Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Standard & Poor's, Ba1 or lower by Xxxxx'x, and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the Cut-Off Date Principal Balance of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to the previous sentence. The Account shall be entitled "Firstar Trust Company, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1997-2."
Staged-Funding Contract Reserve Account a. The Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount specified in Section 2.02(t). The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2000-5."
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Standard & Poor's and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the unfunded portion of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to the previous sentence. The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1999-1."
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated Ba1 or lower by Xxxxx'x and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the unfunded portion of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to the previous sentence. The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1998-4."
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Standard & Poor's, Ba1 or lower by Xxxxx'x, and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the Cut-Off Date Principal Balance of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to the previous sentence. The Account shall be entitled "Norwest Bank Minnesota, National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass- Through Certificates Series 1996-1."
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Standard & Poor's and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the unfunded portion of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated Ba1 or lower by Xxxxx'x and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Standard & Poor's and BB+ or lower by Fitch (the "Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the unfunded portion of the Contracts that were Unfunded Contracts on the Ratings Adjustment Date. Upon receipt of such notice the Trustee shall establish the Staged-Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to the previous sentence. The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1998-3."
Staged-Funding Contract Reserve Account a. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BBB+ or lower by Standard & Poor's (the "First Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to that portion of the Cut-off Date Principal of the Unfunded Contracts that was undisbursed on the First Ratings Adjustment Date. Within one Business Day after any date prior to the Funding Termination Date on which the Company's long-term debt securities are rated BB+ or lower by Fitch and BBB- or lower by Standard & Poor's (the "Second Ratings Adjustment Date"), the Company shall give written and telephonic notice thereof to the Trustee and shall deposit with the Trustee an amount equal to the Cut-off Date Principal Balance of the Contracts that were Unfunded Contracts on the Second Ratings Adjustment Date, less the amount deposited by the Company with the Trustee under the preceding sentence. Upon receipt of a notice under the first or second sentence of this Section the Trustee shall establish the Staged- Funding Contract Reserve Account on behalf of the Trust, which must be an Eligible Account, and shall deposit therein the amount received from the Company pursuant to this section. The Account shall be entitled "U.S. Bank National Association, as Trustee for the benefit of holders of Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1997-8."
Staged-Funding Contract Reserve Account
