refund will not result in a Note Downgrade; (iii) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account; (iiiv) paying any bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or (iiiv) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment. For the purposes of this Section 18 and the Series Notice, a Downgrade will be deemed to "SUBSIST" until the earlier of the following dates: (i) the date on which the credit rating of Party A is restored to the Required Rating; (ii) the date on which a Replacement Currency Swap has been entered into in accordance with Section 18(c)(ii); and (iii) the date on which an Acceptable Arrangement has been entered into in accordance with Section 18(c)(iii). (fg) Party B, at the direction of the Trust Manager, may only invest any amounts standing to the credit of a Swap Collateral Account in Eligible Credit Support Investments that matures mature on or prior to the next Payment Date. (gh) The Credit Support Amount must All interest accrued on and other income derived from the acquisition or transfer to it of any Eligible Investments under Section 18(c)(i)(B) or the investment of any amounts credited to a Swap Collateral Account will be denominated payable monthly to the party that provided the relevant Eligible Investments or Cash Collateral Amount, provided that any such interest or income will only be payable to the extent that any payment will not reduce the balance of the Swap Collateral Account to less than the amount required to be maintained in US$, pounds sterling, Australian dollars or in such other currency as approved by each Designated Rating Agencyaccordance with this Section 18."