BISHOP’S GATE RESIDENTIAL MORTGAGE TRUST, as Issuer and THE BANK OF NEW YORK, as Indenture Trustee BASE INDENTURE Dated as of December 11, 1998
Exhibit
10.1
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST,
as
Issuer
and
THE
BANK OF NEW YORK,
as
Indenture Trustee
BASE
INDENTURE
Dated
as of December 11, 1998
TABLE
OF CONTENTS
Page
ARTICLE
1.
|
||
DEFINITIONS
AND INCORPORATION BY REFERENCE
|
||
Section
1.1.
|
Definitions
|
1
|
Section
1.2.
|
Cross-References
|
1
|
Section
1.3.
|
Accounting
and Financial Determinations; No Duplication
|
2
|
Section
1.4.
|
Rules
of Construction
|
2
|
ARTICLE
2.
|
||
THE
NOTES
|
||
Section
2.1.
|
Designation
and Terms of Notes
|
2
|
Section
2.2.
|
Notes
Issuable in Series
|
3
|
Section
2.3.
|
Supplement
for Each Series
|
6
|
Section
2.4.
|
Execution
and Authentication
|
6
|
Section
2.5.
|
Form
of Notes; Book Entry Provisions; Title
|
7
|
Section
2.6.
|
Registrar
and Paving Agent
|
9
|
Section
2.7.
|
Paying
Agent to Hold Money in Trust
|
9
|
Section
2.8.
|
Noteholder
List
|
11
|
Section
2.9.
|
Transfer
and Exchange
|
11
|
Section
2.10.
|
Legending
of Notes
|
20
|
Section
2.11.
|
Replacement
Notes
|
21
|
Section
2.12.
|
Treasury
Notes
|
22
|
Section
2.13.
|
Temporary
Notes
|
22
|
Section
2.14.
|
Cancellation
|
23
|
Section
2.15.
|
Principal
and Interest
|
23
|
Section
2.16.
|
Book-Entry
Notes
|
24
|
Section
2.17.
|
Notices
to Clearing Agency
|
25
|
Section
2.18.
|
Definitive
Notes
|
26
|
Section
2.19.
|
Tax
Treatment
|
27
|
Section
2.20.
|
CUSIP
Numbers
|
27
|
ARTICLE
3.
|
||
SECURITY
|
||
Section
3.1.
|
Security
Interest
|
27
|
Section
3.2.
|
Stamp,
Other Similar Taxes and Filing Fees
|
27
|
-i-
ARTICLE
4.
|
||
REPORTS
|
||
Section
4.1.
|
Agreement
of the Issuer to Provide Reports and Instructions
|
28
|
ARTICLE
5.
|
||
ALLOCATION
AND APPLICATION OF COLLECTIONS
|
||
Section
5.1.
|
Establishment
of Accounts
|
29
|
Section
5.2.
|
Collections
and Allocations
|
29
|
Section
5.3.
|
Determination
of Monthly Interest
|
29
|
Section
5.4.
|
Determination
of Principal
|
29
|
ARTICLE
6.
|
||
DISTRIBUTIONS
AND REPORTS TO NOTEHOLDERS
|
||
Section
6.1.
|
Distributions
in General
|
29
|
Section
6.2.
|
Reserved
|
31
|
Section
6.3.
|
Optional
Repurchase of Notes
|
31
|
Section
6.4.
|
Monthly
Noteholders’ Statement; Annual Noteholders’ Tax Statement
|
31
|
ARTICLE
7.
|
||
REPRESENTATIONS
AND WARRANTIES
|
||
Section
7.1.
|
Existence
and Power
|
32
|
Section
7.2.
|
Business
Trust and Governmental Authorization
|
32
|
Section
7.3.
|
Binding
Effect
|
32
|
Section
7.4.
|
Financial
Information; Financial Condition
|
33
|
Section
7.5.
|
Litigation
|
33
|
Section
7.6.
|
Compliance
with ERISA
|
33
|
Section
7.7.
|
Tax
Filings and Expenses
|
33
|
Section
7.8.
|
Full
Disclosure
|
34
|
Section
7.9.
|
Investment
Company Act; Trust Indenture Act; Securities Act
|
34
|
Section
7.10.
|
Regulations
T, U and X
|
34
|
Section
7.11.
|
No
Consent
|
34
|
Section
7.12.
|
Solvency
|
34
|
Section
7.13.
|
Subsidiary
|
35
|
Section
7.14.
|
Security
Interests
|
35
|
Section
7.15.
|
Offering
Memorandum
|
35
|
Section
7.16.
|
Non-Existence
of Other Agreements
|
36
|
Section
7.17.
|
Eligible
Mortgage Loans
|
36
|
Section
7.18.
|
Other
Representations
|
36
|
Section
7.19.
|
Special
Purpose Entity
|
36
|
-ii-
ARTICLE
8.
|
||
COVENANTS
|
||
Section
8.1.
|
Payment
of Notes
|
36
|
Section
8.2.
|
Maintenance
of Office or Agency
|
36
|
Section
8.3.
|
Information
|
37
|
Section
8.4.
|
Payment
of Obligations
|
38
|
Section
8.5.
|
RESERVED
|
39
|
Section
8.6.
|
Conduct
of Business and Maintenance of Existence
|
39
|
Section
8.7.
|
Compliance
with Laws
|
39
|
Section
8.8.
|
Inspection
of Property, Books and Records
|
39
|
Section
8.9.
|
Compliance
with Program Documents
|
39
|
Section
8.10.
|
Notice
of Defaults
|
39
|
Section
8.11.
|
Notices
under Liquidity Agreement; Notice of Material Proceedings
|
40
|
Section
8.12.
|
Further
Requests
|
40
|
Section
8.13.
|
Further
Assurances
|
40
|
Section
8.14.
|
Certain
Documents
|
41
|
Section
8.15.
|
Liens
|
41
|
Section
8.16.
|
Other
Indebtedness
|
41
|
Section
8.17.
|
Mergers
|
42
|
Section
8.18.
|
Sales
of Assets
|
42
|
Section
8.19.
|
Capital
Expenditures
|
42
|
Section
8.20.
|
Dividends
|
42
|
Section
8.21.
|
Name;
Principal Office
|
42
|
Section
8.22.
|
Organizational
Documents
|
42
|
Section
8.23.
|
Investments
|
43
|
Section
8.24.
|
No
Other Agreements
|
43
|
Section
8.25.
|
Other
Business
|
43
|
Section
8.26.
|
Notes
|
43
|
Section
8.27.
|
Rule
144A Information Requirement
|
43
|
Section
8.28.
|
Use
of Proceeds of Notes
|
43
|
Section
8.29.
|
Program
Document Information
|
44
|
Section
8.30.
|
Year
2000 Issues
|
44
|
ARTICLE
9.
|
||
EVENTS
OF DEFAULT AND REMEDIES
|
||
Section
9.1.
|
Events
of Default
|
44
|
Section
9.2.
|
Rights
upon Event of Default
|
47
|
Section
9.3.
|
[RESERVED]
|
47
|
Section
9.4.
|
[RESERVED]
|
47
|
Section
9.5.
|
Waiver
of Past Events
|
47
|
Section
9.6.
|
[RESERVED]
|
47
|
Section
9.7.
|
Limitation
on Suits
|
47
|
Section
9.8.
|
Unconditional
Rights of Holders to Receive Payment:
|
|
Withholding
Taxes
|
48
|
-iii-
Section
9.9.
|
Reserved
|
49
|
Section
9.10.
|
The
Indenture Trustee May File Proofs of Claim
|
49
|
Section
9.11.
|
Priorities
|
49
|
Section
9.12.
|
Undertaking
for Costs
|
50
|
Section
9.13.
|
Rights
and Remedies Cumulative
|
50
|
Section
9.14.
|
Delay
or Omission Not Waiver
|
50
|
ARTICLE
10.
|
||
THE
INDENTURE TRUSTEE
|
||
Section
10.1.
|
Duties
of the Indenture Trustee
|
50
|
Section
10.2.
|
Rights
of the Indenture Trustee
|
52
|
Section
10.3.
|
Individual
Rights of the Indenture Trustee
|
53
|
Section
10.4.
|
Notice
of Events of Default and Potential Events of Default
|
53
|
Section
10.5.
|
Compensation
|
53
|
Section
10.6.
|
Replacement
of the Indenture Trustee
|
54
|
Section
10.7.
|
Successor
Indenture Trustee by Merger, etc.
|
55
|
Section
10.8.
|
Eligibility
Disqualification
|
55
|
Section
10.9.
|
Appointment
of Co-Indenture Trustee or Separate Indenture Trustee
|
55
|
Section
10.10.
|
Representations
and Warranties of Indenture Trustee
|
56
|
Section
10.11.
|
The
Issuer Indemnification of the Indenture Trustee
|
57
|
ARTICLE
11.
|
||
DISCHARGE
OF INDENTURE
|
||
Section
11.1.
|
Termination
of the Issuer’s Obligations
|
57
|
Section
11.2.
|
Application
of Trust Money
|
58
|
Section
11.3.
|
Repayment
to the Issuer
|
59
|
ARTICLE
12.
|
||
AMENDMENTS
|
||
Section
12.1.
|
Without
Consent of the Noteholders
|
59
|
Section
12.2.
|
With
Consent of the Noteholders
|
60
|
Section
12.3.
|
Supplements
|
61
|
Section
12.4.
|
Revocation
and Effect of Consents
|
61
|
Section
12.5.
|
Notation
on or Exchange of Notes
|
61
|
Section
12.6.
|
The
Indenture Trustee to Sign Amendments, etc.
|
61
|
ARTICLE
13.
|
||
MISCELLANEOUS
|
||
Section
13.1.
|
Notices
|
62
|
Section
13.2.
|
Communication
by Noteholders with Other Noteholders
|
63
|
Section
13.3.
|
Certificate
and Opinion as to Conditions Precedent
|
63
|
-iv-
Section
13.4.
|
Statements
Required in Certificate
|
63
|
Section
13.5.
|
Rules
by the Indenture Trustee
|
64
|
Section
13.6.
|
No
Recourse Against Others
|
64
|
Section
13.7.
|
Duplicate
Originals
|
64
|
Section
13.8.
|
Benefits
of Indenture
|
64
|
Section
13.9.
|
Payment
on Business Day
|
64
|
Section
13.10.
|
Governing
Law
|
65
|
Section
13.11.
|
No
Adverse Interpretation of Other Agreements
|
65
|
Section
13.12.
|
Successors
|
65
|
Section
13.13.
|
Severability
|
65
|
Section
13.14.
|
Counterpart
Originals
|
65
|
Section
13.15.
|
Table
of Contents, Headings, etc.
|
65
|
Section
13.16.
|
Security
Agreement
|
65
|
Section
13.17.
|
No
Bankruptcy Petition Against the Issuer
|
66
|
Section
13.18.
|
No
Recourse
|
66
|
Section
13.19.
|
Owner
Trustee Limitation of Liability
|
66
|
SCHEDULES
AND EXHIBITS
SCHEDULE
I DEFINITIONS
LIST
EXHIBIT
A-1 FORM
OF
TRANSFER CERTIFICATE
EXHIBIT
A-2 [RESERVED]
EXHIBIT
A-3 [RESERVED]
EXHIBIT
A-4 [RESERVED]
EXHIBIT
A-5 [RESERVED]
EXHIBIT
A-6 FORM
OF
TRANSFER CERTIFICATE FOR TRANSFER OR EXCHANGE FROM DEFINITIVE NOTE TO PERMANENT
GLOBAL NOTE
EXHIBIT
A-7 FORM
OF
TRANSFER CERTIFICATE FOR TRANSFER OR EXCHANGE FROM DEFINITIVE NOTE TO RESTRICTED
GLOBAL NOTE
EXHIBIT
B FORM
OF
CLEARING SYSTEM CERTIFICATE
EXHIBIT
C FORM
OF
CERTIFICATE OF BENEFICIAL OWNERSHIP
EXHIBIT
D FORM
OF
MONTHLY CERTIFICATE
EXHIBIT
E FORM
OF
MONTHLY NOTEHOLDERS’ STATEMENT
-v-
Residential
Mortgage Loan Medium-Term Notes
(Issuable
in Series)
BASE
INDENTURE, dated as of December 11, 1998, between XXXXXX’X GATE RESIDENTIAL
MORTGAGE TRUST, a business trust established under the laws of Delaware,
as
issuer (the “Issuer”),
and
THE BANK OF NEW YORK, a New York banking corporation, as indenture trustee
(in
such capacity, the “Indenture
Trustee”).
W
I T N E
S S E T H:
WHEREAS,
the Issuer has duly authorized the execution and delivery of this Indenture
to
provide for the issuance from time to time of one or more series of the Issuer’s
Residential Mortgage Loan Medium-Term Notes (the “Notes”),
issuable as provided in this Indenture; and
WHEREAS,
all things necessary to make this Indenture a legal, valid and binding agreement
of the Issuer, in accordance with its terms, have been done, and the Issuer
proposes to do all the things necessary to make the Notes, when executed
by the
Issuer and authenticated and delivered by the Indenture Trustee hereunder
and
duly issued by the Issuer, the legal, valid and binding obligations of the
Issuer as hereinafter provided;
NOW,
THEREFORE, for and in consideration of the premises and the receipt of the
Notes
by the Noteholders, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Noteholders, as follows:
ARTICLE
1.
DEFINITIONS
AND INCORPORATION BY REFERENCE
Section
1.1. Definitions
Certain
capitalized terms used herein (including the preamble and the recitals hereto)
shall have the meanings assigned to such terms in the Definitions List attached
hereto as Schedule 1 (the “Definitions
List”),
as
such Definitions List may be amended or modified from time to time in accordance
with the provisions hereof.
Section
1.2. Cross-References
Unless
otherwise specified, references in this Indenture and in each other Program
Document to any Article or Section are references to such Article or Section
of
this Indenture or such other Program Document, as the case may be and, unless
otherwise specified, references in any Article, Section or definition to
any
clause are references to such clause of such Article, Section or
definition.
-1-
Section
1.3. Accounting
and Financial Determinations; No Duplication
Where
the
character or amount of any asset or liability or item of income or expense
is
required to be determined, or any accounting computation is required to be
made,
for the purpose of this Indenture, such determination or calculation shall
be
made, to the extent applicable and except as otherwise specified in this
Indenture, in accordance with GAAP. When used herein, the term “financial
statement” shall include the notes and schedules thereto. All accounting
determinations and computations hereunder or under any other Program Documents
shall be made without duplication.
Section
1.4. Rules
of
Construction.
In
this
Indenture, unless the context otherwise requires:
(i) the
singular includes the plural and vice versa;
(ii) reference
to any Person includes such Person’s successors and assigns but, if applicable,
only if such successors and assigns are permitted by this Indenture, and
reference to any Person in a particular capacity only refers to such Person
in
such capacity;
(iii) reference
to any gender includes the other gender;
(iv) reference
to any Requirement of Law means such Requirement of Law as amended, modified,
codified or reenacted, in whole or in part, and in effect from time to
time;
(v) “including”
(and with correlative meaning “include”) means including without limiting the
generality of any description preceding such term; and
(vi) with
respect to the determination of any period of time, “from” means “from and
including” and “to” means “to but excluding”.
ARTICLE
2.
THE
NOTES
Section
2.1. Designation
and Terms of Notes.
Each
Series of Notes shall be substantially in the form specified in the applicable
Supplement and shall bear, upon its face, the designation for such Series
to
which it belongs so selected by the Issuer. All Notes of any Series shall,
except as specified in the related Supplement, be equally and ratably entitled
as provided herein to the benefits hereof without preference, priority or
distinction on account of the actual time or times of authentication and
delivery, all in accordance with the terms and provisions of this Indenture
and
the applicable Supplement. Subject to the conditions contained herein and
in the
other Program Documents, the aggregate principal amount of Notes which may
be
authenticated and delivered under this Indenture is unlimited. Each Series
of
Notes shall have Distribution Dates on the 20th day of
-2-
each
month. The Notes shall be in denominations of $200,000 and integral multiples
of
$1,000 in excess thereof.
Section
2.2. Notes
Issuable in Series.
The
Notes
may be issued in one or more Series. Each Series of Notes shall be created
by a
Supplement. Notes of a new Series may from time to time be executed by the
Issuer and delivered to the Indenture Trustee for authentication and thereupon
the same shall be authenticated and delivered by the Indenture Trustee upon
the
receipt by the Indenture Trustee of a Trust Request at least two (2) Business
Days in advance of the related Series Closing Date and upon delivery by the
Issuer to the Indenture Trustee, and receipt by the Indenture Trustee, of
the
following:
(a) a
Trust
Order authorizing and directing the authentication and delivery of the Notes
of
such new Series by the Indenture Trustee and specifying the designation of
such
new Series, the aggregate principal amount of Notes of such new Series to
be
authenticated and the Note Rate (or the method for allocating interest payments
or other cash flow) with respect to such new Series;
(b) a
Supplement in form satisfactory to the Indenture Trustee executed by the
Issuer
and the Indenture Trustee and specifying the Principal Terms of such new
Series;
(c) the
related Enhancement Agreement, if any, executed by each of the parties thereto,
other than the Indenture Trustee;
(d) written
confirmation that the Rating Agency Confirmation Condition, the Certificate
Rating Agency Condition and the CP Rating Agency Condition shall have been
satisfied with respect to such issuance;
(e) an
Officer’s Certificate of the Issuer dated as of the applicable Series Closing
Date to the effect that (i) no Event of Default, Enhancement Agreement Event
of
Default, if applicable, Potential Event of Default, or Potential Enhancement
Agreement Event of Default, is continuing or will occur as a result of the
issuance of the new Series of Notes, (ii) the issuance of the new Series
of
Notes will not result in any breach of any of the terms, conditions or
provisions of or constitute a default under any indenture, mortgage, deed
of
trust or other agreement or instrument to which the Issuer is a party or
by
which it or its property is bound or any order of any court or administrative
agency entered in any suit, action or other judicial or administrative
proceeding to which the Issuer is a party or by which it or its property
may be
bound or to which it or its property may be subject and (iii) all conditions
precedent provided in this Base Indenture and the related Supplement with
respect to the authentication and delivery of the new Series of Notes have
been
complied with;
(f) unless
otherwise specified in the related Supplement, an Opinion of Counsel, subject
to
the assumptions and qualifications stated therein, and in a form substantially
acceptable to the Indenture Trustee, dated the applicable Series Closing
Date,
substantially to the effect that:
-3-
(i) (x)
the
new Series of Notes will be treated as indebtedness of the Issuer for Federal
income tax purposes and, if applicable, (y) the issuance of such Series will
not
adversely affect the Federal income tax characterization of the outstanding
Notes of any Series;
(ii) all
instruments furnished to the Indenture Trustee conform in all material respects
to the requirements of this Base Indenture and the related Supplement and
constitute all the documents required to be delivered hereunder and thereunder
for the Indenture Trustee to authenticate and deliver the new Series of Notes,
and all conditions precedent provided for in this Base Indenture and the
related
Supplement with respect to the authentication and delivery of the new Series
of
Notes have been complied with in all material respects;
(iii) the
Issuer is duly organized under the jurisdiction of its formation and has
the
power and authority to execute and deliver the related Supplement, this Base
Indenture and each other Program Document to which it is a party and to issue
the new Series of Notes;
(iv) the
related Supplement, this Base Indenture, and each of the other Program Documents
to which the Issuer is a party have been duly authorized, executed and delivered
by the Issuer,
(v) the
new
Series of Notes has been duly authorized and executed and, when authenticated
and delivered in accordance with the provisions of this Base Indenture and
the
related Supplement, will constitute valid, binding and enforceable obligations
of the Issuer entitled to the benefits of this Base Indenture and the related
Supplement, subject, in the case of enforcement, to bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors’ rights
generally and to general principles of equity;
(vi) this
Base
Indenture, the related Supplement and each of the other Program Documents
to
which the Issuer is a party are legal, valid and binding agreements of the
Issuer enforceable in accordance with their respective terms, subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws
affecting creditors’ rights generally and to general principles of
equity;
(vii) the
Issuer is not, and is not controlled by, an “investment company” within the
meaning of, and is not required to register as an “investment company” under,
the Investment Company Act, and this Base Indenture and the related Supplement
are not required to be registered under the Trust Indenture Act;
(viii) the
offer
and sale of the new Series of Notes is not required to be registered under
the
Securities Act;
(ix) as
to the
new Series of Notes and any outstanding Series of Notes, the opinions of
counsel
relating to (A) the validity, perfection and priority of security interests,
(B)
the nature of the transfer of each of the Mortgage Loans as a “true sale” and
not as a financing arrangement, (C) the analysis of substantive consolidation
of
the assets of the Issuer with the assets of Cendant Mortgage Corporation,
PHH
Corporation or any of their respective Subsidiaries in the event of the
insolvency of Cendant Mortgage Corporation, PHH Corporation or any of their
respective Subsidiaries, (D) there being no pending or threatened litigation
which, if adversely determined, would materially and adversely affect the
ability of the Issuer to perform its obligations under any of the Program
Documents, and (E) the absence of any conflict with or violation of any court
decree, injunction, writ or order applicable to the Issuer or any breach
or
default of any indenture, agreement or other instrument as a result of the
issuance of such Series of Notes by the Issuer, as furnished by counsel retained
by the Issuer in connection with the issuance of the initial Series of Notes,
are reaffirmed in all respects; and
-4-
(x) such
other matters as the Indenture Trustee may reasonably require;
(g) evidence
that each of parties to the Program Documents and each party to any Interest
Rate Swap has covenanted and agreed that, prior to the date which is one
year
and one day after the payment in full of the latest maturing Note, it will
not
institute against, or join with any other Person in instituting, against
the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any Federal or state bankruptcy
or
similar law;
(h) evidence
of the grant by the Issuer to the Collateral Agent of a first priority security
interest in and to the Collateral;
(i) evidence
that all filings (including filing of financing statements on form UCC-1)
and
recordings have been accomplished as may be required by law to establish,
perfect, protect and preserve the rights, titles, interests, remedies, powers,
privileges, licenses and security interest of the Collateral Agent in the
Collateral for the benefit of the Secured Parties;
(j) an
Opinion of Counsel to the Issuer to the effect that such issuance and sale
of
such additional Series of Notes will not result in the withdrawal of, or
modification of the conclusions of, any opinion delivered in connection with
the
issuance of any other outstanding Series of Notes, including any opinion
that
any outstanding Series of Notes will be treated as indebtedness of the Trust
for
federal income tax purposes;
(k) an
Opinion of Counsel to the Issuer to the effect that such issuance and sale
of
such additional Series of Notes will be treated as indebtedness of the Issuer
for Federal income tax purposes;
(l) written
confirmation from each Rating Agency then rating any outstanding Commercial
Paper, any outstanding series of Certificates, or any outstanding Series
of
Notes that the issuance of such new Series of Notes will not result in the
reduction or withdrawal of its then-current ratings on any outstanding
Commercial Paper, any outstanding series of Certificates or any outstanding
Series of Notes;
(m) any
Depositary Incumbency Certificate furnished by the Trust from time to time;
and
-5-
(n) such
other documents, instruments, certifications, agreements or other items as
the
Indenture Trustee may reasonably require.
Upon
satisfaction of such conditions, the Indenture Trustee shall authenticate
and
deliver, as provided above, such Series of Notes upon execution thereof by
the
Issuer.
Section
2.3. Supplement
for Each Series
In
conjunction with the issuance of a new Series, the parties hereto shall execute
a Supplement, which shall specify the relevant terms with respect to such
new
Series of Notes, which shall include, as applicable: (i) its name or
designation, (ii) the aggregate principal amount of Notes of such Series,
(iii)
the Note Rate (or the method for calculating such Note Rate) with respect
to
such Series, (iv) the interest payment date or dates and the date or dates
from
which interest shall accrue, (v) the method of allocating Collections with
respect to such Series and the method by which the principal amount of Notes
of
such Series shall amortize or accrete, (vi) the names of any accounts to
be used
by such Series and the terms governing the operation of any such account,
(vii)
the terms of any Enhancement, (viii) the Enhancement Provider, if any, (ix)
whether the Notes may be issued in bearer form and any limitations imposed
thereon, (x) whether the Notes will be issued in multiple classes and, if
so,
the method of allocating Collections among such classes, and (xi) any other
relevant terms of such Series of Notes that do not (subject to Article
12
hereof)
change the terms of any outstanding Series of Notes or otherwise materially
conflict with in
with
the provisions of this Indenture and that do not prevent the satisfaction
of the
Rating Agency Confirmation Condition with respect to the issuance of such
new
Series (all such terms, the “Principal
Terms”
of
such
Series).
Section
2.4. Execution
and Authentication
(a) An
Authorized Officer shall sign the Notes for the Issuer by manual or facsimile
signature. If an Authorized Officer whose signature is on a Note no longer
holds
that office at the time the Note is authenticated, the Note shall nevertheless
be valid.
(b) At
any
time and from time to time after the execution and delivery of this Indenture,
the Issuer may deliver Notes of any particular Series executed by the Issuer
to
the Indenture Trustee for authentication, together with one or more Trust
Orders
for the authentication and delivery of such Notes, and the Indenture Trustee,
in
accordance with such Trust Order and this Indenture, shall authenticate and
deliver such Notes.
(c) No
Note
shall be entitled to any benefit under this Indenture or be valid for any
purpose unless there appears on such Note a certificate of authentication
substantially in the form provided for herein, duly executed by the Indenture
Trustee by the manual signature of an authorized signatory (and the Luxembourg
agent (the “Luxembourg
Agent”),
if
such Notes are listed on the Luxembourg Stock Exchange). Such signatures
on such
certificate shall be conclusive evidence, and the only evidence, that the
Note
has been duly authenticated under this Indenture. The Indenture Trustee may
appoint an authenticating agent acceptable to the Issuer to authenticate
Notes.
Unless limited by the term of such appointment, an authenticating agent may
authenticate Notes whenever the Indenture Trustee may do so. Each reference
in
this Indenture to authentication by the Indenture Trustee includes
authentication by such agent. An
-6-
authenticating
agent has the same rights as an agent to deal with the Issuer or an Affiliate
of
the Issuer. The Indenture Trustee’s certificate of authentication shall be in
substantially the following form:
This
is
one of the Notes of a series referred to in the within mentioned
Indenture.
THE
BANK OF NEW YORK,
|
|
as
Indenture Trustee
|
|
By:
|
|
Authorized
Signatory
|
(d) Each
Note
shall be dated and issued as of the date of its authentication by the Indenture
Trustee.
(e) Notwithstanding
the foregoing, if any Note shall have been authenticated and delivered hereunder
but never issued and sold by the Issuer, and the Issuer shall deliver such
Note
to the Indenture Trustee for cancellation as provided in Section
2.14
together
with a written statement (which need not comply with Section
13.3
and need
not be accompanied by an Opinion of Counsel) stating that such Note has never
been issued and sold by the Issuer, for all purposes of this Indenture such
Note
shall be deemed never to have been authenticated and delivered hereunder
and
shall not be entitled to the benefits of this Indenture.
Section
2.5. Form
of
Notes; Book Entry Provisions; Title
(a) Restricted
Global Note.
Any
Series of Notes (other than Variable Funding Notes), or any class of such
Series
to be sold in the United States to qualified institutional buyers within
the
meaning of, and in reliance on, Rule 144A under the Securities Act
(“Rule
144A”)
in
reliance on an exemption from the registration requirements of the Securities
Act will be issued in registered form, and prior to any such sale, each such
purchaser shall be deemed to have represented and agreed as
follows:
(1) It
is a
qualified institutional buyer as defined in Rule 144A and is acquiring the
Notes
for its own institutional account or for the account of a qualified
institutional buyer;
(2) It
understands that the Notes purchased by it will be offered, and may be
transferred, only in a transaction not involving any public offering within
the
meaning of the Securities Act, and that, if in the future it decides to resell,
pledge or otherwise transfer any Notes, such Notes may be resold, pledged
or
transferred only (a) to a person who the seller reasonably believes is a
qualified institutional buyer (as defined in Rule 144A under the Securities
Act)
that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 144A, (b) outside the United States to
a
non-U.S. Person (as such term is defined in Regulation S of the Securities
Act)
in a transaction in compliance with Regulation S of the Securities Act, (c)
pursuant to an effective registration statement under the Securities Act
or (d)
in reliance on another
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exemption
under the Securities Act, in each case in accordance with any applicable
securities laws of any state of the United States;
(3) It
understands that the Notes will bear a legend substantially as set forth
in
Section
2.10;
(4) Either
(i) no part of the assets used by it to acquire the Notes constitutes assets
of
any Benefit Plan, or (ii) assuming that the Notes are treated as indebtedness
without substantial equity features for purposes of the “plan asset” regulations
under ERISA, its purchase of the Notes will not constitute a non-exempt
“prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code
by reason of the application of one or more statutory or administrative
exemptions from such prohibited transaction rules or otherwise; and
(5) It
acknowledges that the Indenture Trustee, the Issuer, each initial purchaser
for
such Series of Notes, and their affiliates, and others will rely upon the
truth
and accuracy of the foregoing acknowledgments, representations and agreements.
If it is acquiring any Notes for the account of one or more qualified
institutional buyers, it represents that it has sole investment discretion
with
respect to each such account and that it has full power to make the foregoing
acknowledgments, representations and agreements on behalf of each such
account.
In
addition, such purchaser shall be responsible for providing additional
information or certification, as shall be reasonably requested by the Issuer
or
any initial purchaser for such Series of Notes, to support the truth and
accuracy of the foregoing acknowledgments, representations and agreements,
it
being understood that such additional information is not intended to create
additional restrictions on the transfer of the Notes. Such Series of Notes
(other than the Variable Funding Note) shall be issued in the form of and
represented by one or more permanent global Notes in fully registered form
without interest coupons (each, a “Restricted
Global Note”),
substantially in the form set forth in the applicable Supplement, with such
legends as may be applicable thereto, which shall be deposited on behalf
of the
subscribers for the Notes represented thereby with a custodian for DTC, and
registered in the name of DTC or a nominee of DTC, duly executed by the Issuer
and authenticated by the Indenture Trustee as provided in Section
2.4
for
credit to the accounts of the subscribers at DTC. The aggregate initial
principal amount of a Restricted Global Note may from time to time be increased
or decreased by adjustments made on the records of the custodian for DTC,
DTC or
its nominee, as the case may be, as hereinafter provided.
(b) Temporary
Global Note: Permanent Global Note.
Any
Series of Notes (other than Variable Funding Notes), or any class of such
Series, offered and sold outside of the United States will be offered and
sold
in reliance on Regulation S (“Regulation
S”)
under
the Securities Act and shall initially be issued in the form of one or more
temporary global Notes (each, a “Temporary
Global Note”)
in
fully registered form without interest coupons substantially in the form
set
forth in the applicable Supplement with such legends as may be applicable
thereto, registered in the name of DTC or a nominee of DTC, duly executed
by the
Issuer and authenticated by the Indenture Trustee as provided in Section
2.4,
for
credit to the subscribers’ accounts at Xxxxxx Guaranty Trust Company of New
York, Brussels Office, as
-8-
operator
of Euroclear or Cedel. Interests in a Temporary Global Note will be
exchangeable, in whole or in part, for interests in a permanent global note
(a
“Permanent
Global Note”)
in
fully registered form without interest coupons, representing Notes of the
same
Series, substantially in the form set forth in the applicable Supplement,
in
accordance with the provisions of the Temporary Global Note and this Indenture.
Until the Exchange Date, interests in a Temporary Global Note may only be
held
by the agent members of Euroclear and Cedel. The aggregate initial principal
amount of the Temporary Global Note may from time to time be increased or
decreased by adjustments made on the records of the custodian for DTC, DTC
or
its nominee, as the case may be, as hereinafter provided.
(c) Variable
Funding Note.
Any
Series of Variable Funding Notes shall initially be sold to investors in
reliance on an exemption from the registration requirements of the Securities
Act. Such Series of Notes shall be issued in the form of one or more Variable
Funding Notes (each, a “Variable
Funding Note”)
in
fully registered form without interest coupons substantially in the form
set
forth in the applicable Supplement with such legends as may be applicable
thereto, duly executed by the Issuer and authenticated by the Indenture Trustee
as provided in Section
2.4.
The
aggregate initial principal amount of a Variable Funding Note may from time
to
time be increased or decreased in accordance with the applicable Supplement
by
adjustments made on the records of the Note Register.
Section
2.6. Registrar
and Paving Agent
(a) The
Issuer shall (i) maintain an office or agency where Notes may be presented
for
registration of transfer or for exchange (“Registrar”)
and
(ii) appoint a paying agent (which shall satisfy the eligibility criteria
set
forth in Section
10.8(a))
(“Paying
Agent”)
at
whose office or agency Notes may be presented for payment. The Registrar
shall
keep a register of the Notes and of their transfer and exchange (the
“Note
Register”).
The
Issuer may appoint one or more co-registrars and one or more additional paying
agents. The term “Paying Agent” includes any additional paying agent and the
term “Registrar” includes any co-registrars. The Issuer may change any Paying
Agent or Registrar without prior notice to any Noteholder. The Issuer shall
notify the Indenture Trustee in writing of the name and address of any agent
not
a party to this Indenture. The Indenture Trustee is hereby initially appointed
as the Registrar, Paying Agent and agent for service of notices and demands
in
connection with the Notes.
(b) The
Issuer shall enter into an appropriate agency agreement with any agent not
a
party to this Indenture. Such agency agreement shall implement the provisions
of
this Indenture that relate to such agent. The Issuer shall notify the Indenture
Trustee in writing of the name and address of any such agent. If the Issuer
fails to maintain a Registrar or Paying Agent and a Trust Officer has actual
knowledge of such failure, or if the Issuer fails to give the foregoing notice,
the Indenture Trustee shall act as such, and shall be entitled to appropriate
compensation in accordance with this Indenture, until the Issuer shall appoint
a
replacement Registrar and Paying Agent.
Section
2.7. Paying
Agent to Hold Money in Trust
(a) The
Issuer will cause each Paying Agent other than the Indenture Trustee to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall
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agree
with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent,
it hereby so agrees), subject to the provisions of this Section, that such
Paying Agent will:
(i) hold
all
sums held by it for the payment of amounts due with respect to the Notes
in
trust for the benefit of the Persons entitled thereto until such sums shall
be
paid to such Persons or otherwise disposed of as herein provided and pay
such
sums to such Persons as herein provided;
(ii) give
the
Indenture Trustee notice of any default by the Issuer (or any other obligor
under the Notes) of which it (or, in the case of the Indenture Trustee, a
Trust
Officer) has actual knowledge in the making of any payment required to be
made
with respect to the Notes;
(iii) at
any
time during the continuance of any such default, upon the written request
of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
in
trust by such Paying Agent;
(iv) immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to
meet
the standards required to be met by an Indenture Trustee hereunder at the
time
of its appointment; and
(v) comply
with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed
thereon and with respect to any applicable reporting requirements in connection
therewith.
(b) The
Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Trust Order direct
any
Paying Agent to pay to the Indenture Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts
as those upon which the sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall
be
released from all further liability with respect to such money.
(c) Subject
to applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount
due
with respect to any Note and remaining unclaimed for two years after such
amount
has become due and payable shall be discharged from such trust and be paid
to
the Issuer on Trust Request; and the Holder of such Note shall thereafter,
as an
unsecured general creditor, look only to the Issuer for payment thereof (but
only to the extent of the amounts so paid to the Issuer), and all liability
of
the Indenture Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided,
however,
that
the Indenture Trustee or such Paying Agent, before being required to make
any
such repayment, may at the expense of the Issuer cause to be published once,
in
a newspaper published in the English language, customarily published on each
Business Day and of general circulation in New York City, and London and
Luxembourg (if the related Series of Notes has been listed on the Luxembourg
Stock Exchange), if applicable, notice that such money remains unclaimed
and
that, after a date specified therein, which shall not
-10-
be
less
than 30 days from the date of such publication, any unclaimed balance of
such
money then remaining will be repaid to the Issuer.
Section
2.8. Noteholder
List
The
Indenture Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses
of
Noteholders of each Series of Notes. If the Indenture Trustee is not the
Registrar, the Issuer shall furnish to the Indenture Trustee at least seven
Business Days before each Distribution Date and at such other time as the
Indenture Trustee may request in writing, a list in such form and as of such
date as the Indenture Trustee may reasonably require of the names and addresses
of Noteholders of each Series of Notes.
Section
2.9. Transfer
and Exchange
(a) When
Notes of any particular Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal
amount of Notes of other authorized denominations of the same Series, the
Registrar shall register the transfer or make the exchange if its requirements
for such transaction are met; provided,
however,
that
the Notes surrendered for transfer or exchange (a) shall be duly endorsed
or
accompanied by a written instrument of transfer in form satisfactory to the
Issuer and the Registrar, duly executed by the holder thereof or its attorney,
duly authorized in writing and (b) shall be transferred or exchanged in
compliance with the following provisions:
(i) Transfer
of Restricted Global Notes.
(a) if
such
Note is being acquired for the account of such Holder, without transfer,
a
certification from such Holder to that effect (in substantially the form
of
Exhibit
A-1,
hereto); or
(b) if
such
Note is being transferred to a qualified institutional buyer (as defined
in Rule
144A) in accordance with Rule 144A, (i) a certification to that effect (in
substantially the form of Exhibit
A-1
hereto)
and (ii) each such transferee of such Note shall be deemed to have represented
and agreed as follows:
(A) It
is a
qualified institutional buyer as defined in Rule 144A and is acquiring the
Notes
for its own institutional account or for the account of a qualified
institutional buyer;
(B) It
understands that the Notes purchased by it will be offered, and may be
transferred, only in a transaction not involving any public offering within
the
meaning of the Securities Act, and that, if in the future it decides to resell,
pledge or otherwise transfer any Notes, such Notes may be resold, pledged
or
transferred only (a) to a person who the seller reasonably believes is a
qualified institutional buyer (as defined in Rule 144A under the Securities
Act)
that purchases for it own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 000X, (x) xxxxxxx xxx Xxxxxx Xxxxxx to
a
non-U.S.
-11-
Person
(as such term is defined in Regulation S of the Securities Act) in a transaction
in compliance with Regulation S of the Securities Act, (c) pursuant to an
effective registration statement under the Securities Act or (d) in reliance
on
another exemption under the Securities Act, in each case in accordance with
any
applicable securities laws of any state of the United States;
(C) It
understands that the Notes will bear a legend substantially as set forth
in
Section
2.10;
and
(D) It
acknowledges that the Indenture Trustee, the Issuer, each initial purchaser
for
such Series of Notes, and their affiliates, and others will rely upon the
truth
and accuracy of the foregoing acknowledgments, representations and agreements.
If it is acquiring any Notes for the account of one or more qualified
institutional buyers, it represents that it has sole investment discretion
with
respect to each such account and that it has full power to make the foregoing
acknowledgments, representations and agreements on behalf of each such
account.
In
addition, such transferee shall be responsible for providing additional
information or certification, as shall be reasonably requested by the Issuer
or
any initial purchaser for such Series of Notes, to support the truth and
accuracy of the foregoing acknowledgments, representations and agreements,
it
being understood that such additional information is not intended to create
additional restrictions on the transfer of the Notes; or
(c) if
such
Note is being transferred pursuant to an exemption from registration in
accordance with Regulation S, (i) a certification to that effect (in
substantially the form of Exhibit
A-1
hereto)
and (ii) each such transferee of such Note shall be deemed to have represented
and agreed as follows:
(A) It
is
aware that the sale to it of the Notes is being made in reliance on the
exemption from registration provided by Regulation S and understands that
the
Notes offered in reliance on Regulation S will be represented by, initially,
one
or more Temporary Global Notes. The Notes so represented may not at any time
be
held by or on behalf of U.S. Persons as defined in Regulation S under the
Securities Act. It and each beneficial owner of the Notes sold to it will
not be
a U.S. Person as defined in Regulation S under the Securities Act and its
purchase of the Notes will comply with all applicable laws in any jurisdiction
in which it resides or is located;
(B) It
understands that the Notes purchased by it will be offered, and may be
transferred, only in a transaction not involving any public offering within
the
meaning of the Securities Act, and that, if in the future it decides to resell,
pledge or otherwise transfer any Notes, such Notes may be resold, pledged
or
transferred only (a) to a person who the seller reasonably believes is a
qualified institutional buyer (as defined in Rule 144A under the Securities
Act)
that purchases for it own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or transfer
is
-12-
being
made in reliance on Rule 144A, (b) outside the United States to a non-U.S.
Person (as such term is defined in Regulation S of the Securities Act) in
a
transaction in compliance with Regulation S of the Securities Act, (c) pursuant
to an effective registration statement under the Securities Act or (d) in
reliance on another exemption under the Securities Act, in each case in
accordance with any applicable securities laws of any state of the United
States;
(C) It
understands that the Notes will bear a legend substantially as set forth
in
Section
2.10;
and
(D) It
acknowledges that the Indenture Trustee, the Issuer, each initial purchaser
for
such Series of Notes, and their affiliates, and others will rely upon the
truth
and accuracy of the foregoing acknowledgments, representations and agreements.
If it is acquiring any Notes for the account of one or more qualified
institutional buyers, it represents that it has sole investment discretion
with
respect to each such account and that it has full power to make the foregoing
acknowledgments, representations and agreements on behalf of each such
account.
In
addition, such transferee shall be responsible for providing additional
information or certification, as shall be reasonably requested by the Issuer
or
any initial purchaser for such Series of Notes, to support the truth and
accuracy of the foregoing acknowledgments, representations and agreements,
it
being understood that such additional information is not intended to create
additional restrictions on the transfer of the Notes; or
(d) if
such
Note is being transferred in reliance on another exemption from the registration
requirements of the Securities Act, (i) a certification to that effect (in
substantially the form of Exhibit
A-1
hereto),
and (ii) an opinion of counsel in form and substance acceptable to the and
to
the Registrar to the effect that such transfer is in compliance with the
Securities Act.
(ii) Temporary
Global Note to Permanent Global Note.
Interests in a Temporary Global Note as to which the Indenture Trustee has
received from Euroclear or Cedel, as the case may be, a certificate
substantially in the form of Exhibit
B
to the
effect that Euroclear or Cedel, as applicable, has received a certificate
substantially in the form of Exhibit
C
from the
holder of a beneficial interest in such Note, will be exchanged, on and after
the 40th day after the completion of the distribution of the relevant Series
(the “Exchange
Date”),
for
interests in a Permanent Global Note. To effect such exchange the Issuer
shall
execute and the Indenture Trustee shall authenticate and hold as custodian
for
the Clearing Agency, for the account of Euroclear or Cedel, as applicable,
for
credit to the respective accounts of the holders of Notes, a duly executed
and
authenticated Permanent Global Note, representing the principal amount of
interests in the Temporary Global Note initially exchanged for interests
in the
Permanent Global
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Note.
The
delivery to the Indenture Trustee by Euroclear or Cedel of the certificate
or
certificates referred to above may be relied upon by the Issuer and the
Indenture Trustee as conclusive evidence that the certificate or certificates
referred to therein has or have been delivered to Euroclear or Cedel pursuant
to
the terms of this Indenture and the Temporary Global Note. Upon any exchange
of
interests in a Temporary Global Note for interests in a Permanent Global
Note,
the Indenture Trustee shall endorse the Temporary Global Note to reflect
the
reduction in the principal amount represented thereby by the amount so exchanged
and shall endorse the Permanent Global Note to reflect the corresponding
increase in the amount represented thereby. The Temporary Global Note or
the
Permanent Global Note shall also be endorsed upon any cancellation of principal
amounts upon surrender of Notes purchased by the Issuer or any of its respective
subsidiaries or affiliates or upon any repayment of the principal amount
represented thereby or any payment of interest in respect of such
Notes.
(iii) Restricted
Global Note to Temporary Global Note During the Restricted
Period.
If,
prior to the Exchange Date, a holder of a beneficial interest in the Restricted
Global Note registered in the name of DTC or its nominee wishes at any time
to
exchange its interest in such Restricted Global Note for an interest in the
Temporary Global Note, such holder may, subject to the rules and procedures
of
DTC, exchange or cause the exchange or transfer of such interest for an
equivalent beneficial interest in the Temporary Global Note. Upon receipt
by the
Indenture Trustee as Transfer Agent (“Transfer
Agent”)
of (1)
instructions given in accordance with DTC’s procedures from an agent member
directing the Indenture Trustee as Transfer Agent to credit or cause to be
credited a beneficial interest in the Temporary Global Note in an amount
equal
to the beneficial interest in the Restricted Global Note to be exchanged
or
transferred, and (2) a written order given in accordance with DTC’s procedures
containing information regarding the Euroclear or Cedel account to be credited
with such increase and the name of such account, DTC shall reduce the Restricted
Global Note by the aggregate principal amount of the beneficial interest
in the
Restricted Global Note to be so exchanged or transferred and DTC shall,
concurrently with such reduction, increase the principal amount of the Temporary
Global Note by the aggregate principal amount of the beneficial interest
in the
Restricted Global Note to be so exchanged or transferred, and to credit or
cause
to be credited to the account of the person specified in such instructions
(who
shall be the agent member of Euroclear or Cedel, or both, as the case may
be) a
beneficial interest in the Temporary Global Note equal to the reduction in
the
principal amount of the Restricted Global Note. In connection with any transfer
pursuant to this Section (iii), each such transferor of such Restricted Global
Note shall be deemed to have represented and agreed that such exchange or
transfer has been effected in accordance with the transfer restrictions set
forth in the related Series of Notes and pursuant to and in accordance with
Regulation S under the Securities Act, and that:
(1) the
offer
of the Notes was not made to a person in the United States;
(2) 1. at
the
time the buy order was originated, the transferee was outside the United
States
or the transferor and any person acting on its behalf reasonably believed
that
the transferee was outside the United States, or
(B) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither the transferor nor any
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person
acting on its behalf knows that the transaction was prearranged with a buyer
in
the United States;
(3) no
directed selling efforts have been made in contravention of the requirements
of
Rule 903(b) or 904(b) of Regulation S, as applicable;
(4) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and
(5) upon
completion of the transaction, the beneficial interest being transferred
as
described above was held with DTC through Euroclear or Cedel or
both.
(iv) Restricted
Global Note to Permanent Global Note After the Exchange Date.
If,
after the Exchange Date, a holder of a beneficial interest in the Restricted
Global Note registered in the name of DTC or its nominee wishes at any time
to
exchange its interest in such Restricted Global Note for an interest in the
Permanent Global Note, or to transfer its interest in such Restricted Global
Note to a Person who wishes to take delivery thereof in the form of an interest
in the Permanent Global Note, such holder may, subject to the rules and
procedures of DTC, exchange or cause the exchange or transfer of such interest
for an equivalent beneficial interest in the Permanent Global Note. Upon
receipt
by the Transfer Agent of (1) instructions given in accordance with DTC’s
procedures from an agent member directing the Indenture Trustee to credit
or
cause to be credited a beneficial interest in the Permanent Global Note in
an
amount equal to the beneficial interest in the Restricted Global Note to
be
exchanged or transferred, and (2) a written order given in accordance with
DTC’s
procedures containing information regarding the participant account of DTC
and,
in the case of a transfer pursuant to and in accordance with Regulation S,
the
Euroclear or Cedel account to be credited with such increase, DTC shall reduce
the Restricted Global Note by the aggregate principal amount of the beneficial
interest in the Restricted Global Note to be so exchanged or transferred
and the
Transfer Agent shall instruct DTC, concurrently with such reduction, to increase
the principal amount of the Permanent Global Note by the aggregate principal
amount of the beneficial interest in the Restricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the account
of the person specified in such instructions a beneficial interest in the
Permanent Global Note equal to the reduction in the principal amount of the
Restricted Global Note. In connection with any transfer pursuant to this
Section
(iv), each such transferor of such Restricted Global Note shall be deemed
to
have represented and agreed that such exchange or transfer has been effected
in
accordance with the transfer restrictions set forth in the related Series
of
Notes and pursuant to and in accordance with Regulation S under the Securities
Act, and that:
(1) the
offer
of the Notes was not made to a person in the United States;
(2) 2. at
the
time the buy order was originated, the transferee was outside the United
States
or the transferor and any person acting on its behalf reasonably believed
that
the transferee was outside the United States, or
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(B) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither the transferor nor any person acting
on
its behalf knows that the transaction was prearranged with a buyer in the
United
States;
(3) no
directed selling efforts have been made in contravention of the requirements
of
Rule 903(b) or 904(b ) of Regulation S, as applicable, and
(4) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act;
or
(ii)
that, with respect to transfers made in reliance on Rule 144A under the
Securities Act, the Restricted Global Notes are being transferred in a
transaction permitted by Rule 144A under the Securities Act.
(v) Temporary
Global Note to Restricted Global Note.
If a
holder of a beneficial interest in the Temporary Global Note registered in
the
name of DTC or its nominee wishes at any time to exchange its interest in
such
Temporary Global Note for an interest in the Restricted Global Note, or to
transfer its interest in such Temporary Global Note to a Person who wishes
to
take delivery thereof in the form of an interest in the Restricted Global
Note,
such holder may, subject to the rules and procedures of Euroclear or Cedel
and
DTC, as the case may be, exchange or cause the exchange or transfer of such
interest for an equivalent beneficial interest in the Restricted Global Note.
Upon receipt by the Transfer Agent of instructions from Euroclear or Cede!
or
DTC, as the case may be, directing the Indenture Trustee to credit or cause
to
be credited a beneficial interest in the Restricted Global Note equal to
the
beneficial interest in the Temporary Global Note to be exchanged or transferred,
such instructions to contain information regarding the agent member’s account
with DTC to be credited with such increase, and, with respect to an exchange
or
transfer of an interest in the Temporary Global Note after the Exchange Date,
information regarding the agent member’s account with DTC to be debited with
such decrease, DTC shall reduce the Temporary Global Note by the aggregate
principal amount of the beneficial interest in the Temporary Global Note
to be
exchanged or transferred, and DTC shall, concurrently with such reduction,
increase the principal amount of the Restricted Global Note by the aggregate
principal amount of the beneficial interest in the Temporary Global Note
to be
so exchanged or transferred, and credit or cause to be credited to the account
of the applicable Person a beneficial interest in the Restricted Global Note
equal to the reduction in the principal amount of the Temporary Global Note.
In
connection with any transfer pursuant to this Section (v), each such transferor
of such Temporary Global Note shall be deemed to have represented and agreed
that such Temporary Global Notes are being transferred in accordance with
Rule
144A under the United States Securities Act of 1933, as amended (the
“Securities
Act”)
to a
transferee that the transferor reasonably believes is purchasing such Notes
for
its own account or an account with respect to which the transferee exercises
sole investment discretion and the transferee and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, in each case in
a transaction meeting the requirements of Rule 144A and in accordance with
any
applicable securities laws of any state of the United States or any other
jurisdiction.
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(vi) Permanent
Global Note to Restricted Global Note.
Interests in the Permanent Global Note may not be transferred for interests
in
the Restricted Global Note.
(vii) So
long
as a Definitive Note remains outstanding, transfers and exchanges of a
Definitive Note, in whole or in part, shall only be made in accordance with
this
Section
2.9.
(A) Definitive
Note to Permanent Global Note.
If a
holder of a beneficial interest in a Definitive Note wishes at any time to
exchange its interest in such Note for an interest in a Permanent Global
Note,
or to transfer its interest in such Definitive Note to a Person who wishes
to
take delivery thereof in the form of an interest in a Permanent Global Note,
such holder may exchange or transfer or cause the exchange or transfer of
such
interest for an equivalent beneficial interest in a Permanent Global Note.
Definitive Notes may be exchanged or transferred for beneficial interests
in
Permanent Global Notes in minimum denominations of $200,000 and integral
multiples of $1,000 in excess thereof. Upon receipt by the Trustee as Note
Registrar, of (A) such Definitive Notes properly endorsed for such transfer
and
written instructions from such holder directing the Trustee, as Note Registrar
to cause to be credited a beneficial interest in a Permanent Global Note
in an
amount equal to the beneficial interest in the Definitive Notes but not less
than the minimum denomination applicable to such holder’s Notes held through a
Permanent Global Note, to be exchanged or transferred, (B) a written order
containing information regarding the Euroclear or Cedel account to be credited
with such increase and (C) a certificate in the form of Exhibit A-6 attached
hereto given by the holder of such beneficial interest stating that the exchange
or transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Securities, including that the holder
or
the transferee, as applicable, is not a U.S. Person and pursuant to and in
accordance with Regulation S, the Trustee, as Note Registrar, shall cancel
such
Definitive Notes in accordance with Section
2.14,
record
the transfer in the Note Register in accordance with Section
2.9(a)
and
instruct the Depository to increase the principal amount of the Global Note
by
the aggregate principal amount of the beneficial interest in the Definitive
Notes to be exchanged or transferred, and to credit or cause to be credited
to
the securities account of the Person specified in such instructions a beneficial
interest in the Regulation S Global Security equal to the amount specified
in
the instructions received pursuant to clause (A) above.
(B) Definitive
Note to Restricted Global Note.
If a
holder of a beneficial interest in a Definitive Note wishes at any time to
exchange its interest in such Definitive Note for an interest in a Restricted
Global Note, or to transfer its interest in such Definitive Note to a Person
who
wishes to take delivery thereof in the form of an interest in a Restricted
Global Note, such holder may exchange or transfer or cause the exchange or
transfer of such interest for an equivalent beneficial interest in a Restricted
Global Note. Definitive Notes may be exchanged or transferred for beneficial
interests in Restricted Global Note only in minimum denominations of $200,000
and integral multiples in excess of $1,000. Upon receipt by the Trustee,
as Note
Registrar, of (A) such holder’s Definitive
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Notes
properly endorsed for such transfer and written instructions from such holder
directing the Trustee, as Note Registrar, to cause to be credited a beneficial
interest in a Restricted Global Note in an amount equal to the beneficial
interest in the Definitive Notes, but not less than the minimum denomination
applicable to such holder’s Notes held through a Restricted Global Note, to be
exchanged or transferred, such instructions to contain information regarding
the
participant account with the Depository to be credited with such increase,
and
(B) a certificate in the form of Exhibit A-7 attached hereto given by the
holder
of such beneficial interest and stating, among other things, that, in the
case
of a transfer, such holder reasonably believes that the Person acquiring
such
interest in a Restricted Global Note is a qualified institutional buyer within
the meaning of Rule 144A, is obtaining such beneficial interest in a transaction
meeting the requirements of Rule 144A and in accordance with any applicable
securities laws of any state of the United States or any other jurisdiction
or
that, in the case of an exchange, the holder is a qualified institutional
buyer
within the meaning of Rule 144A, then the Trustee, as Note Registrar, shall
cancel such Definitive Notes in accordance with Section
2.14
and
instruct the Depository to credit or cause to be credited to the securities
account of the Person specified in such instructions a beneficial interest
in a
Restricted Global Note equal to the amount specified in the instructions
received pursuant to clause (A) above.
(C) Transfer
of Definitive Notes.
If a
holder of a beneficial interest in a Definitive Note wishes at any time to
transfer its interest in such Definitive Note to a Person who wishes to take
delivery thereof, such holder may transfer or cause the transfer of such
interest for an equivalent beneficial interest in one Definitive Note, as
provided below. Upon receipt by the Issuer and the Trustee, as Note Registrar,
of (A) such holder’s Definitive Note properly endorsed for assignment to the
transferee, (B) a certificate in the form of Exhibit A-8, attached hereto
given
by the transferee of such beneficial interest and (C) if such certificate
does
not include a certification that the transferee is a qualified institutional
buyer or a non-U.S. Person, either (i) a certification of the transferor
that
the transfer is being made pursuant to Rule 144 under the Securities Act
or (ii)
an opinion of counsel acceptable to the Trustee that such transfer may be
made
pursuant to an exemption from registration under the Securities Act, then
the
Trustee, as Note Registrar, shall cancel such Definitive Note in accordance
with
Section
2.14,
record
the transfer in the Note Register in accordance with Section
2.5(a)
and
authenticate and deliver one or more Definitive Notes bearing the same
designation as the Definitive Notes endorsed for transfer, registered in
the
names specified in the assignment described in clause (A) above, in a principal
amount to the beneficial interest in the Definitive Note surrendered by the
transferor. Any purported transfer in violation of the foregoing requirements
shall be null and void ab initio, and the Trustee shall not register any
such
purported transfer and shall not authenticate and deliver such Definitive
Notes.
(viii) Transfers
of Variable Funding Notes.
The
Variable Funding Notes shall not be transferable except in the limited
circumstances, if any, described in the applicable Supplement; provided,
however,
that
the Variable Funding Note may be
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pledged
as security (and transferred) in accordance with the terms of the applicable
Supplement.
(ix) Other
Transfers or Exchanges.
In the
event that a Global Note is exchanged for Notes in definitive registered
form
without interest coupons, pursuant to Section
2.18
hereof,
such Notes may be exchanged or transferred for one another only in accordance
with such procedures as are substantially consistent with the provisions
of
clauses
(i)
through
(iv)
above
(including the certification requirements intended to insure that such exchanges
or transfers comply with Rule 144A or Regulation S, as the case may be) and
as
may be from time to time adopted by the Issuer and the Indenture
Trustee.
(b) The
Indenture Trustee shall not register the exchange of interests in a Note
for a
Definitive Note or the transfer of or exchange of a Note during the period
beginning on any Record Date and ending on the next following Distribution
Date.
(c) The
Issuer or the Indenture Trustee may require payment of a sum sufficient to
cover
any tax or other governmental charge that may be imposed in connection with
any
exchange or registration of transfer of Notes. No service charge shall be
made
for any such transaction.
(d) If
the
Notes are listed on the Luxembourg Stock Exchange, the Indenture Trustee
shall
send to the Issuer upon any transfer or exchange of any Note information
reflected in the copy of the register for the Notes maintained by the Registrar,
as the case may be.
(e) To
permit
registrations of transfers and exchanges, the Issuer shall execute and the
Indenture Trustee shall authenticate Notes, subject to such rules as the
Indenture Trustee may reasonably require. No service charge to the Noteholder
shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Registrar may require payment of a sum
sufficient to cover any transfer tax or similar government charge payable
in
connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Section
2.13
hereof
in which event the Registrar will be responsible for the payment of any such
taxes).
(f) All
Notes
issued upon any registration of transfer or exchange of Notes shall be the
valid
obligations of the Issuer, evidencing the same debt, and entitled to the
same
benefits under this Indenture, as the Notes surrendered upon such registration
of transfer or exchange.
(g) Prior
to
due presentment for registration of transfer of any Note, the Indenture Trustee,
any agent and the Issuer may deem and treat the Person in whose name any
Note is
registered (as of the day of determination) as the absolute owner of such
Note
for the purpose of receiving payment of principal of and interest on such
Note
and for all other purposes whatsoever, whether or not such Note is overdue,
and
neither the Indenture Trustee, any agent nor the Issuer shall be affected
by
notice to the contrary.
(h) Notwithstanding
any other provision of this Section
2.9,
the
typewritten Note or Notes representing Book-Entry Notes for any Series may
be
transferred, in whole but not in part, only to another nominee of the Clearing
Agency for such Series, or to a successor
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Clearing
Agency for such Series selected or approved by the Issuer or to a nominee
of
such successor Clearing Agency, only if in accordance with this Section
2.9
and
Section
2.18.
(i) Each
transferee of a Note shall be deemed to represent and warrant that either
(i) it
is not (A) an employee benefit plan (as defined in Section 3(3) of ERISA)
that
is subject to Title 1 of ERISA, (B) a plan (as defined in Section 4975 of
the
Code) that is subject to Section 4975 of the Code or (C) an entity deemed
to be
investing the “plan assets” (within the meaning of 29 C.F.R. Section 2510.3-101
(the “Plan
Assets Regulation”)
or
otherwise under ERISA) of any such employee benefit plan or plan; including,
without limitation, an insurance company general account, or (ii) assuming
that
the Notes constitute indebtedness without substantial equity features for
purposes of the Plan Assets Regulation, its acquisition and holding of Notes
will not constitute or otherwise result in a non-exempt prohibited transaction
under ERISA or Section 4975 of the Code by reason of the application of one
or
more statutory or administrative exemptions from such prohibited transaction
rules.
The
Indenture Trustee shall have no obligation or duty to monitor, determine
or
inquire as to compliance with any restrictions on transfer imposed under
this
Indenture or under applicable law with respect to any transfer or any interest
in any Note (including any transfers between or among Depositary Participants
or
beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the
terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.
Section
2.10. Legending
of Notes
(a)
Unless
otherwise provided for in a Supplement and except as permitted by the following
sentence, each Note (other than any Variable Funding Note) shall bear a legend
in substantially the following form:
THIS
NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES
ACT”)
OR ANY
STATE SECURITIES OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES FOR THE BENEFIT OF XXXXXX’X GATE RESIDENTIAL MORTGAGE TRUST (THE “TRUST”)
THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW
TO
DISTRIBUTION AND MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)
TO THE
TRUST (UPON REDEMPTION THEREOF OR OTHERWISE), (2) TO A PERSON WHO THE TRANSFEROR
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (3) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (AS SUCH TERM IS
DEFINED IN REGULATION S OF THE SECURITIES ACT) IN A TRANSACTION IN COMPLIANCE
WITH REGULATION S OF THE SECURITIES ACT OR (4) IN A TRANSACTION COMPLYING
WITH
OR EXEMPT FROM THE REGISTRATION
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REQUIREMENTS
OF THE SECURITIES ACT (SUBJECT IN THE CASE OF THIS CLAUSE (4) TO RECEIPT
OF SUCH
CERTIFICATES AND OTHER DOCUMENTS AS THE INDENTURE TRUSTEE MAY REQUIRE UNDER
THE
INDENTURE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF
ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. THE HOLDER WILL,
AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE
RESALE RESTRICTIONS SET FORTH ABOVE.
Upon
any
transfer, exchange or replacement of Notes bearing such legend, or if a request
is made to remove such legend on a Note, the Notes so issued shall bear such
legend, or such legend shall not be removed, as the case may be, unless there
is
delivered to the Issuer and the Indenture Trustee such satisfactory evidence,
which may include an opinion of counsel, as may be reasonably required by
the
Issuer that neither such legend nor the restrictions on transfer set forth
therein are required to ensure that transfers thereof comply with the provisions
of Rule 144A, Rule 144 or Regulation S. Upon provision of such satisfactory
evidence, the Indenture Trustee, at the direction of the Issuer, shall
authenticate and deliver a Note that does not bear such legend.
(b) Unless
otherwise provided for in a Supplement, each Variable Funding Note shall
bear a
legend in substantially the following form:
THIS
VARIABLE FUNDING NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933,
AS AMENDED (THE “SECURITIES
ACT”)
OR ANY
STATE SECURITIES OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES FOR THE BENEFIT OF XXXXXX’X GATE RESIDENTIAL MORTGAGE TRUST (THE
“TRUST”)
THAT
THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO
DISTRIBUTION. THIS VARIABLE FUNDING NOTE IS NOT PERMITTED TO BE TRANSFERRED,
ASSIGNED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT N COMPLIANCE WITH THE TERMS
OF
THE INDENTURE REFERRED TO HEREIN.
Section
2.11. Replacement
Notes
(a) If
(i)
any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee and Issuer receives evidence to its satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by it to hold the Issuer and
the
Indenture Trustee harmless then, in the absence of notice to the Issuer,
the
Registrar or the Indenture Trustee that such Note has been acquired by a
bona
fide purchaser, and provided that the requirements of Section 8-405 of the
UCC
(which generally permit the Issuer to impose reasonable requirements) are
met,
the Issuer shall execute and upon its written request the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
however,
that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have
become or within seven days shall be due and payable, instead of issuing
a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note
when so
due or payable without surrender
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thereof.
If, after the delivery of such replacement Note or payment of a destroyed,
lost
or stolen Note pursuant to the proviso to the preceding sentence, a bona
fide
purchaser of the original Note in lieu of which such replacement Note was
issued
presents for payment such original Note, the Issuer and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from
the
Person to whom it was delivered or any Person taking such replacement Note
from
such Person to whom such replacement Note was delivered or any assignee of
such
Person, except a bona fide purchaser, and shall be entitled to recover upon
the
security or indemnity provided therefor to the extent of any loss, damage,
cost
or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.
(b) Upon
the
issuance of any replacement Note under this Section
2.11,
the
Issuer may require the payment by the Holder of such Note of a sum sufficient
to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses
of
the Indenture Trustee) connected therewith.
(c) Every
replacement Note issued pursuant to this Section
2.11
in
replacement of any mutilated, destroyed, lost or stolen Note shall be entitled
to all the benefits of this Indenture equally and proportionately with any
and
all other Notes duly issued hereunder.
(d) The
provisions of this Section
2.11
are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.
Section
2.12. Treasury
Notes
In
determining whether the Noteholders of the required principal amount of Notes
have concurred in any direction, waiver or consent, Notes owned by the Issuer,
the Seller or the Servicer or any Affiliate of the Issuer, the Seller or
the
Servicer shall be considered as though they are not outstanding, except that
for
the purpose of determining whether the Indenture Trustee shall be protected
in
relying on any such direction, waiver or consent, only Notes of which a Trust
Officer of the Indenture Trustee has actually received written notice of
such
ownership shall be so disregarded. Absent written notice to the Indenture
Trustee of such ownership, the Indenture Trustee shall not be deemed to have
knowledge of the identity of the individual beneficial owners of the
Notes,
Section
2.13. Temporary
Notes
(a) Pending
the preparation of Definitive Notes issued under Section
2.18
hereof,
the Issuer may prepare and the Indenture Trustee, upon receipt of a Trust
Order,
shall authenticate and deliver temporary Notes of such Series. Temporary
Notes
shall be substantially in the form of Definitive Notes of like Series but
may
have variations that are not inconsistent with the terms of this Indenture
as
the officers executing such Notes may determine, as evidenced by their execution
of such Notes.
(b) If
temporary Notes are issued pursuant to Section
2.13(a)
above,
the Issuer will cause Definitive Notes to be prepared without unreasonable
delay. After the preparation of Definitive Notes, the temporary Notes shall
be
exchangeable for Definitive Notes upon surrender of the temporary Notes at
the
office or agency of the Issuer to be maintained as provided in
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Section
8.2,
without
charge to the Noteholder. Upon surrender for cancellation of any one or more
temporary Notes, the Issuer shall execute and the Indenture Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as Definitive Notes.
Section
2.14. Cancellation
The
Issuer may at any time deliver to the Indenture Trustee for cancellation
any
Notes previously authenticated and delivered hereunder which the Issuer may
have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
cancelled by the Indenture Trustee. The Registrar and Paying Agent shall
forward
to the Indenture Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Indenture Trustee shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement
or
cancellation. The Issuer may not issue new Notes to replace Notes that it
has
redeemed or paid or that have been delivered to the Indenture Trustee for
cancellation. All cancelled Notes held by the Indenture Trustee shall be
disposed of in accordance with the Indenture Trustee’s standard disposition
procedures.
Section
2.15. Principal
and Interest
(a) The
principal of each Series of Notes shall be payable at the times and in the
amount set forth in the related Supplement and in accordance with Section
6.1.
(b) Each
Series of Notes shall accrue interest as provided in the related Supplement
and
such interest shall be payable on each Distribution Date for such Series
in
accordance with Section
6.1
and the
related Supplement.
(c) Except
as
provided in the following sentence, the Person in whose name any Note is
registered at the close of business on any Record Date with respect to a
Distribution Date for such Note shall be entitled to receive the principal
and
interest payable on such Distribution Date notwithstanding the cancellation
of
such Note upon any registration of transfer, exchange or substitution of
such
Note subsequent to such Record Date. Any interest payable at maturity shall
be
paid to the Person to whom the principal of such Note is payable.
(d) If
the
Issuer defaults in the payment of interest on the Notes of any Series, such
interest, to the extent paid on any date that is more than five (5) Business
Days after the applicable due date, shall cease to be payable to the Persons
who
were Noteholders of such Series at the applicable Record Date and the Issuer
shall pay the defaulted interest in any lawful manner, plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are
Noteholders of such Series on a subsequent special record date which date
shall
be at least five (5) Business Days prior to the payment date, at the rate
provided in this Indenture and in the Notes of such Series. The Issuer shall
fix
or cause to be fixed each such special record date and payment date, and
at
least 15 days before the special record date, the Issuer (or the Indenture
Trustee, in the name of and at the expense of the Issuer) shall mail to
Noteholders of such Series a notice that states the special record date,
the
related payment date and the amount of such interest to be paid.
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Section
2.16. Book-Entry
Notes
(a) For
each
Series of Notes to be issued in registered form (other than the Variable
Funding
Note), the Issuer shall duly execute the Notes, and the Indenture Trustee
shall,
in accordance with Section
2.4
hereof,
authenticate and deliver initially one or more Global Notes that (a) shall
be
registered on the Note Register in the name of DTC or DTC’s nominee, and (b)
shall bear legends substantially to the following effect:
UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. (“CEDE”) OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN.
So
long
as DTC or its nominee is the registered owner or holder of a Global Note,
DTC or
its nominee, as the case may be, will be considered the sole owner or holder
of
the Notes represented by such Global Note for purposes of this Indenture
and
such Notes. Members of, or participants in, DTC shall have no rights under
this
Indenture with respect to any Global Note held on their behalf by DTC, and
DTC
may be treated by the Issuer, the Indenture Trustee, any agent and any agent
of
such entities as the absolute owner of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Issuer, the Indenture Trustee, any agent and any agent of such entities from
giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its agent members, the operation
of customary practices governing the exercise of the rights of a holder of
any
Note.
(b) Subject
to Section
2.9(g),
the
provisions of the “Operating Procedures of the Euroclear System” and the “Terms
and Conditions Governing Use of Euroclear” and the “Management Regulations” and
“Instructions to Participants” of Cedel, respectively, shall be applicable to
the Global Note insofar as interests in a Global Note are held by the agent
members of Euroclear or Cedel (which shall only occur in the case of the
Temporary Global Note and the Permanent Global Note). Account holders or
participants in Euroclear and Cedel shall have no rights under this Indenture
with respect to such Global Note, and the registered holder may be treated
by
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee as the owner of such Global Note for all purposes
whatsoever.
(c) Title
to
the Notes shall pass only by registration in the Note Register maintained
by the
Registrar pursuant to Section
2.6.
(d) Any
typewritten Note or Notes representing Book Entry Notes shall provide that
they
represent the aggregate or a specified amount of outstanding Notes from time
to
time endorsed thereon and may also provide that the aggregate amount of
outstanding Notes
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represented
thereby may from time to time be reduced to reflect exchanges. Any endorsement
of a typewritten Note or Notes representing Book-Entry Notes to reflect the
amount, or any increase or decrease in the amount, or changes in the rights
of
Note Owners represented thereby, shall be made in such manner and by such
Person
or Persons as shall be specified therein or in the Trust Order to be delivered
to the Indenture Trustee pursuant to Section
2.4.
Subject
to the provisions of Section
2.5,
the
Indenture Trustee shall deliver and redeliver any typewritten Note or Notes
representing Book-Entry Notes in the manner and upon instructions given by
the
Person or Persons specified therein or in the applicable Trust Order. Any
instructions by the Issuer with respect to endorsement or delivery or redelivery
of a typewritten Note or Notes representing the Book-Entry Notes shall be
in
writing but need not comply with Section
13.3
hereof
and need not be accompanied by an Opinion of Counsel.
(e) Unless
and until definitive, fully registered Notes (“Definitive
Notes”)
have
been issued to Note Owners pursuant to Section
2.18:
(i) the
provisions of this Section
2.16
shall be
in full force and effect;
(ii) the
Paying Agent, the Registrar and the Indenture Trustee may deal with the Clearing
Agency and the Clearing Agency Participants for all purposes of this Indenture
(including the making of payments on the Notes and the giving of instructions
or
directions hereunder) as the authorized representatives of the Note
Owners;
(iii) to
the
extent that the provisions of this Section
2.16
conflict
with any other provisions of this Indenture, the provisions of this Section
2.16
shall
control;
(iv) whenever
this Indenture requires or permits actions to be taken based upon instructions
or directions of Holders of Notes evidencing a specified percentage of the
outstanding principal amount of the Notes, the applicable Clearing Agency
shall
be deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or their related Clearing
Agency Participants owning or representing, respectively, such required
percentage of the beneficial interest in the Notes and has delivered such
instructions to the Indenture Trustee; and
(v) the
rights of Note Owners shall be exercised only through the applicable Clearing
Agency and their related Clearing Agency Participants and shall be limited
to
those established by law and agreements between such Note Owners and their
related Clearing Agency and/or the Clearing Agency Participants. Unless and
until Definitive Notes are issued pursuant to Section
2.18,
the
applicable Clearing Agencies will make book-entry transfers among their related
Clearing Agency Participants and receive and transmit payments of principal
and
interest on the Notes to such Clearing Agency Participants.
Section
2.17. Notices
to Clearing Agency.
Whenever
notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to Note
Owners pursuant to Section
2.18,
the
Indenture Trustee and the Issuer shall give all such notices and communications
specified herein to be given to Noteholders to the applicable Clearing Agency
for distribution to the Note Owners.
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Section
2.18. Definitive
Notes.
(a) Conditions
for Issuance.
Except
as provided in Section
2.9,
interests in a Restricted Global Note or Permanent Global Note deposited
with
DTC pursuant to Section
2.5
shall be
transferred to the beneficial owners thereof in the form of definitive
registered Notes only if (x) DTC notifies the Issuer that it is unwilling
or
unable to continue as depositary for such Restricted Global Note or Permanent
Global Note or at any time ceases to be a “clearing agency” registered under the
Exchange Act, and a successor depositary so registered is not appointed by
the
Issuer within 90 days of such notice or (y) the Issuer determines that the
Restricted Global Note or Permanent Global Note with respect to the relevant
Series of Notes shall be exchangeable for definitive registered Notes, in
which
case Definitive Notes shall be issuable or exchangeable only in respect of
such
Global Notes or the category of Definitive Notes represented thereby. Definitive
registered Notes shall be issued without coupons in amounts of U.S. $200,000
and
integral multiples of U.S. $1,000, subject to compliance with all applicable
legal and regulatory requirements.
(b) Issuance.
If
interests in any Restricted Global Note or Permanent Global Note, as the
case
may be, are to be transferred to the beneficial owners thereof in the form
of
definitive registered Notes pursuant to this Section
2.18,
such
Restricted Global Note or Permanent Global Note, as the case may be, shall
be
surrendered by DTC to the office or agency of the Transfer Agent located
in the
Borough of Manhattan, The City of New York, to be so transferred, without
charge. If interests in any Permanent Global Note are to be transferred to
the
beneficial owners thereof in the form of definitive Notes pursuant to this
Section
2.18,
such
Permanent Global Note shall be surrendered by the custodian for DTC to the
Transfer Agent to be so transferred, without charge. The Indenture Trustee
shall
authenticate and deliver, upon such transfer of interests in such Restricted
Global Note or Permanent Global Note, an equal aggregate principal amount
of
definitive registered Notes of authorized denominations; provided,
that in
the case of an interest in a Restricted Global Note, no such interest will
be
transferred except upon (i) delivery of a Transfer Certificate substantially
in
the form of Exhibit
A-1
hereto
and (ii) compliance with the conditions set forth in Section
2.9.
The
definitive Notes transferred pursuant to this Section
2.18
shall be
executed, authenticated and delivered only in the denominations specified
in
paragraph
(a)
above or
in the related Supplement, and definitive registered Notes shall be registered
in such names as DTC shall direct in writing. The Transfer Agent shall have
at
least 30 days from the date of its receipt of definitive Notes and registration
information to authenticate and deliver such definitive Notes. Any definitive
registered Note delivered in exchange for an interest in a Restricted Global
Note or Permanent Global Note shall, except as otherwise provided by
Section
2.10,
bear,
and be subject to, the legend regarding transfer restrictions set forth in
Section
2.10.
The
Issuer will promptly make available to the Transfer Agent a reasonable supply
of
definitive Notes. The Issuer shall bear the costs and expenses of printing
or
preparing any definitive Notes.
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Section
2.19. Tax
Treatment.
The
Issuer has structured this Indenture and the Notes have been (or will be)
issued
with the intention that the Notes will qualify under applicable tax law as
indebtedness of the Issuer and any entity acquiring any direct or indirect
interest in any Note by acceptance of its Notes (or, in the case of a Note
Owner, by virtue of such Note Owner’s acquisition of a beneficial interest
therein) agrees to treat the Notes (or beneficial interests therein) for
purposes of Federal, state and local and income or franchise taxes and any
other
tax imposed on or measured by income, as indebtedness of the Issuer. Each
Noteholder agrees that it will cause any Note Owner acquiring an interest
in a
Note through it to comply with this Indenture as to treatment as indebtedness
for such tax purposes.
Section
2.20. CUSIP
Numbers.
The
Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use),
and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to noteholders; provided
that any
such notice may state that no representation is made as to the correctness
of
such numbers either as printed on the Notes or as contained in any notice
of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption shall not be affected
by
any defect in or omission of such numbers. The Issuer will promptly notify
the
Indenture Trustee of any change in the “CUSIP” numbers.
ARTICLE
3.
SECURITY
Section
3.1. Security
Interest.
(a) Pursuant
to the Security Agreement, in order to secure the Issuer’s Obligations, the
Issuer has pledged, assigned, conveyed, delivered, transferred and set over
to
the Collateral Agent, for the benefit of the Noteholders, the Indenture Trustee,
the Swap Counterparties, the Banks, the Agent and the holders of the Commercial
Paper Notes (collectively, the “Secured
Parties”),
and
has granted to the Collateral Agent, for the benefit of the Secured Parties,
a
security interest in, all of the Issuer’s right, title and interest in and to
all of the Collateral assigned to the Collateral Agent pursuant to the Security
Agreement.
(b) This
grant under the Security Agreement has been made in trust to secure the Issuer’s
Obligations and to secure compliance with the provisions of the Security
Agreement, all as provided in the Security Agreement.
Section
3.2. Stamp,
Other Similar Taxes and Filing Fees.
The
Issuer shall indemnify and hold harmless the Collateral Agent, the Indenture
Trustee and each Noteholder from any present or future claim for liability
for
any stamp or other similar tax and any penalties or interest with respect
thereto, that may be assessed, levied or collected by any jurisdiction in
connection with the Security Agreement, this Indenture or any Collateral.
The
Issuer shall pay, or reimburse, the Collateral Agent and the Indenture Trustee
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for,
any
and all amounts in respect of, all search, filing, recording and registration
fees, taxes, excise taxes and other similar imposts that may be payable or
determined to be payable in respect of the execution, delivery, performance
and/or enforcement of the Security Agreement and this Indenture.
The foregoing shall not, however, be deemed to create any obligation whatsoever
of the Collateral Agent or the Indenture Trustee to pay any such
amounts.
ARTICLE
4.
REPORTS
Section
4.1. Agreement
of the Issuer to Provide Reports and Instructions.
(a) Monthly
Certificate.
On each
Determination Date, the Issuer shall forward to the Collateral Agent, the
Indenture Trustee, the Paying Agent, the Rating Agencies and any Enhancement
Provider, an Officer’s Certificate of the Issuer substantially in the form of
Exhibit
D
(each, a
“Monthly
Certificate”)
setting forth, inter
alia,
the
following information (which, in the cases of clauses
(i),
(ii)
and
(iii)
below,
will be expressed as a dollar amount per $1,000 of the original principal
amount
of each Series of Notes and as a percentage of the outstanding principal
balance
of the Notes as of such date): (i) for each Series and each class of each
Series, the total amount to be distributed to Noteholders on the next succeeding
Distribution Date; (ii) for each Series and each class of each Series, the
amount of such distribution allocable to principal on the Notes; (iii) for
each
Series and each class of each Series, the amount of such distribution allocable
to interest on the Notes; (iv) for each Series and each class of each Series,
to
the extent applicable, the amount of Enhancement used or drawn in connection
with the distribution to Noteholders of such Series or class on the next
succeeding Distribution Date, together with the aggregate amount of remaining
Enhancement not theretofore used or drawn; and (v) whether, to the knowledge
of
the Issuer, any Lien exists on any of the Collateral (other than Liens granted
pursuant to the Security Agreement and the other Program Documents or permitted
thereunder);
(b) Monthly
Noteholders’ Statement.
On or
before each Distribution Date, the Issuer shall furnish to the Collateral
Agent
and the Indenture Trustee a Monthly Noteholders’ Statement with respect to each
Series of Notes substantially in the form of Exhibit
E;
(c) Instructions
as to Withdrawals and Payments.
The
Issuer will furnish, or cause to be furnished, to the Collateral Agent, the
Indenture Trustee or the Paying Agent, as applicable, written instructions
to
make withdrawals and payments from any accounts specified in a Supplement
and to
make drawings under any Enhancement, as contemplated herein and in any
Supplement. The Indenture Trustee and the Paying Agent shall promptly follow
any
such written instructions.
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ARTICLE
5.
ALLOCATION
AND APPLICATION OF COLLECTIONS
Section
5.1. Establishment
of Accounts.
To
the
extent specified in the Supplement with respect to any Series of Notes, the
Indenture Trustee may establish and maintain one or more accounts and/or
administrative sub-accounts to facilitate the proper allocation of Collections
in accordance with the terms of such Supplement.
Section
5.2. Collections
and Allocations.
Allocations
of Collections to Noteholders will be as specified in the Security Agreement
and
will be allocated among all Series of Notes outstanding as specified in the
related Series Supplements. The Security Agreement specifies that, prior
to the
occurrence of an Event of Default, the Collateral Agent will, on each
Distribution Date, apply the funds on deposit in the Collateral Account (up
to
the amount of Deposited Funds on deposit in the Collateral Account relating
to
the Interest Period specified in the applicable Supplement for such Distribution
Date) in accordance with the priority set forth in Section 5.03(b) of the
Security Agreement. Further, following the occurrence of an Event of Default,
the Collateral Agent will apply the proceeds of all of the Collateral of
the
Issuer in the order of priority set forth in Section 2.01 of the Security
Agreement.
Section
5.3. Determination
of Monthly Interest.
Monthly
interest with respect to each Series of Notes shall be determined, allocated
and
distributed in accordance with the procedures set forth in the applicable
Supplement.
Section
5.4. Determination
of Principal.
Principal
with respect to each Series of Notes shall be determined, allocated and
distributed in accordance with the procedures set forth in the applicable
Supplement. However, all principal or interest with respect to any Series
of
Notes shall be due and payable no later than the Final Distribution Date
with
respect to such Series.
[THE
REMAINDER OF ARTICLE 5 IS RESERVED AND MAY BE SPECIFIED IN ANY
SUPPLEMENT
WITH RESPECT TO ANY SERIES.]
ARTICLE
6.
DISTRIBUTIONS
AND REPORTS TO NOTEHOLDERS
Section
6.1. Distributions
in General.
(a) Notwithstanding
any provision hereof or of any Supplement, prior to depositing any amounts
into
any Distribution Account, all amounts due and payable to the
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Indenture
Trustee pursuant to Section
10.5
and
Section
10.11,
to the
extent not already paid by the Issuer, shall be deducted from such amounts
and
paid to the Indenture Trustee. Unless otherwise specified in the applicable
Supplement, on each Distribution Date with respect to each outstanding Series,
after payment of the amounts described in the preceding sentence, (i) the
Collateral Agent shall deposit (in accordance with the Monthly Certificate
delivered to the Collateral Agent and the Indenture Trustee) in the Distribution
Account for each such Series the amounts on deposit in the Collateral Account
allocable to Noteholders of such Series as interest and, if on the Final
Distribution Date for such Series, principal, and (ii) to the extent provided
for in the applicable Supplement, the Indenture Trustee shall deposit in
the
Distribution Account for each such Series the amount of Enhancement for such
Series drawn in connection with such Distribution Date.
(b) Unless
otherwise specified in the applicable Supplement, on each Distribution Date,
the
Paying Agent shall distribute to the Noteholders of each Series, to the extent
amounts are on deposit in the Distribution Account for such Series, an amount
sufficient to pay all principal and interest due on such Series on such
Distribution Date in accordance with the Monthly Certificate delivered to
the
Indenture Trustee. Such distribution shall be to each Noteholder of record
of
such Series on the preceding Record Date based on such Noteholder’s pro
rata
share of the aggregate principal amount of the Notes of such Series held
by such
Noteholder; provided,
however,
that,
the final principal payment due on a Note shall only be paid to the holder
of a
Note on due presentment of such Note for cancellation in accordance with
the
provisions of the Note.
(c) Unless
otherwise specified in the applicable Supplement, amounts distributable to
a
Noteholder pursuant to this Section
6.1
shall be
payable by wire transfer of immediately available funds released by the Paying
Agent from the Distribution Account no later than 12:00 noon (New York City
time) for credit to the account designated in writing by such Noteholder
at
least 15 days prior to the relevant Distribution Date.
(d) Unless
otherwise specified in the applicable Supplement, (i) all distributions to
Noteholders of all classes within a Series of Notes will have the same priority
and (ii) in the event that on any date of determination the amount available
to
make payments to the Noteholders of a Series is not sufficient to pay all
sums
required to be paid to such Noteholders on such date, then each class of
Noteholders will receive its ratable share (based upon the aggregate amount
due
to such class of Noteholders) of the aggregate amount available to be
distributed in respect of the Notes of such Series.
(e) All
distributions in respect of Notes represented by a Temporary Global Note
will be
made only with respect to that portion of the Temporary Global Note in respect
of which Euroclear or Cedel shall have delivered to the Indenture Trustee
a
certificate or certificates substantially in the form of Exhibit
B.
The
delivery to the Indenture Trustee by Euroclear or Cedel of the certificate
or
certificates referred to above may be relied upon by the Issuer and the
Indenture Trustee as conclusive evidence that the certificate or certificates
referred to therein or have been delivered to Euroclear or Cedel pursuant
to the
terms of this Indenture and the Temporary Global Note. No payments of interest
will be made on a Temporary Global Note after the Exchange Date
therefor.
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Section
6.2. Reserved.
Section
6.3. Optional
Repurchase of Notes.
Unless
otherwise specified in the related Supplements, in connection with the
termination of the Issuer’s Commercial Paper program (other than through the
replacement thereof with a facility having substantially similar terms (other
than interest rate spreads)) and upon satisfaction of the requirements included
in the Program Documents (including the payment of any amounts due and owing
to
the Secured Parties), on any Distribution Date, the Issuer shall have the
option
to purchase all outstanding Notes of all Series, in whole but not in part,
at a
purchase price (determined after giving effect to any payment of principal
and
interest on such Distribution Date) equal to (unless otherwise specified
in the
related Supplements) the aggregate outstanding principal amount of the Notes
of
all Series on such Distribution Date, plus accrued and unpaid interest on
the
unpaid aggregate principal balance of the Notes of all Series (calculated
at the
Note Rate of each such Series) through the day immediately prior to the date
of
such purchase plus, if provided for in the related Supplements, any aggregate
premium payable at such time plus the aggregate amount of any Shortfalls
payable
in respect of all outstanding Notes of all Series. The Issuer shall give
the
Indenture Trustee and the Noteholders not more than sixty nor less than thirty
days’ prior written notice of the date on which the Issuer intends to exercise
such option to purchase. Not later than 12:00 noon, New York City time, on
such
Distribution Date, with respect to each Series of Notes outstanding, an amount
of the purchase price equal to the outstanding principal amount of all Notes
of
such Series on such Distribution Date and the amount of accrued and unpaid
interest with respect to such Notes, any applicable Shortfall and any applicable
premium will be deposited into the related Distribution Account for such
Series
in immediately available funds. The funds deposited into such Distribution
Account or distributed to the Paying Agent will be passed through in full
to the
Noteholders on such Distribution Date.
Section
6.4. Monthly
Noteholders’ Statement; Annual Noteholders’ Tax Statement.
(a) On
each
Distribution Date, the Paying Agent shall forward to each Noteholder of record
of each outstanding Series the Monthly Noteholders’ Statement (substantially in
the form of Exhibit
E
hereto)
with respect to such Series, with a copy to the Rating Agencies, the Indenture
Trustee (if other than the Paying Agent) and any Enhancement Provider with
respect to such Series.
(b) On
or
before January 31 of each calendar year, beginning with calendar year 1999,
the
Paying Agent shall furnish to each Person who at any time during the preceding
calendar year was a Noteholder a statement prepared by the Issuer containing
the
information which is required to be contained in the Monthly Noteholders’
Statements with respect to each Series of Notes aggregated for such calendar
year or the applicable portion thereof during which such Person was a
Noteholder, together with such other customary information (consistent with
the
treatment of the Notes as debt) as the Issuer deems necessary or desirable
to
enable the Noteholders to prepare their tax returns (each such statement,
an
“Annual
Noteholders’ Tax Statement”).
Such
obligations of the Issuer to prepare and the Paying Agent to distribute the
Annual Noteholders’ Tax Statement shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the
Paying
Agent pursuant to any requirements of the Code as from time to time in
effect.
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ARTICLE
7.
REPRESENTATIONS
AND WARRANTIES
The
Issuer hereby represents and warrants, for the benefit of the Collateral
Agent,
the Indenture Trustee and the Noteholders, as follows as of each Series Closing
Date:
Section
7.1. Existence
and Power.
The
Issuer (a) is a business trust duly formed, validly existing and in good
standing under the laws of the State of Delaware, (b) is duly qualified to
do
business as a foreign business trust and in good standing under the laws
of each
jurisdiction where the character of its property, the nature of its business
or
the performance of its obligations make such qualification necessary, and
(c)
has all trust powers and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted
and
for purposes of the transactions contemplated by this Indenture and the other
Program Documents.
Section
7.2. Business
Trust and Governmental Authorization.
The
execution, delivery and performance by the Issuer of this Indenture, the
related
Supplement and the other Program Documents to which it is a party (a) is
within
the Issuer’s trust powers, has been duly authorized by all necessary trust
action, (b) requires no action by or in respect of, or filing with, any
governmental body, agency or official which has not been obtained and (c)
does
not contravene, or constitute a default under, any provision of applicable
law
or regulation or of the certificate of trust or the Trust Agreement of the
Issuer or of any law or governmental regulation, rule, contract, agreement,
judgment, injunction, order, decree or other instrument binding upon the
Issuer
or any of its Assets or result in the creation or imposition of any Lien
on any
Asset of the Issuer, except for Liens created by the Security Agreement or
the
other Program Documents. This Indenture and each of the other Program Documents
to which the Issuer is a party has been executed and delivered by a duly
authorized signatory of the Issuer.
Section
7.3. Binding
Effect.
This
Indenture and each other Program Document, and each Note when executed and
delivered in accordance with this Indenture, is a legal, valid and binding
obligation of the Issuer enforceable against the Issuer in accordance with
its
terms (except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles,
whether considered in a proceeding at law or in equity and by an implied
covenant of good faith and fair dealing).
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Section
7.4. Financial
Information; Financial Condition.
All
balance sheets, all statements of operations, of shareholders’ equity and of
cash flow, and other financial data (other than projections) which have been
or
shall hereafter be furnished by the Issuer to the Indenture Trustee and the
Rating Agencies pursuant to Section
8.3
have
been and will be prepared in accordance with GAAP (to the extent applicable)
and
do and will present fairly the financial condition of the entities involved
as
of the dates thereof and the results of their operations for the periods
covered
thereby, subject, in the case of all unaudited statements, to normal year-end
adjustments and lack of footnotes and presentation items.
Section
7.5. Litigation.
There
is
no action, suit or proceeding pending against or, to the knowledge of the
Issuer, threatened against or affecting the Issuer or its assets before any
court or arbitrator or any Governmental Authority with respect to which there
is
a reasonable possibility of an adverse decision that could materially adversely
affect the financial position, results of operations, business, properties,
performance, prospects or condition (financial or otherwise) of the Issuer
or
which in any manner draws into question the validity or enforceability of
this
Indenture, any Supplement or any other Program Document or the ability of
the
Issuer to perform its obligations hereunder or thereunder.
Section
7.6. Compliance
with ERISA.
Each
member of the ERISA Group has fulfilled its obligations under the minimum
funding standards of ERISA and the Internal Revenue Code with respect to
each
Plan and is in compliance in all material respects with the presently applicable
provisions of ERISA and the Internal Revenue Code with respect to each Plan.
No
member of the ERISA Group has (i) sought a waiver of the minimum funding
standard under Section 412 of the Internal Revenue Code in respect of any
Plan,
(ii) failed to make any contribution or payment to any Plan or Multiemployer
Plan or in respect of any Benefit Arrangement, or made any amendment to any
Plan
or Benefit Arrangement, which in any such case has resulted or could reasonably
be expected to result in the imposition of a Lien or the posting of a bond
or
other security under ERISA or the Internal Revenue Code or (iii) incurred
any
liability under Title IV of ERISA other than a liability to the PBGC for
premiums under Section 4007 of ERISA.
Section
7.7. Tax
Filings and Expenses.
The
Issuer has filed all Federal, state and local tax returns and all other tax
returns which, to the knowledge of the Issuer, are required to be filed (whether
informational returns or not), and has paid all taxes due, if any, pursuant
to
said returns or pursuant to any assessment received by the Issuer, except
such
taxes, if any, as are being contested in good faith and for which adequate
reserves have been set aside on its books. The Issuer has paid all fees and
expenses required to be paid by it in connection with the conduct of its
business, the maintenance of its existence and its qualification as a foreign
business trust authorized to do business in each State in which it is required
to so qualify, except where the failure to pay any such fees and expenses
is not
reasonably likely to have a material adverse effect.
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Section
7.8. Full
Disclosure.
All
certificates, reports, statements, documents and other information furnished
to
the Indenture Trustee by or on behalf of the Issuer pursuant to any provision
of
this Indenture or any Program Document, or in connection with or pursuant
to any
amendment or modification of, or waiver under, this Indenture or any Program
Document, shall, at the time the same are so furnished, be complete and correct
to the extent necessary to give the Indenture Trustee true and accurate
knowledge of the subject matter thereof in all material respects, and the
furnishing of the same to the Indenture Trustee shall constitute a
representation and warranty by the Issuer made on the date the same are
furnished to the Indenture Trustee to the effect specified herein.
Section
7.9. Investment
Company Act; Trust Indenture Act; Securities Act.
The
Issuer is not, and is not controlled by, an “investment company” within the
meaning of, and is not required to register as an “investment company” under,
the Investment Company Act of 1940. It is not necessary in connection with
the
offer, issuance and sale of the Notes under the circumstances contemplated
in
the related Supplement to register any security under the Securities Act
or to
qualify any indenture under the Trust Indenture Act.
Section
7.10. Regulations
T, U and X.
The
proceeds of the Notes will not be used to purchase or carry any “margin stock”
(as defined or used in the regulations of the Board of Governors of the Federal
Reserve System, including Regulations T, U and X thereof). The Issuer is
not
engaged in the business of extending credit for the purpose of purchasing
or
carrying any margin stock.
Section
7.11. No
Consent.
No
consent, action by or in respect of, approval or other authorization of,
or
registration, declaration or filing with, any Governmental Authority or other
Person is required for the valid execution and delivery of this Indenture
or any
Supplement or for the performance of any of the Issuer’s obligations hereunder
or thereunder or under any other Program Document other than such consents,
approvals, authorizations, registrations, declarations or filings as shall
have
been obtained by the Issuer prior to the Initial Closing Date or as contemplated
in Section
7.14.
Section
7.12. Solvency.
Both
before and after giving effect to the transactions contemplated by this
Indenture and the other Program Documents, the Issuer is solvent within the
meaning of the Bankruptcy Code and the Issuer is not the subject of any
voluntary or involuntary case or proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy
or
insolvency law and no Event of Bankruptcy has occurred with respect to the
Issuer.
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Section
7.13. Subsidiary.
The
Issuer has no subsidiaries and owns no capital stock of, or other interest
in,
any other Person, and during the term of the Indenture, the Issuer shall
not
acquire or otherwise come to have one or more subsidiaries without the prior
consent of the Indenture Trustee (on behalf of the holders of the
Notes).
Section
7.14. Security
Interests.
(a) All
action necessary (including the filing of UCC-1 financing statements for
the
Collateral Agent’s Lien for the benefit of the Secured Parties) to protect and
perfect the Collateral Agent’s security interest in the Collateral now in
existence and hereafter acquired or created has been duly and effectively
taken.
(b) No
security agreement, financing statement, equivalent security or lien instrument
or continuation statement listing the Issuer as debtor covering all or any
part
of the Collateral and the Collateral Account is on file or of record in any
jurisdiction, except such as may have been filed, recorded or made by the
Issuer
in favor of the Collateral Agent on behalf of the Secured Parties in connection
with the Security Agreement.
(c) The
Security Agreement constitutes a valid and continuing Lien on the Collateral
and
the Collateral Account in favor of the Collateral Agent on behalf of the
Secured
Parties, which Lien will be prior to all other Liens (other than Permitted
Liens
and as otherwise permitted in the Security Agreement), will be enforceable
as
such as against creditors of and purchasers from the Issuer in accordance
with
its terms, except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws affecting creditors’ rights generally or by general equitable principles,
whether considered in a proceeding at law or in equity and by an implied
covenant of good faith and fair dealing. All action necessary to perfect
such
prior security interest has been duly taken.
(d) The
Issuer’s principal place of business and chief executive office shall be at: c/o
First Union Trust Company National Association, attention: Corporate
Trust/Administration, 0 Xxxxxx Xxxxxx, 000 Xxxx Xxxxxx, Xxxxxxxxxx, XX 00000,
and the place where its records concerning the Collateral are kept is at:
c/o
First Union Trust Company National Association, attention: Corporate
Trust/Administration, 0 Xxxxxx Xxxxxx, 000 Xxxx Xxxxxx, Xxxxxxxxxx, XX 00000.
The Issuer does not transact, and has not transacted, business under any
other
name.
(e) All
authorizations in this Indenture for the Collateral Agent or the Indenture
Trustee to endorse checks, instruments and securities and to execute financing
statements, continuation statements, security agreements, and other instruments
with respect to the Collateral are powers coupled with an interest and are
irrevocable.
Section
7.15. Offering
Memorandum.
No
offering memorandum or information circular used by the Issuer in connection
with the offer or sale of the Notes contains any untrue statement of a material
fact and or omits to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they are
made,
not misleading.
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Section
7.16. Non-Existence
of Other Agreements.
As
of the
date of the issuance of the first Series of Notes, other than as permitted
by
Section
8.24
hereof
(i) the Issuer is not a party to any contract or agreement of any kind or
nature
and (ii) the Issuer is not subject to any obligations or liabilities of any
kind
or nature in favor of any third party, including, without limitation, Contingent
Obligations.
Section
7.17. Eligible
Mortgage Loans.
Based
upon the representation of the Seller in the Mortgage Loan Purchase and
Servicing Agreement, each Mortgage Loan purchased by the Issuer is an Eligible
Loan (as defined in the Mortgage Loan Purchase and Servicing
Agreement).
Section
7.18. Other
Representations.
All
representations and warranties of the Issuer made in each Program Document
to
which it is a party are true and correct and are repeated herein as though
fully
set forth herein.
Section
7.19. Special
Purpose Entity.
The
Issuer is a special purpose entity formed exclusively to enter into the Program
Documents and the transactions contemplated thereby or incident
thereto.
ARTICLE
8.
COVENANTS
Section
8.1. Payment
of Notes.
The
Issuer shall pay the principal of (and premium, if any) and interest on the
Notes pursuant to the provisions of this Indenture and any applicable
Supplement. Principal and interest shall be considered paid on the date due
if
the Paying Agent holds on that date money designated for and sufficient to
pay
all principal and interest then due.
Section
8.2. Maintenance
of Office or Agency.
The
Issuer will maintain an office or agency (which may be an office of the
Indenture Trustee, Registrar or co-registrar) where Notes may be surrendered
for
registration of transfer or exchange, where notices and demands to or upon
the
Issuer in respect of the Notes and this Indenture may be served, and where,
at
any time when the Issuer is obligated to make a payment of principal and
premium
upon the Notes, the Notes may be surrendered for payment. The Issuer will
give
prompt written notice to the Indenture Trustee of the location, and any change
in the location, of such office or agency. If at any time the Issuer shall
fail
to maintain any such required office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of
the
Indenture Trustee.
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The
Issuer may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations. The Issuer
will
give prompt written notice to the Indenture Trustee of any such designation
or
rescission and of any change in the location of any such other office or
agency.
The
Issuer hereby designates the Corporate Trust Office of the Indenture Trustee
as
one such office or agency of the Issuer.
Section
8.3. Information.
The
Issuer will:
(a) promptly
provide the Indenture Trustee, Xxxxx’x, S&P and Fitch with all financial and
operational information with respect to the Program Documents or the Issuer
as
the Indenture Trustee may reasonably request; and will promptly provide,
Xxxxx’x, S&P, Fitch and the Indenture Trustee with all statements delivered
under the Interest Rate Swaps, the Liquidity Agreement, the Security Agreement,
the Mortgage Loan Purchase and Servicing Agreement and the Certificates and
within 105 days after the end of each fiscal year of the Issuer and the Seller,
the audited annual financial statements of each of the Issuer, the Seller
and
PHH and within 60 days of each quarter end the unaudited financial statements
of
PHH (which may be 10Q reports);
(b) deliver
to the Indenture Trustee, if and when any member of the ERISA Group (i) gives
or
is required to give notice to the PBGC of any “reportable event” (as defined in
Section 4043 of ERISA) with respect to any Plan which might constitute grounds
for a termination of such Plan under Title IV of ERISA, or knows that the
plan
administrator of any Plan has given or is required to give notice of any
such
reportable event, a copy of the notice of such reportable event given or
required to be given to the PBGC; (ii) receives notice of complete or partial
withdrawal liability under Title IV of ERISA or notice that any Multiemployer
Plan is in reorganization, is insolvent or has been terminated, a copy of
such
notice; (iii) receives notice from the PBGC under Title IV of ERISA of an
intent
to terminate, impose liability (other than for premiums under Section 4007
of
ERISA) in respect of, or appoint a trustee to administrator any Plan, a copy
of
such notice; (iv) applies for a waiver of the minimum funding standard under
Section 412 of the Internal Revenue Code, a copy of such application; (v)
gives
notice of intent to terminate any Plan under Section 4041(c) of ERISA, a
copy of
such notice and other information filed with the PBGC; (vi) gives notice
of
withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such
notice; or (vii) fails to make any payment or contribution to any Plan or
Multiemployer Plan or in respect of any Benefit Arrangement or makes any
amendment to any Plan or Benefit Arrangement which has resulted or could
result
in the imposition of a Lien or the posting of a bond or other security, a
certificate of the Owner Trustee setting forth details as to such occurrence
and
action, if any, which the Issuer or applicable member of the ERISA Group
is
required or proposes to take;
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(c) provide
the Indenture Trustee, on behalf of the Noteholders, with access to the books
and records of the Issuer and the books and records of the Servicer, Custodian
and/or the Collateral Agent relating to the assets of the Issuer, without
charge, but only (i) upon the reasonable request of the Indenture Trustee
(acting at the direction of the majority of the Noteholders) (for which purposes
one Business Day shall be deemed reasonable during the occurrence and
continuation of an Event of Default), (ii) during normal business hours,
(iii)
subject to the relevant party’s normal security and confidentiality procedures
and (iv) at offices designated by the relevant party;
(d) provide
Xxxxx’x, S&P, Fitch, the Indenture Trustee and the Collateral Agent with any
information that it may have with respect to an Event of Default hereunder
or
provide notice to Indenture Trustee of any default or event of default under
any
other agreement between the Issuer and any of the Seller, the Servicer, the
Banks, the Swap Counterparties, the holders of the Certificates or the
Collateral Agent as promptly as practicable after the Issuer becomes aware
of
the occurrence of any Event of Default or other default or event of
default;
(e) promptly
furnish to the Indenture Trustee (on behalf of the holders of the Notes)
after
receipt thereof copies of all written communications received from S&P,
Xxxxx’x or Fitch with respect to the Notes;
(f) promptly
upon its knowledge thereof give notice to the Indenture Trustee (on behalf
of
the holders of the Notes), Xxxxx’x, S&P and Fitch of the existence of any
litigation against the Issuer;
(g) give
prompt notice to the Indenture Trustee (on behalf of the holders of the Notes),
Xxxxx’x, S&P and Fitch of any change to the articles of incorporation or
by-laws of the Seller; and
(h) provide,
on or prior to June 30 of each year, to the Indenture Trustee a certificate
of
the Issuer certifying that (i) the ratings assigned by the Rating Agencies
in
respect of any outstanding Series of Notes, have not been withdrawn or
downgraded since the date of the related Supplement, and (ii) no Rating Agency
has determined that the amount of Enhancement for any outstanding Series
of
Notes must be increased in order to maintain the then current rating of such
Series or, if any Rating Agency has made such a determination, the amount
of
additional Enhancement that would be required in order to maintain such current
rating. Delivery of such reports, information and documents to Indenture
Trustee
under this section is for informational purposes only and the Indenture
Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of its
covenants.
Section
8.4. Payment
of Obligations.
The
Issuer will pay and discharge in a timely manner in accordance with the terms
of
the Program Documents, at or before maturity, all of its respective material
obligations and liabilities, including, without limitation, tax liabilities
and
other governmental claims, except where the same may be contested in good
faith
by appropriate proceedings, will maintain, in accordance with GAAP, reserves
as
appropriate for the accrual of any of the same, and will comply in all material
respects with its obligations in the Program Documents.
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Section
8.5. RESERVED.
Section
8.6. Conduct
of Business and Maintenance of Existence.
The
Issuer will maintain its existence as a business trust validly existing,
and in
good standing under the laws of the State of Delaware and duly qualified
as a
foreign business trust licensed under the laws of each state in which the
failure to so qualify would have a material adverse effect on the business
and
operations of the Issuer.
Section
8.7. Compliance
with Laws.
The
Issuer will comply in all respects with all Requirements of Law and all
applicable laws, ordinances, rules, regulations, and requirements of
Governmental Authorities (including, without limitation, ERISA and the rules
and
regulations thereunder) except where the necessity of compliance therewith
is
contested in good faith by appropriate proceedings and where such noncompliance
would not materially and adversely affect the condition, financial or otherwise,
operations, performance, properties or prospects of the Issuer or its ability
to
carry out the transactions contemplated in this Indenture and each other
Program
Document; provided, however, such noncompliance will not result in a Lien
(other
than a Permitted Lien) on any Assets of the Issuer.
Section
8.8. Inspection
of Property, Books and Records.
The
Issuer will keep proper books of record and account in which full, true and
correct entries shall be made of all dealings and transactions in relation
to
its Assets, business and activities in accordance with GAAP; and will permit
the
Indenture Trustee to visit and inspect any of its properties, to examine
and
make abstracts from any of its books and records and to discuss its affairs,
finances and accounts with its representatives, employees and independent
public
accountants, all at such reasonable times upon reasonable notice and as often
as
may reasonably be requested.
Section
8.9. Compliance
with Program Documents.
The
Issuer will perform and comply with each and every obligation, covenant and
agreement required to be performed or observed by it in or pursuant to this
Indenture and each other Program Document to which it is a party and will
not
take any action which would permit any party to have the right to refuse
to
perform any of its respective obligations under any Program
Document.
Section
8.10. Notice
of
Defaults.
(a) Promptly
upon becoming aware of any Potential Event of Default or Event of Default
under
this Indenture, the Issuer shall give the Indenture Trustee, each Enhancement
Provider, and the Rating Agencies notice thereof, together with a certificate
of
the Issuer setting forth the details thereof and any action with respect
thereto
taken or contemplated to be taken by the Issuer, and
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(b) Promptly
upon becoming aware of any default under any Program Document other than
this
Indenture, the Issuer shall give the Indenture Trustee, each Enhancement
Provider, and the Rating Agencies notice thereof.
Section
8.11. Notices
under Liquidity Agreement; Notice of Material Proceedings.
(a) The
Issuer shall promptly provide the Indenture Trustee, each Enhancement Provider
and the Rating Agencies with copies of each of the notices delivered by the
Issuer pursuant to Section 8.01 (a), (e), (h), (i), (m) and (n) and Section
9.01
of the Liquidity Agreement.
(b) Promptly
upon becoming aware thereof, the Issuer shall give the Indenture Trustee,
and
the Rating Agencies written notice of the commencement or existence of any
proceeding by or before any Governmental Authority against or affecting the
Issuer which is reasonably likely to have a material adverse effect on the
business, condition (financial or otherwise), results of operations, properties
or performance of the Issuer or the ability of the Issuer to perform its
obligations under this Indenture or under any other Program Document to which
it
is a party.
Section
8.12. Further
Requests.
The
Issuer will promptly furnish to the Indenture Trustee, the Agent, the Collateral
Agent, each Enhancement Provider and the Rating Agencies such other information
as, and in such form as, the Indenture Trustee or the Agent or the Collateral
Agent or such Enhancement Provider or the Rating Agencies may reasonably
request
in connection with the transactions contemplated hereby.
Section
8.13. Further
Assurances.
(a) The
Issuer shall do such further acts and things, and execute and deliver to
the
Indenture Trustee, the Collateral Agent and the Required Noteholders such
additional assignments, agreements, powers and instruments, as the Indenture
Trustee, the Collateral Agent, or the Required Noteholders reasonably determines
to be necessary to carry into effect the purposes of this Indenture or the
other
Program Documents or to better assure and confirm unto the Indenture Trustee,
the Collateral Agent, or the Noteholders their rights, powers and remedies
hereunder including, without limitation, the filing of any financing or
continuation statements under the Uniform Commercial Code in effect in any
jurisdiction with respect to the liens and security interests granted hereby
or
under the Security Agreement. The Issuer also hereby acknowledges that the
Collateral Agent has the right but not the obligation to file any such financing
statement or continuation statement without the signature of the Issuer to
the
extent permitted by applicable law. If any amount payable under or in connection
with any of the Collateral shall be or become evidenced by any promissory
note,
chattel paper or other instrument, such note, chattel paper or instrument
shall
be deemed to be held in trust and immediately pledged and physically delivered
to the Collateral Agent hereunder, and shall, subject to the rights of any
Person in whose favor a prior Lien has been perfected, be duly endorsed in
a
manner satisfactory to the Collateral Agent and delivered to the Collateral
Agent promptly. Without limiting the generality of the foregoing provisions
of
this Section 8.13(4, the Issuer shall take all actions that are required
to
maintain the security interest of the Collateral Agent on behalf of the Secured
Parties in the Collateral pledged pursuant to the Security Agreement as a
perfected security interest subject to no prior Liens, including, without
limitation filing all Uniform Commercial Code financing statements, continuation
statements and amendments thereto necessary to achieve the foregoing. The
Issuer
further agrees that it will not, without the prior written consent of the
Controlling Majority and without prior written notice to the Enhancement
Providers, if applicable, exercise any right, remedy, power or privilege
available to it with respect to any obligor under the Collateral, take any
action to compel or secure performance or observance by any obligor of its
obligations to the Issuer, or give any consent, request, notice, direction,
approval, extension or waiver with respect to any obligor.
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(b) The
Issuer will warrant and defend the Collateral Agent’s right, title and interest
in and to the Collateral and the income, distributions and proceeds thereof,
for
the benefit of the Collateral Agent on behalf of the Secured Parties, against
the claims and demands of all Persons whomsoever.
(c) The
Issuer will provide to the Collateral Agent and the Indenture Trustee, no
more
frequently than annually, an Opinion of Counsel to the effect that no UCC
financing or continuation statements are required to be filed with respect
to
any of the Collateral in which a security interest may be perfected by the
filing of UCC financing statements.
Section
8.14. Certain
Documents.
The
Issuer will not take any action that would permit (i) the Seller, the Servicer
or PHH to refuse to perform any of their respective obligations under the
Mortgage Loan Purchase and Servicing Agreement, the Guarantee and the Custodial
Agreement or (ii) the Administrator or Depositary to refuse to perform their
respective obligations under any other Program Documents to which they are
parties.
Section
8.15. Liens.
The
Issuer will not create, incur, assume or permit to exist any Lien upon any
of
its Assets (including the Collateral), other than (i) Liens in favor of the
Collateral Agent for the benefit of the Secured Parties, (ii) Permitted Liens,
(iii) Liens permitted under the Program Documents and (iv) liabilities for
services supplied or furnished to the Issuer (including reasonable accountants’
and attorneys’ fees); provided that the aggregate amount of the liabilities
described in subpart (iv) shall not exceed $100,000 at any one time
outstanding.
Section
8.16. Other
Indebtedness.
The
Issuer will not create, assume, incur, suffer to exist or otherwise become
or
remain liable in respect of any Indebtedness other than (i) Indebtedness
hereunder and (ii) Indebtedness permitted under any other Program
Document.
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Section
8.17. Mergers.
The
Issuer will not merge or consolidate with or into any other Person.
Section
8.18. Sales
of
Assets.
The
Issuer will not sell, lease, transfer, liquidate or otherwise dispose of
any
Assets, except as contemplated by the Program Documents.
Section
8.19. Capital
Expenditures.
The
Issuer will not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (both realty and personalty).
Section
8.20. Dividends.
The
Issuer shall not make any distributions to any holders of its securities
without
the consent of the Indenture Trustee, acting at the direction of the Required
Noteholders, except as provided under the Program Documents, the Certificates
and the Notes.
Section
8.21. Name;
Principal Office.
The
Issuer will neither (a) change the location of its chief executive office
or
principal place of business (within the meaning of the applicable UCC) without
sixty (60) days’ prior written notice to the Indenture Trustee, and the
Collateral Agent nor (b) change its name without prior written notice to
the
Indenture Trustee, and the Collateral Agent sufficient to allow the Collateral
Agent to make all filings (including filings of financing statements on form
UCC-1) and recordings necessary to maintain the perfection of the interest
of
the Collateral Agent on behalf of the Secured Parties in the Collateral pursuant
to the Security Agreement. In the event that the Issuer desires to so change
its
office or change its name, the Issuer will make any required filings and
prior
to actually changing its office or its name the Issuer will deliver to the
Collateral Agent, and the Indenture Trustee (i) an Officer’s Certificate and
(except with respect to a change of the location of the Issuer’s chief executive
office or principal place of business to a new location in the same county)
an
Opinion of Counsel confirming that all required filings have been made to
continue the perfected interest of the Collateral Agent on behalf of the
Secured
Parties in the Collateral in respect of the new office or new name of the
Issuer
and (ii) copies of all such required filings with the filing information
duly
noted thereon by the office in which such filings were made.
Section
8.22. Organizational
Documents.
The
Issuer will not amend any of its organizational documents, including its
certificate of trust or Trust Agreement unless, prior to such amendment,
each
Rating Agency confirms that after such amendment the Rating Agency Consent
Condition will be met and the Required Noteholders consent to such
amendment.
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Section
8.23. Investments.
The
Issuer will not make, incur, or suffer to exist any loan, advance, guarantee,
extension of credit or other investment in any Person other than pursuant
to the
Program Documents and with respect to Eligible Investments and, in addition,
without limiting the generality of the foregoing, the Issuer will not cause
the
Collateral Agent or the Indenture Trustee to make any Eligible Investments
on
the Issuer’s behalf that would have the effect of causing the Issuer to be an
“investment company” within the meaning of the Investment Company
Act.
Section
8.24. No
Other
Agreements.
The
Issuer will not (a) enter into or be a party to any agreement or instrument
other than any Program Document or any documents related to any Enhancement
or
documents and agreements incidental thereto or (b) except as provided for
in
Sections 12.1 or 12.2, amend, modify or waive any provision of any Program
Document to which it is a party, or (c) give any approval or consent or
permission provided for in any Program Document, except as permitted in Section
3.2(a).
Section
8.25. Other
Business.
The
Issuer will not engage in any business or enterprise or enter into any
transaction other than as contemplated by the Program Documents.
Section
8.26. Notes.
The
Issuer shall not issue Notes to the Seller, any Affiliate of the Seller or
any
trust or other entity to which the Seller or any Affiliate of the Seller
is a
depositor or servicer bearing interest (or at a discount) in excess of a
commercially reasonable rate.
Section
8.27. Rule
144A
Information Requirement.
For
so
long as any of the Notes remain outstanding and are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer
covenants and agrees that it shall, during any period in which it is not
subject
to Section 13 or 15(d) under the Exchange Act, make available to any Noteholder
in connection with any sale thereof and any prospective purchaser of Notes
from
such Noteholder in each case upon request, the information specified in,
and
meeting the requirements of, Rule 144A(d)(4) under the Securities
Act.
Section
8.28. Use
of
Proceeds of Notes.
The
Issuer shall use the proceeds of Notes solely for one or more of the following
purposes: (a) to pay the Issuer’s Obligations when due, in accordance with the
Security Agreement; and (b) to acquire eligible Mortgage Loans from the
Seller.
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Section
8.29. Program
Document Information.
The
Issuer shall, or shall cause the Seller to, provide the Indenture Trustee
with
copies of all reports, statements and certificates delivered under the Program
Documents, and any other information that the Indenture Trustee shall reasonably
request. Delivery of such reports, information and documents to Indenture
Trustee under this section and Section 8.27 is for informational purposes
only
and the Indenture Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information
contained therein, including the Issuer’s compliance with any of its
covenants.
Section
8.30. Year
2000
Issues.
The
Issuer has initiated a commercially reasonable review of their operations
with a
view to assessing whether their business or operations will, in the receipt,
transmission, processing, manipulation, storage, retrieval, retransmission
or
other utilization of data, be vulnerable to any significant risk that computer
hardware or software used in their business or operations will not, in the
case
of dates or time periods occurring after December 31, 1999, function at least
as
effectively as in the case of dates or time periods occurring prior to January
1, 2000. Based on such ongoing review, the Issuer has no reason to believe
that
a Material Adverse Effect will occur with respect to such business or operations
resulting from any such risk.
ARTICLE
9.
EVENTS
OF
DEFAULT AND REMEDIES
Section
9.1. Events
of
Default.
If
any
one of the following events shall occur with respect to any Series of Notes
(each, an “Event of Default”):
(a) Failure
on the part of the Seller or the Servicer (i) to make any payment or deposit
on
the date required under the Mortgage Loan Purchase and Servicing Agreement;
provided, however, that no grace period shall apply for purchase obligations
in
respect of a breach of the covenant in Section 3.5(c) of the Mortgage Loan
Purchase and Servicing Agreement (on or before five Business Days after the
date
such payment or deposit is required to be made) or (ii) to observe or perform
in
any material respect any other material covenants or agreements of the Seller
or
the Servicer under the Mortgage Loan Purchase and Servicing Agreement, which
failure continues unremedied for a period of 45 days after written
notice;
(b) Any
representation or warranty made by the Seller or the Servicer in the Mortgage
Loan Purchase and Servicing Agreement or regarding corporate organization
or
authority or the enforceability of the Mortgage Loan Purchase and Servicing
Agreement proves to have been incorrect in any material respect when made,
and,
if such representation or warranty is correctable, which continues to be
incorrect in any material respect for a period of 45 days after written
notice;
(c) The
Issuer defaults in the payment of any interest on any Note of such Series
when
the same becomes due and payable;
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(d) The
Issuer defaults in the payment of any principal or premium on any Note of
such
Series when the same becomes due and payable;
(e) The
Issuer fails to comply with any of its other agreements or covenants in,
or
provisions of, the Notes of a Series or this Indenture and the failure to
so
comply materially and adversely affects the interests of the Noteholders
of any
Series and continues to materially and adversely affect the interests of
the
Noteholders of such Series for a period of thirty (30) days after the earlier
of
(i) the date on which the Issuer obtains knowledge thereof or (ii) the date
on
which written notice of such failure, requiring the same to be remedied,
shall
have been given to the Issuer by the Indenture Trustee or to the Issuer and
the
Indenture Trustee by the Required Noteholders;
(f) the
occurrence of an Event of Bankruptcy with respect to the Issuer, the Seller,
the
Servicer or PHH, as guarantor,
(g) the
Issuer shall have become an “investment company” or shall have become under the
“control” of an “investment company” under the Investment Company Act of 1940,
as amended;
(h) Any
representation or warranty or statement made or deemed made by the Issuer
in the
Indenture or in any other Program Document or in any written certificates
or
statement made or entered into in connection herewith or therewith shall
prove
to have been incorrect when made in any material respect, and, if such
representation, warranty or statement is capable of being corrected, continues
to be incorrect in any material respect for a period of 45 days after the
Issuer
shall have received written notice of such incorrect representation, warranty
or
statement;
(i) Failure
by the Issuer to observe or perform any covenant or agreement contained (i)
in
the Indenture and the continuance of such failure for more than thirty (30)
days
or (ii) any other covenant or agreement contained herein, in any other Program
Document or in the Mortgage Loan Purchase and Servicing Agreement and not
constituting an Event of Default under any other clause of this Article IX
and
the continuance of such failure for 45 days after the Issuer shall have become
aware of such failure;
(j) A
Servicer Event of Default shall have occurred and be continuing and such
default
shall not have been cured or the Issuer shall not have replaced such Servicer
in
accordance with Section 10.1 of the Mortgage Loan Purchase and Servicing
Agreement for a period of 45 days after the Issuer has notified the Agent
and
the Indenture Trustee of such Servicer Event of Default;
(k) RESERVED.
(l) The
Issuer shall not be in compliance with Articles II and V of its Trust
Agreement;
(m) The
Security Agreement, Administration Agreement or the Interest Rate Swaps shall
cease, for any reason, to be in full force and effect in accordance with
their
respective terms;
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(n) A
termination event under the Mortgage Loan Purchase and Servicing Agreement
shall
have occurred and be continuing and all applicable grace periods shall have
expired;
(o) At
any
time the aggregate outstanding principal amount of all Series of Certificates
plus the amount on deposit in the Reserve Fund, if any, shall equal less
than
the Required Enhancement Amount and such shortfall continues for 90
days;
(p) At
any
time the Seller is not an approved seller/servicer of mortgage loans for
two of
Xxxxxxx Mac, Xxxxxx Xxx and Xxxxxx Xxx;
(q) At
any
time the Guarantee is rejected, repudiated or no longer in full force and
effect;
(r) At
any
time the funds on deposit in the Reserve Fund shall be less than 0.60% of
the
Program Size for 120 days or more;
(s) At
any
time (i) the rolling three month average of the ratio (calculated daily)
of the
Outstanding Purchase Price of all Delinquent Loans to the Outstanding Purchase
Price of all Mortgage Loans owned by the Issuer at such time shall exceed
five
percent (5%) or (ii) the ratio (calculated daily) of the Outstanding Purchase
Price of all Delinquent Loans to the Outstanding Purchase Price of all Mortgage
Loans owned by the Issuer at such time shall exceed seven percent
(7%);
(t) An
event
of default under the Liquidity Agreement shall have occurred and be continuing
and all applicable grace periods shall have expired;
(u) The
failure to pay any amount due and owing on the Commercial Paper,
(v) The
failure of any Swap Counterparty to pay amounts due and owing under an Interest
Rate Swap; or
(w) Any
other
event shall occur which may be specified in any Supplement as an “Event of
Default”;
then,
at
any time during the continuance of any Event of Default, the Indenture Trustee
may and shall, at the written request of the Required Noteholders, by written
notice to the Issuer, the Collateral Agent and the holders of the Notes,
(i)
declare the principal and premium (if applicable) of and accrued interest
in
respect of the Notes to be, whereupon the same shall become, forthwith due
and
payable without presentment, demand, protest or further notice of any kind,
all
of which are hereby expressly waived by the Issuer, anything contained herein
or
in any Note to the contrary notwithstanding and (ii) instruct the Issuer
and the
Depositary to cease purchasing Mortgage Loans and cease issuing Commercial
Paper
and/or (iii) notify the Servicer and the Seller that an Event of Default
has
occurred; provided, that if an Event of Default described in clause (f),
(g),
(h) or (w) (with respect to clause (w) above, only to the extent such Event
of
Default is not subject to waiver as set forth in the related Series Supplement),
above shall occur, the result of which would otherwise occur only upon giving
of
written notice by the Indenture Trustee as specified in clauses (i) and (ii)
above shall occur automatically, without the giving of any such notice and
the
Indenture Trustee shall promptly notify the Servicer and the Seller that
an
Event of Default has occurred. Subject to certain conditions and to the Security
Agreement, upon the occurrence of an Event of Default, the holders of the
Notes
may proceed to enforce their rights and remedies as permitted by the Security
Agreement, including bringing an action for specific performance by the Issuer
of any of the Issuer’s obligations under the Program Documents. The Issuer shall
provide prompt written notice to (i) the Collateral Agent, the Indenture
Trustee, Xxxxx’x, S&P and Fitch of the occurrence of any Event of Default
and (ii) Xxxxx’x, S&P and Fitch, of the occurrence of any event specified in
clause (f) above with respect to the Issuer.
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Section
9.2. Rights
upon Event of Default.
If
and
whenever an Event of Default shall have occurred and be continuing, the
Indenture Trustee at the direction of the Required Noteholders shall, exercise
from time to time any rights and remedies available to it under the Security
Agreement.
Section
9.3. [RESERVED].
Section
9.4. [RESERVED].
Section
9.5. Waiver
of
Past Events.
Subject
to Section 12.2 hereof, the Required Noteholders, by notice to the Collateral
Agent, and the Indenture Trustee, may waive any existing Potential Event
of
Default or Event of Default other than any Potential Event of Default or
Event
of Default related to clause (f), (g), (h), or (w) of Section 9.1 (with respect
to clause (w), only to the extent not subject to waiver as provided in the
applicable Supplement) which relate to such Series and its consequences and
except a continuing Potential Event of Default or Event of Default in the
payment of the principal of or interest on any Note. Upon any such waiver,
such
Potential Event of Default shall cease to exist with respect to such Series,
and
any Event of Default with respect to such Series arising therefrom shall
be
deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Potential Event of Default
or
impair any right consequent thereon.
Section
9.6. [RESERVED].
Section
9.7. Limitation
on Suits.
Any
other
provision of this Indenture to the contrary notwithstanding, a Noteholder
may
pursue a remedy with respect to this Indenture or the Notes only
if:
(a) The
Noteholder gives to the Indenture Trustee written notice of a continuing
Event
of Default;
(b) The
Noteholders of at least 25% in principal amount of all then outstanding Notes
of
such Series make a written request to the Indenture Trustee to pursue the
remedy;
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(c) Such
Noteholder or Noteholders offer and, if requested, provide to the Indenture
Trustee indemnity satisfactory to the Indenture Trustee against any loss,
liability or expense;
(d) The
Indenture Trustee does not comply with the request within 45 days after receipt
of the request and the offer and, if requested, the provision of indemnity,
and
(e) During
such 45-day period the Required Noteholders does not give the Indenture Trustee
a direction inconsistent with the request.
A
Noteholder may not use this Indenture to prejudice the rights of another
Noteholder or to obtain a preference or priority over another
Noteholder.
Section
9.8. Unconditional
Rights of Holders to Receive Payment: Withholding Taxes.
(a) Notwithstanding
any other provision of this Indenture, except for clause (b) below, the right
of
any Noteholder of a Note to receive payment of principal and interest on
the
Note, on or after the respective due dates expressed in the Note, or to bring
suit for the enforcement of any such payment on or after such respective
dates,
is absolute and unconditional and shall not be impaired or affected without
the
consent of the Noteholder.
(b) The
Paying Agent agrees, to the extent required by applicable law, to withhold
from
each payment due hereunder or under any Note, United States withholding taxes
at
the appropriate rate, and, on a timely basis, to deposit such amounts with
an
authorized depository and make such reports, filings and other reports in
connection therewith, and in the manner, required under applicable law. The
Paying Agent shall promptly furnish each Noteholder (but in no event later
than
the date 30 days after the due date thereof) a U.S. Treasury Form 1042S and
Form
8109-B (or similar forms as at any relevant time in effect), if applicable,
indicating payment in full of any taxes withheld from any payments by the
Paying
Agent to such Persons together with all such other information and documents
reasonably requested by such Noteholder and necessary or appropriate to enable
such Noteholder to substantiate a claim for credit or deduction with respect
thereto for income tax purposes of any jurisdiction with respect to which
such
Noteholder is required to file a tax return. In the event that a Noteholder
which is not a United States Person (as defined in Code Section 7701(a)(30))
has
furnished to the Paying Agent a properly completed and currently effective
U.S.
Treasury Form 1001 (or such successor Form or Forms as may be required by
the
United States Treasury Department) during the calendar year in which the
payment
is made, or in either of the two preceding calendar years, and has not notified
the Paying Agent of the withdrawal or inaccuracy of such Form prior to the
date
of each interest payment, only the amount, if any, required by applicable
law
shall be withheld from payments under the Notes held by such Noteholder in
respect of United States federal income tax. In the event that a Noteholder
(x)
which is not a United States Person has furnished to the Paying Agent a properly
completed and currently effective U.S. Treasury Form 4224 in duplicate (or
such
successor certificate or Form or Forms as may be required by the United States
Treasury Department as necessary in order to avoid withholding of United
States
federal income tax), during the tax year of the Noteholder in which payment
is
made and has not notified the Paying Agent of the withdrawal or inaccuracy
of
such certificate or Form prior to the date of each interest payment or (y)
which
is not a United States Person has furnished to the Paying Agent a properly
completed and currently effective U.S. Treasury Form W-8 during the calendar
year in which the payment is made, or in either of the two preceding calendar
years, no amount shall be withheld from payments under the Notes held by
such
Noteholder in respect of United States federal income tax. Notwithstanding
the
foregoing, if any Noteholder has notified the Paying Agent that any of the
foregoing Forms or certificates is withdrawn or inaccurate, or if the Code
or
the regulations thereunder or the administrative interpretation thereof are
at
any time after the date hereof amended to require such withholding of United
States federal income taxes from payments under the Notes held by such
Noteholder, or if such withholding is otherwise required under applicable
law,
the Paying Agent agrees to withhold from each payment due to the relevant
Noteholder withholding taxes at the appropriate rate under applicable law,
and
will, as more fully provided above, on a timely basis, deposit such amounts
with
an authorized depository and make such reports, filings and other reports
in
connection therewith, and in the manner required under applicable law. The
Indenture Trustee hereby agrees to use its best efforts (without incurring
liability for a failure to do so) to inform the Paying Agent and the affected
Noteholder or Noteholders if the Indenture Trustee has failed to receive
any of
Form 1001, 4224 or W-8 from a Noteholder prior to the date of an interest
payment to such Noteholder.
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Section
9.9. Reserved.
Section
9.10. The
Indenture Trustee May File Proofs of Claim.
The
Indenture Trustee is authorized to file such proofs of claim and other papers
or
documents as may be necessary or advisable in order to have the claims of
the
Indenture Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents
and
counsel) allowed in any judicial proceedings relative to the Issuer (or any
other obligor upon the Notes), its creditors or its property, and shall be
entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claim. To the extent that the
payment of any such compensation, expenses, disbursements and advances of
the
Indenture Trustee, its agents and counsel, and any other amounts due the
Indenture Trustee under Section 10.5 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be
secured
by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, Notes and other properties which the Noteholders of the Notes may
be
entitled to receive in such proceeding whether in liquidation or under any
plan
of reorganization or arrangement or otherwise. Nothing herein contained shall
be
deemed to authorize the Indenture Trustee to authorize or consent to or accept
or adopt on behalf of any Noteholder any plan of reorganization, arrangement,
adjustment or composition, affecting the Notes or the rights of any Noteholder
thereof, or to authorize the Indenture Trustee to vote in respect of the
claim
of any Noteholder in any such proceeding.
Section
9.11. Priorities.
If
the
Indenture Trustee collects any money pursuant to this Article, the Indenture
Trustee shall pay out the money to the Collateral Agent who shall distribute
such money in accordance with the provisions of Article 5 of this
Indenture.
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Section
9.12. Undertaking
for Costs.
In
any
suit for the enforcement of any right or remedy under this Indenture or in
any
suit against the Indenture Trustee for any action taken or omitted by it
as an
Indenture Trustee, a court in its discretion may require the filing by any
party
litigant in the suit of any undertaking to pay the costs of the suit, and
the
court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the
party
litigant. This Section does not apply to a suit by the Indenture Trustee,
or a
suit by a Noteholder pursuant to Section
9.7.
Section
9.13. Rights
and Remedies Cumulative.
No
right
or remedy herein conferred upon or reserved to the Indenture Trustee or to
the
holders of Notes is intended to be exclusive of any other right or remedy,
and
every right or remedy shall, to the extent permitted by law, be cumulative
and
in addition to every other right and remedy given under this Indenture or
now or
hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy under this Indenture, or otherwise, shall not prevent
the
concurrent assertion or employment of any other appropriate right or
remedy.
Section
9.14. Delay
or
Omission Not Waiver.
No
delay
or omission of the Indenture Trustee or of any holder of any Note to exercise
any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article
9
or by
law to the Indenture Trustee or to the holders of Notes may be exercised
from
time to time, and as often as may be deemed expedient, by the Indenture Trustee
or by the holders of Notes, as the case may be.
ARTICLE
10.
THE
INDENTURE TRUSTEE
Section
10.1. Duties
of
the Indenture Trustee.
(a) If
an
Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and
use
the same degree of care and skill in their exercise, as a prudent person
would
exercise or use under the circumstances in the conduct of such person’s own
affairs; provided,
however,
that
the Indenture Trustee shall have no liability in connection with any action
or
inaction taken, or not taken, by it upon the deemed occurrence of an Event
of
Default of which a Trust Officer has not received written notice; and
provided,
further
that the
preceding sentence shall not have the effect of insulating the Indenture
Trustee
from liability arising out of the Indenture Trustee’s negligence or willful
misconduct.
(b) Except
during the occurrence and continuance of an Event of Default:
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(i) The
Indenture Trustee undertakes to perform only those duties that are specifically
set forth in this Indenture and no others, and no implied covenants or
obligations shall be read into this Indenture against the Indenture Trustee;
and
(ii) In
the
absence of bad faith on its part, the Indenture Trustee may conclusively
rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee
and
conforming to the requirements of this Indenture. However, in the case of
any
such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Indenture Trustee, the Indenture Trustee
shall
be under a duty to examine the same to determine whether or not they conform
to
the requirements of this Indenture. The Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).
(c) The
Indenture Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct,
except
that:
(i) This
clause does not limit the effect of clause
(b)
of this
Section
10.1.
(ii) The
Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer, unless it is proved that the Indenture Trustee
was
negligent in ascertaining the pertinent facts.
(iii) The
Indenture Trustee shall not be liable with respect to any action it takes
or
omits to take in good faith in accordance with a direction received by it
hereunder.
(iv) The
Indenture Trustee shall not be charged with knowledge of any default under
any
Program Document, unless a Trust Officer of the Indenture Trustee receives
written notice of such default.
(d) Notwithstanding
anything to the contrary contained in this Indenture or any of the Program
Documents, no provision of this Indenture shall require the Indenture Trustee
to
expend or risk its own funds or incur any liability. The Indenture Trustee
may
refuse to perform any duty or exercise any right or power unless it receives
indemnity satisfactory to it against any loss, liability or
expense.
(e) In
the
event that the Paying Agent or the Transfer Agent and Registrar shall fail
to
perform any obligation, duty or agreement in the manner or on the day required
to be performed by the Paying Agent or the Transfer Agent and Registrar,
as the
case may be, under this Indenture, the Indenture Trustee shall be obligated
as
soon as practicable upon actual knowledge of a Trust Officer thereof and
receipt
of appropriate records and information, if any, to perform such obligation,
duty
or agreement in the manner so required.
(f) Subject
to Section
10.3,
all
moneys received by the Indenture Trustee shall, until used or applied as
herein
provided, be held in trust for the purposes for which they were received,
but
need not be segregated from other funds except to the extent required by
law or
the Program Documents. The Indenture Trustee may allow and credit to the
Issuer
interest agreed upon in writing by the Issuer and the Indenture Trustee from
time to time as may be permitted by law.
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Section
10.2. Rights
of
the Indenture Trustee.
Except
as
otherwise provided by Section 10.1:
(a) The
Indenture Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting based upon any document believed by it to be genuine
and to have been signed by or presented by the proper person.
(b) The
Indenture Trustee may consult with counsel of its selection and the advice
of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.
(c) The
Indenture Trustee may act through agents, custodians and nominees and shall
not
be liable for any misconduct or negligence on the part of, or for the
supervision of, any such agent, custodian or nominee so long as such agent,
custodian or nominee is appointed with due care. The Indenture Trustee shall
provide written notice to S&P, Xxxxx’x and Fitch of any such appointment
and, if practicable, shall provide prior written notice to S&P, Xxxxx’x and
Fitch of any such appointment.
(d) The
Indenture Trustee shall not be liable for any action it takes or omits to
take
in good faith which it believes to be authorized or within its rights or
powers
conferred upon it by the Indenture.
(e) The
Indenture Trustee shall be under no obligation to exercise any of the rights
or
powers vested in it by this Indenture or any Supplement, or to institute,
conduct or defend any litigation hereunder or in relation hereto, at the
request, order or direction of any of the Noteholders, pursuant to the
provisions of this Indenture or any Supplement, unless such Noteholders shall
have offered to the Indenture Trustee security or indemnity satisfactory
to the
Indenture Trustee against the costs, expenses and liabilities which may be
incurred therein or thereby; nothing contained herein shall, however, relieve
the Indenture Trustee of the obligations, upon the occurrence of a default
by
the Issuer (which has not been cured), to exercise such of the rights and
powers
vested in it by this Indenture or any Supplement, and to use the same degree
of
care and skill in their exercise as a prudent person would exercise or use
under
the circumstances in the conduct of such person’s own affairs.
(f) The
Indenture Trustee shall not be bound to make any investigation into the facts
of
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing so to do by the Required Noteholders
of
any Series which could be adversely affected if the Indenture Trustee does
not
perform such acts.
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(g) The
Indenture Trustee shall not be liable for any losses or liquidation penalties
in
connection with Eligible Investments, unless such losses or liquidation
penalties were incurred through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.
(h) The
rights, privileges, protections, immunities and benefits given to the Indenture
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Indenture Trustee in each of
its
capacities hereunder, and to each agent, custodian and other Person employed
to
act hereunder.
Section
10.3. Individual
Rights of the Indenture Trustee.
The
Indenture Trustee in its individual or any other capacity may become the
owner
or pledgee of Notes and may otherwise deal with the Issuer or an Affiliate
of
the Issuer with the same rights it would have if it were not Indenture Trustee.
Any Agent may do the same with like rights. However, the Indenture Trustee
is
subject to Section 10.8.
Section
10.4. Notice
of
Events of Default and Potential Events of Default.
If
an
Event of Default or a Potential Event of Default occurs and is continuing
and if
a Trust Officer of the Indenture Trustee receives written notice thereof,
the
Indenture Trustee shall promptly provide the Collateral Agent, the Noteholders
and each Rating Agency with notice of such Event of Default or the Potential
Event of Default, if such Notes are represented by a Global Note, by telephone
and facsimile, and, if such Notes are represented by Definitive Notes, by
first
class mail.
Section
10.5. Compensation.
(a) The
Issuer shall promptly pay to the Indenture Trustee from time to time
compensation for its acceptance of this Indenture and services hereunder
as
agreed in writing between the Issuer and the Indenture Trustee, as may be
amended from time to time. The Indenture Trustee’s compensation shall not be
limited by any law on compensation of an Indenture Trustee of an express
trust.
The Issuer shall reimburse the Indenture Trustee promptly upon request for
all
reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include
the
reasonable compensation, disbursements and expenses of the Indenture Trustee’s
agents and counsel.
(b) The
Issuer shall not be required to reimburse any expense or indemnify the Indenture
Trustee against any loss, liability, or expense incurred by the Indenture
Trustee through the Indenture Trustee’s own willful misconduct, gross negligence
or bad faith.
(c) When
the
Indenture Trustee incurs expenses or renders services after an Event of Default
occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under the Bankruptcy Code.
(d) The
provisions of this Section
10.5
shall
survive the termination of this Indenture and the resignation and removal
of the
Indenture Trustee.
-53-
Section
10.6. Replacement
of the Indenture Trustee.
(a) A
resignation or removal of the Indenture Trustee and appointment of a successor
Indenture Trustee shall become effective only upon the successor Indenture
Trustee’s acceptance of appointment as provided in this Section
10.6
and the
satisfaction of the Rating Agency Consent Condition.
(b) The
Indenture Trustee may, after giving sixty (60) days prior written notice
to the
Issuer, each Noteholder and each Rating Agency, resign at any time and be
discharged from the trust hereby created by so notifying the Issuer, the
Collateral Agent and the Agent; provided,
however,
that no
such resignation of the Indenture Trustee shall be effective until a successor
Indenture Trustee has assumed the obligations of the Indenture Trustee
hereunder. The Required Noteholders may remove the Indenture Trustee by so
notifying the Indenture Trustee, the Collateral Agent, the Issuer and each
Rating Agency. The Issuer may remove the Indenture Trustee upon notice to
each
Rating Agency if:
(i) the
Indenture Trustee fails to comply with Section
10.8;
(ii) the
Indenture Trustee is adjudged a bankrupt or an insolvent or an order for
relief
is entered with respect to the Indenture Trustee under the Bankruptcy
Code;
(iii) a
custodian or public officer takes charge of the Indenture Trustee or its
property; or
(iv) the
Indenture Trustee becomes incapable of acting.
If
the
Indenture Trustee resigns or is removed or if a vacancy exists in the office
of
the Indenture Trustee for any reason, the Issuer shall promptly appoint a
successor Indenture Trustee. Within one year after the successor Indenture
Trustee takes office, the Required Noteholders may appoint a successor Indenture
Trustee to replace the successor Indenture Trustee appointed by the
Issuer.
(c) If
a
successor Indenture Trustee does not take office within 30 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or any Noteholder may petition, at the expense of the
Issuer, any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.
(d) If
the
Indenture Trustee after written request by any Noteholder who has been a
Noteholder for at least six months fails to comply with Section
10.8,
such
Noteholder may petition any court of competent jurisdiction for the removal
of
the Indenture Trustee and the appointment of a successor Indenture
Trustee.
(e) A
successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee, the Collateral Agent, and
to the
Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective, and the successor Indenture Trustee shall have all
the
rights, powers and duties of the Indenture Trustee under this Indenture and
any
Supplement. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee; provided,
however,
that
all sums owing to the retiring Indenture Trustee hereunder have been paid.
Notwithstanding replacement of the Indenture Trustee pursuant to this
Section
10.6,
the
Issuer’s obligations under Section
10.5
hereof
shall continue for the benefit of the retiring Indenture Trustee.
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Section
10.7. Successor
Indenture Trustee by Merger, etc.
Subject
to Section 10.8, if the Indenture Trustee consolidates, merges or converts
into,
or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall
be
the successor Indenture Trustee.
Section
10.8. Eligibility
Disqualification.
(a) There
shall at all times be an Indenture Trustee hereunder which shall (i) be a
corporation organized and doing business under the laws of the United States
of
America or of any state thereof authorized under such laws to exercise corporate
Indenture Trustee power, (ii) be subject to supervision or examination by
Federal or state authority and shall have a combined capital and surplus
of at
least $50,000,000 as set forth in its most recent published annual report
of
condition and (iii) so long as any Commercial Paper Notes are outstanding,
have
a rating of not less than Baa3 from Xxxxx’x.
(b) At
any
time the Indenture Trustee shall cease to satisfy the eligibility requirements
of clauses
(a)(i)
or
(a)(ii)
above,
the Indenture Trustee shall resign immediately in the manner and with the
effect
specified in Section
10.6.
Section
10.9. Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.
(a) Notwithstanding
any other provisions of this Indenture or any Supplement, at any time, for
the
purpose of meeting any legal requirements of any jurisdiction, the Indenture
Trustee shall have the power and may execute and deliver all instruments
to
appoint one or more persons to act as a co-Indenture Trustee or co-Indenture
Trustees, or separate Indenture Trustee or separate Indenture Trustees, and
to
vest in such Person or Persons, subject to the other provisions of this
Section
10.9,
such
powers, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable. No co-Indenture Trustee or separate Indenture
Trustee hereunder shall be required to meet the terms of eligibility as a
successor Indenture Trustee under Section
10.8
and no
notice to Noteholders of the appointment of any co-Indenture Trustee or separate
Indenture Trustee shall be required under Section
10.6.
(b) Every
separate Indenture Trustee and co-Indenture Trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions
and
conditions:
(i) The
Notes
of each Series shall be authenticated and delivered solely by the Indenture
Trustee or an authenticating agent appointed by the Indenture
Trustee;
(ii) All
rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by
the
Indenture Trustee and such separate Indenture Trustee or co-Indenture Trustee
jointly (it being understood that such separate Indenture Trustee or
co-Indenture Trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of
any
jurisdiction in which any particular act or acts are to be performed, the
Indenture Trustee shall be incompetent or unqualified to perform, such act
or
acts, in which event such rights, powers, duties and obligations (including
the
holding of title to the Assets or any portion thereof in any such jurisdiction)
shall be exercised and performed singly by such separate Indenture Trustee
or
co-Indenture Trustee, but solely at the direction of the Indenture
Trustee;
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(iii) No
Indenture Trustee hereunder shall be personally liable by reason of any act
or
omission of any other Indenture Trustee hereunder, and
(iv) The
Indenture Trustee may at any time accept the resignation of or remove any
separate Indenture Trustee or co-Indenture Trustee.
(c) Any
notice, request or other writing given to the Indenture Trustee shall be
deemed
to have been given to each of the then separate Indenture Trustees and
co-Indenture Trustees, as effectively as if given to each of them. Every
instrument appointing any separate Indenture Trustee or co-Indenture Trustee
shall refer to this Indenture and the conditions of this Article
10.
Each
separate Indenture Trustee and co-Indenture Trustee, upon its acceptance
of the
trusts conferred, shall be vested with the estates or property specified
in its
instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of
this
Indenture and any Supplement, specifically including every provision of this
Indenture or any Supplement relating to the conduct of, affecting the liability
of, or affording protection to, the Indenture Trustee. Every such instrument
shall be filed with the Indenture Trustee.
(d) Any
separate Indenture Trustee or co-Indenture Trustee may at any time constitute
the Indenture Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under
or in
respect to this Indenture or any Supplement on its behalf and in its name.
If
any separate Indenture Trustee or co-Indenture Trustee shall die, become
incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new
or
successor Indenture Trustee.
(e) In
connection with the appointment of a co-Indenture Trustee, the Indenture
Trustee
may, at any time, without notice to the Noteholders, delegate its duties
under
this Base Indenture and any Supplement to any Person who agrees to conduct
such
duties in accordance with the terms hereof; provided,
however,
that no
such delegation shall relieve the Indenture Trustee of its obligations and
responsibilities hereunder with respect to any such delegated
duties.
Section
10.10. Representations
and Warranties of Indenture Trustee.
The
Indenture Trustee represents and warrants to the Collateral Agent, the Issuer
and the Noteholders that:
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(i) The
Indenture Trustee is a banking corporation organized, existing and in good
standing under the laws of the State of New York;
(ii) The
Indenture Trustee has full power, authority and right to execute, deliver
and
perform this Indenture and any Supplement issued concurrently with this
Indenture and to authenticate the Notes, and has taken all necessary action
to
authorize the execution, delivery and performance by it of this Indenture
and
any Supplement issued concurrently with this Indenture and to authenticate
the
Notes;
(iii) This
Indenture has been duly executed and delivered by the Indenture Trustee;
and
(iv) The
Indenture Trustee meets the requirements of eligibility as an Indenture Trustee
hereunder set forth in Section
10.8
hereof.
Section
10.11. The
Issuer Indemnification of the Indenture Trustee.
The
Issuer shall indemnify and hold harmless the Indenture Trustee and its
directors, officers, agents and employees from and against any and all loss,
claim, liability, expense, including taxes (other than taxes based on the
income
of the Indenture Trustee), damage or injury suffered or sustained by reason
of
any acts, omissions or alleged acts or omissions arising out of the acceptance
of the trusts hereunder or activities of the Indenture Trustee pursuant to
this
Indenture or any Supplement, including but not limited to any judgment, award,
settlement, reasonable attorneys’ fees and expenses and other costs or expenses
incurred in connection with the defense of any actual or threatened action,
proceeding or claim (whether asserted by the Company, the Issuer, a Note
Owner
or any other Person); provided, however, that the Issuer shall not indemnify
the
Indenture Trustee or its directors, officers, employees or agents if such
acts,
omissions or alleged acts or omissions constitute bad faith, negligence or
willful misconduct by the Indenture Trustee. The indemnity provided herein
shall
survive the termination of this Indenture and the resignation and removal
of the
Indenture Trustee.
ARTICLE
11.
DISCHARGE
OF INDENTURE
Section
11.1. Termination
of the Issuer’s Obligations.
(a) This
Indenture shall cease to be of further effect (except that the Issuer’s
obligations under Section
10.5
and
Section
10.11
and the
Indenture Trustee’s and Paying Agent’s obligations under Section
11.3
shall
survive) when all outstanding Notes theretofore authenticated and issued
have
been delivered (other than destroyed, lost or stolen Notes which have been
replaced or paid) to the Indenture Trustee for cancellation and the Issuer
has
paid all sums payable hereunder.
(b) In
addition, except as may be provided to the contrary in any Supplement, the
Issuer may terminate all of its obligations under this Indenture
if:
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(i) The
Issuer irrevocably deposits in trust with the Indenture Trustee or another
trustee under the terms of an irrevocable trust agreement in form and substance
satisfactory to the Indenture Trustee, money or U.S. Government Obligations
in
an amount sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Indenture Trustee, to pay, when due, principal,
premium, if any, and interest on the Notes to maturity or repurchase, as
the
case may be, and to pay all other sums payable by it hereunder; provided,
however,
that
(1) such trustee of the irrevocable trust shall have been irrevocably instructed
to pay such money or the proceeds of such U.S. Government Obligations to
the
Indenture Trustee and (2) such trustee shall have been irrevocably instructed
to
apply such money or the proceeds of such U.S. Government Obligations to the
payment of said principal and interest with respect to the Notes;
(ii) The
Issuer delivers to the Indenture Trustee an Officer’s Certificate stating that
all conditions precedent to satisfaction and discharge of this Indenture
have
been complied with, and an Opinion of Counsel to the same effect;
(iii) The
Issuer delivers to the Indenture Trustee an Officer’s Certificate stating that
no Potential Event of Default or Event of Default, in either case, described
in
Section 9.1(d)
shall
have occurred and be continuing on the date of such deposit; and
(iv) The
Rating Agency Consent Condition, is satisfied.
Then,
this Indenture shall cease to be of further effect (except as provided in
this
Section
11.1),
and
the Indenture Trustee, on demand of the Issuer, shall execute proper instruments
acknowledging confirmation of and discharge under this Indenture.
(c) After
such irrevocable deposit made pursuant to Section
11.1(b)
and
satisfaction of the other conditions set forth herein, the Indenture Trustee
upon request shall acknowledge in writing the discharge of the Issuer’s
obligations under this Indenture except for those surviving obligations
specified above.
In
order
to have money available on a payment date to pay principal, premium, if any,
or
interest on the Notes, the U.S. Government Obligations shall be payable as
to
principal or interest at least one Business Day before such payment date
in such
amounts as will provide the necessary money. U.S. Government Obligations
shall
not be callable at the Issuer’s option.
Section
11.2. Application
of Trust Money.
The
Indenture Trustee or another trustee satisfactory to the Indenture Issuer
and
the Issuer shall hold in trust money or U.S. Government Obligations deposited
with it pursuant to Section 11.1. The Indenture Trustee shall apply the
deposited money and the money from U.S. Government Obligations through the
Paying Agent in accordance with this Indenture to the payment of principal
and
interest on the Notes.
The
provisions of this Section 11.2 shall survive the expiration or earlier
termination of this Indenture.
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Money
held by the Indenture Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Indenture Trustee shall
be
under no liability for interest on any money received by it hereunder except
as
otherwise agreed in writing with the Issuer.
Section
11.3. Repayment
to the Issuer.
The
Indenture Trustee and the Paying Agent shall promptly pay to the Issuer upon
written request any excess money or, pursuant to Sections 2.11 and 2.14,
return
any Notes held by them at any time.
Subject
to Section 2.7(c), the Indenture Trustee and the Paying Agent shall pay to
the
Issuer upon written request any money held by them for the payment of principal
or interest that remains unclaimed for two years after the date upon which
such
payment shall have become due.
The
provisions of this Section 11.3 shall survive the expiration or earlier
termination of this Indenture.
ARTICLE
12.
AMENDMENTS
Section
12.1. Without
Consent of the Noteholders.
Without
the consent of any Noteholder, the Issuer, the Indenture Trustee, and any
applicable Enhancement Provider, at any time and from time to time, may enter
into one or more Supplements hereto, in form satisfactory to the Indenture
Trustee, for any of the following purposes, provided that (i) with respect
to
clause
(a)
below,
the Rating Agency Confirmation Condition is met and (ii) with respect to
clauses
(b)
to
(f)
below,
the Rating Agency Consent Condition is met:
(a) to
create
a new Series of Notes;
(b) to
cure
any ambiguity, defect, or inconsistency or to correct or supplement any
provision contained herein or in any Supplement or in any Notes issued
hereunder;
(c) to
provide for uncertificated Notes in addition to certificated Notes;
(d) to
add to
or change any of the provisions of the Indenture to such extent as shall
be
necessary to permit or facilitate the issuance of Notes in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons;
(e) to
evidence and provide for the acceptance of appointment hereunder by a successor
Indenture Trustee with respect to the Notes of one or more Series and to
add to
or change any of the provisions of the Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Indenture Trustee; or
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(f) to
correct or supplement any provision herein which may be inconsistent with
any
other provision herein or to make any other provisions with respect to matters
or questions arising under this Indenture;
provided,
however,
that,
as evidenced by an Opinion of Counsel, such action shall not adversely affect
in
any material respect the interests of any Noteholders. Upon the request of
the
Issuer, and upon receipt by the Indenture Trustee of the documents described
in
Section
2.2
hereof,
the Indenture Trustee shall join with the Issuer in the execution of any
Supplement authorized or permitted by the terms of this Indenture.
Section
12.2. With
Consent of the Noteholders.
Except
as
provided in Section 12.1 and except as may be provided in any other Program
Document, the provisions of this Indenture and any Supplement (unless otherwise
provided in such Supplement) and each other Program Document to which the
Issuer
is a party may from time to time be amended, modified or waived, if such
amendment, modification or waiver is in writing and consented to in writing
by
the Issuer, the Indenture Trustee, any applicable Enhancement Provider, and
Required Noteholders (and the Required Noteholders of a Series of Notes,
in
respect of any amendment to this Indenture, the Supplement with respect to
such
Series of Notes or any Program Document which affects only the Noteholders
of
such Series of Notes and does not affect the Noteholders of any other Series
of
Notes, as substantiated by an Opinion of Counsel to such effect, which Opinion
of Counsel may, to the extent same is based on any factual matter, rely upon
an
Officer’s Certificate as to the truth of such factual matter) and provided that
the Rating Agency Consent Condition is satisfied. Notwithstanding the
foregoing:
(i) any
modification of this Section
12.2,
any
requirement hereunder that any particular action be taken by Noteholders
holding
the relevant percentage in principal amount of the Notes or any change in
the
applicable amount of Enhancement shall require the consent of each affected
Noteholder, and
(ii) any
amendment, waiver or other modification that would (a) extend the due date
for,
or reduce the amount of any scheduled repayment or prepayment of principal
of or
interest on any Note (or reduce the principal amount of or rate of interest
on
any Note) shall require the consent of each affected Noteholder; (b) approve
the
assignment or transfer by the Issuer of any of its rights or obligations
hereunder or under any other Program Document to which it is a party except
pursuant to the express terms hereof or thereof shall require the consent
of
each Noteholder; (c) release any obligor under any Program Document to which
it
is a party except pursuant to the express terms of such Program Document
shall
require the consent of each Noteholder; provided,
however,
that
the Liens on the Collateral may be released as provided in the Security
Agreement; (d) affect adversely the interests, rights or obligations of any
Noteholder individually in comparison to any other Noteholder shall require
the
consent of such Noteholder; or (e) amend or otherwise modify any Event of
Default shall require the consent of each affected Noteholder.
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No
failure or delay on the part of any Noteholder or the Indenture Trustee in
exercising any power or right under this Indenture or any other Program Document
shall operate as a waiver thereof, nor shall any single or partial exercise
of
any such power or right preclude any other or further exercise thereof or
the
exercise of any other power or right.
Section
12.3. Supplements.
Each
amendment or other modification to this Indenture or the Notes shall be set
forth in a Supplement. The initial effectiveness of each Supplement shall
be
subject to the satisfaction of the Rating Agency Consent Condition. In addition
to the manner provided in Sections 12.1 and 12.2, each Supplement may be
amended
as provided for in such Supplement.
Section
12.4. Revocation
and Effect of Consents.
Until
an
amendment or waiver becomes effective, a consent to it by a Noteholder of
a Note
is a continuing consent by the Noteholder and every subsequent Noteholder
of a
Note or portion of a Note that evidences the same debt as the consenting
Noteholder’s Note, even if notation of the consent is not made on any Note.
However, any such Noteholder or subsequent Noteholder may revoke the consent
as
to his Note or portion of a Note if the Indenture Trustee receives written
notice of revocation before the date the amendment or waiver becomes effective.
An amendment or waiver becomes effective in accordance with its terms and
thereafter binds every Noteholder. The Issuer may fix a record date for
determining which Noteholders must consent to such amendment or
waiver.
Section
12.5. Notation
on or Exchange of Notes.
The
Indenture Trustee may place an appropriate notation about an amendment or
waiver
on any Note thereafter authenticated. The Issuer in exchange for all Notes
may
issue and the Indenture Trustee shall authenticate new Notes that reflect
the
amendment or waiver. Failure to make the appropriate notation or issue a
new
Note shall not affect the validity and effect of such amendment or
waiver.
Section
12.6. The
Indenture Trustee to Sign Amendments, etc.
The
Indenture Trustee shall sign any Supplement authorized pursuant to this Article
12 if the Supplement does not adversely affect the rights, duties, liabilities
or immunities of the Indenture Trustee. If it does, the Indenture Trustee
may,
but need not, sign it. In signing such Supplement, the Indenture Trustee
shall
receive an indemnity reasonably satisfactory to it and to receive and, subject
to Section 10.1, shall be fully protected in relying upon, an Officer’s
Certificate and an Opinion of Counsel as conclusive evidence that such
Supplement is authorized or permitted by this Indenture and that it will
be
valid and binding upon the Issuer in accordance with its terms.
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ARTICLE
13.
MISCELLANEOUS
Section
13.1. Notices.
(a) Any
notice or communication by the Issuer or the Indenture Trustee to the other
shall be in writing and delivered in person or mailed by first-class mail
(registered or certified, return receipt requested), telecopier or overnight
air
courier guaranteeing next day delivery, to the other’s address:
If
to the
Issuer:
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST:
c/o
First
Union Trust Company National Association
Corporate
Trust/Administration
0
Xxxxxx
Xxxxxx
000
Xxxx
Xxxxxx
Xxxxxxxxxx,
XX 00000
Attention:
Xxxxxx X. Xxxxxx, Xx.
Telecopy
No.: (000) 000-0000
Telephone
No.: (000) 000-0000
with
a
copy to:
Cendant
Mortgage Corporation
c/o
Cendant Mortgage Services
0000
Xxxxxx Xxx
Xx.
Xxxxxx, XX 00000
Attention:
Xxxxxx X. Xxxxx
Telecopy
No.: (000) 000-0000
Telephone
No.: (000) 000-0000
If
to the
Indenture Trustee:
The
Bank
of New York
000
Xxxxxxx Xxxxxx, Xxxxx 00 Xxxx
Xxx
Xxxx,
XX 00000
Attn:
Corporate Trust Trustee Administration
Phone:
(000) 000-0000
Fax:
(000) 000-0000
If
to an
Enhancement Provider, at the address provided in the applicable Enhancement
Agreement.
The
Issuer or the Indenture Trustee by notice to the other may designate additional
or different addresses for subsequent notices or communications; provided however,
the
Issuer may not at any time designate more than a total of three (3) addresses
to
which notices must be sent in order to be effective.
Any
notice (i) given in person shall be deemed delivered on the date of delivery
of
such notice, (ii) given by first class mail shall be deemed given five (5)
days
after the date that such notice is mailed, (iii) delivered by telecopier
shall
be deemed given on the date of delivery of such notice, and (iv) delivered by
overnight air courier shall be deemed delivered one Business Day after the
date
that such notice is delivered to such overnight courier.
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Notwithstanding
any provisions of this Indenture to the contrary, the Indenture Trustee shall
have no liability based upon or arising from the failure to receive any notice
required by or relating to this Indenture or the Notes.
If
the
Issuer mails a notice or communication to Noteholders, it shall mail a copy
to
the Indenture Trustee at the same time.
(b) Where
the
Indenture provides for notice to Noteholders of any event, such notice shall
be
sufficiently given (unless otherwise herein expressly provided) if sent in
writing and mailed, first-class postage prepaid, to each Noteholder affected
by
such event, at its address as it appears in the Note Register, not later
than
the latest date, and not earlier than the earliest date, prescribed (if any)
for
the giving of such notice. In any case where notice to Noteholder is given
by
mail, neither the failure to mail such notice, nor any defect in any notice
so
mailed, to any particular Noteholder shall affect the sufficiency of such
notice
with respect to other Noteholders, and any notice which is mailed in the
manner
herein provided shall be conclusively presumed to have been duly given. Where
this Indenture provides for notice in any manner, such notice may be waived
in
writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers
of
notice by Noteholders shall be filed with the Indenture Trustee, but such
filing
shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.
In
the
case by reason of the suspension of regular mail service or by reason of
any
other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made that is satisfactory to the Indenture Trustee
shall constitute a sufficient notification for every purpose
hereunder.
Section
13.2. Communication
by Noteholders with Other Noteholders.
Noteholders
may communicate with other Noteholders with respect to their rights under
this
Indenture or the Notes.
Section
13.3. Certificate
and Opinion as to Conditions Precedent.
Upon
any
request or application by the Issuer to the Indenture Trustee to take any
action
under this Indenture, the Issuer shall furnish to the Indenture Trustee an
Officer’s Certificate in form and substance reasonably satisfactory to the
Indenture Trustee (which shall include the statements set forth in Section
13.4)
stating that, in the opinion of the signers, all conditions precedent and
covenants, if any, provided for in this Indenture relating to the proposed
action have been complied with.
Section
13.4. Statements
Required in Certificate.
Each
certificate with respect to compliance with a condition or covenant provided
for
in this Indenture shall include:
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(a) a
statement that the Person giving such certificate has read such covenant
or
condition;
(b) a
brief
statement as to the nature and scope of the examination or investigation
upon
which the statements contained in such certificate are based;
(c) a
statement that, in the opinion of such Person, he has made such examination
or
investigation as is necessary to enable him to express an informed opinion
as to
whether or not such covenant or condition has been complied with;
and
(d) a
statement as to whether or not, in the opinion of such Person, such condition
or
covenant has been complied with.
Section
13.5. Rules
by
the Indenture Trustee.
The
Indenture Trustee may make reasonable rules for action by or at a meeting
of
Noteholders.
Section
13.6. No
Recourse Against Others.
An
Authorized Officer, employee or holder of any securities of the Issuer, as
such,
shall not have any liability for any obligations of the Issuer under the
Notes
or this Indenture or for any claim based on, in respect of or by reason of
such
obligations or their creation. Each Noteholder by accepting a Note waives
and
releases all such liability.
Section
13.7. Duplicate
Originals.
The
parties may sign any number of copies of this Indenture. One signed copy
is
enough to prove this Indenture.
Section
13.8. Benefits
of Indenture.
Except
as
set forth in a Supplement, nothing in this Indenture or in the Notes, expressed
or implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the Holders, any benefit or any legal or equitable
right, remedy or claim under the Indenture.
Section
13.9. Payment
on Business Day.
In
any
case where any Distribution Date, redemption date or maturity date of any
Note
shall not be a Business Day, then (notwithstanding any other provision of
this
Indenture) payment of interest or principal (and premium, if any), as the
case
may be, need not be made on such date but may be made on the next succeeding
Business Day with the same force and effect as if made on the Distribution
Date,
redemption date, or maturity date; provided, however, that no interest shall
accrue for the period from and after such Distribution Date, redemption date,
or
maturity date, as the case may be.
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Section
13.10. Governing
Law.
The
laws
of the State of New York, including, without limitation, the UCC, but excluding
any conflicts of laws, shall govern and be used to construe this Indenture
and
the Notes and the rights and duties of the Indenture Trustee, Registrar,
Paying
Agent and Noteholders.
Section
13.11. No
Adverse Interpretation of Other Agreements.
This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Issuer or an Affiliate of the Issuer. Any such indenture, loan or
debt
agreement may not be used to interpret this Indenture.
Section
13.12. Successors.
All
agreements of the Issuer in this Indenture and the Notes shall bind its
successor, provided, however, the Issuer may not assign its obligations or
rights under this Indenture or any Program Document. All agreements of the
Indenture Trustee in this Indenture shall bind its successor.
Section
13.13. Severability.
In
case
any provision in this Indenture or in the Notes shall be invalid, illegal
or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.
Section
13.14. Counterpart
Originals.
The
parties may sign any number of copies of this Indenture. Each signed copy
shall
be an original, but all of them together represent the same
agreement.
Section
13.15. Table
of
Contents, Headings, etc.
The
Table
of Contents, Cross-Reference Table, and headings of the Articles and Sections
of
this Indenture have been inserted for convenience of reference only, are
not to
be considered a part hereof, and shall in no way modify or restrict any of
the
terms or provisions hereof.
Section
13.16. Security
Agreement.
By
acceptance of its Notes issued under this Indenture, each Noteholder agrees
to
the terms and conditions contained in Section 8.01 of the Security Agreement
and
such terms are incorporated by reference insofar as they relate to the duties
and obligations of the Noteholders. The Collateral Agent shall be a third
party
beneficiary of the terms of this Section 13.16.
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Section
13.17. No
Bankruptcy Petition Against the Issuer.
Each
of
the Noteholders and the Indenture Trustee hereby covenants and agrees that,
prior to the date which is one year and one day after the payment in full
of the
latest maturing Note and Commercial Paper, it will not institute against,
or
join with any other Person in instituting, against the Issuer any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any Federal or state bankruptcy or similar law; provided,
however, that nothing in this Section 13.17 shall constitute a waiver of
any
right to indemnification, reimbursement or other payment from the Issuer
pursuant to this Indenture. In the event that any such Noteholder or the
Indenture Trustee takes action in violation of this Section 13.17, the Issuer
shall file an answer with the bankruptcy court or otherwise properly contesting
the filing of such a petition by any such Noteholder or the Indenture Trustee
against the Issuer or the commencement of such action and raising the defense
that such Noteholder or the Indenture Trustee has agreed in writing not to
take
such action and should be estopped and precluded therefrom and such other
defenses, if any, as its counsel advises that it may assert. The provisions
of
this Section 13.17 shall survive the termination of this Indenture, and the
resignation or removal of the Indenture Trustee. Nothing contained herein
shall
preclude participation by any Noteholder or the Indenture Trustee in the
assertion or defense of its claims in any such proceeding involving the
Issuer.
Section
13.18. No
Recourse.
The
obligations of the Issuer under this Indenture are solely the obligations
of the
Issuer. No recourse shall be had for the payment of any amount owing in respect
of any fee hereunder or any other obligation or claim arising out of or based
upon this Indenture or any other Program Document against any employee, officer,
trustee, senior, affiliate, agent or servant of the Issuer. Fees, expenses
or
costs payable by the Issuer hereunder shall be payable by the Issuer only
on a
Distribution Date and only to the extent that funds are then available or
thereafter become available for such purpose pursuant to Article 5.
Section
13.19. Owner
Trustee Limitation of Liability.
This
document or instrument has been executed on behalf of a Delaware business
trust
by First Union Trust Company, National Association solely in its capacity
as
owner trustee of such trust, and not in its individual capacity. In no case
shall First Union Trust Company, National Association (or any entity acting
as
successor or additional trustee) be personally liable for or on account of
any
of the statements, representations, warranties, covenants or obligations
of the
such trust hereunder or under any supplement, Note or other document executed
in
such capacity in connection herewith, any right to assert any such liabilities
against First Union Trust Company, National Association (or any entity acting
as
successor or additional trustee) being hereby waived by the other parties
hereto; provided, however, that such waiver shall not affect the liability
of
First Union Trust Company, National Association (or any entity acting as
successor or additional trustee) to any Person under any agreement to which
it
is a party to the extent expressly agreed to in its individual capacity
thereunder.
-66-
IN
WITNESS WHEREOF, the Indenture Trustee and the Issuer have caused, this Base
Indenture to be duly executed by their respective duly authorized officers
as of
the day and year first written above.
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST, as Issuer
|
||||||
By:
|
FIRST
UNION TRUST COMPANY
NATIONAL
ASSOCIATION, not in its individual capacity, but solely as Owner
Trustee
under the Trust Agreement
|
|||||
By:__________________________________________________
|
||||||
Name:
|
||||||
Title:
|
||||||
THE
BANK OF NEW YORK,
as
Indenture Trustee
|
||||||
By:
|
||||||
Name:
|
||||||
Title
|
-67-
IN
WITNESS WHEREOF, the Indenture Trustee and the Issuer have caused, this Base
Indenture to be duly executed by their respective duly authorized officers
as of
the day and year first written above.
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST, as Issuer
|
|||||||
By:
|
FIRST
UNION TRUST COMPANY
NATIONAL
ASSOCIATION, not in its individual capacity, but solely as Owner
Trustee
under the Trust Agreement
|
||||||
By:
|
|||||||
Name:
|
|||||||
Title:
|
|||||||
THE
BANK OF NEW YORK,
as
Indenture Trustee
|
|||||||
By:
|
|||||||
Name:
|
Xxxx
Xxxx Xxxxxxx
|
||||||
Title
|
Assistant
Vice President
|
-68-
SCHEDULE
I
TO
THE
BASE
INDENTURE
DEFINITIONS
LIST
For
all
purposes of this Base Indenture, except as otherwise expressly provided herein
or unless the context otherwise requires, capitalized terms not otherwise
defined herein shall have the meanings assigned to such terms in the Amended
and
Restated Security Agreement (the “Security
Agreement”),
dated
as of December 11, 1998, among Xxxxxx’x Gate Residential Mortgage Trust (the
“Issuer”),
The
Bank of New York (the “Indenture
Trustee”),
The
Chase Manhattan Bank (the “Agent”)
and
The First National Bank of Chicago (the “Collateral
Agent”).
All
other capitalized terms used in the Base Indenture shall have the meanings
specified herein, and, if not defined therein, then in the Liquidity
Agreement.
“Annual
Noteholders’ Tax Statement”
is
defined in Section
6.4(b)
of the
Base Indenture.
“Assets”
means
any interest of any kind in any assets or property of any kind tangible or
intangible, real, personal or mixed, now owned or hereafter acquired by the
Issuer or such other Person as the context may require.
“Authorized
Officer”
means
as to the Issuer, any authorized employee or agent of the Owner
Trustee.
“Bankruptcy
Code”
means
The Bankruptcy Reform Act of 1978, as amended from time to time, and as codified
as 11 U.S.C. Section 101 et seq.
“Base
Indenture”
means
the Base Indenture, dated as of December 11, 1998, between the Issuer and
the
Indenture Trustee, as amended, modified or supplemented from time to time,
exclusive of Supplements creating a new Series of Notes.
“Benefit
Plan”
means
(i) an employee benefit plan as defined in Section 3(3) of ERISA and which
is
subject to Title I of ERISA, (ii) a “Plan” as defined in Section 4975 of the
Code and which is subject to Section 4975 of the Code or (iii) an entity
deemed
to be investing the “plan assets” (within the meaning of 29 C.F.R. Section
2510.3-101 or otherwise under ERISA) of any such employee benefit plan or
plan,
including without limitation an insurance company general account.
“Book-Entry
Notes”
means
beneficial interests in the Notes, ownership and transfers of which shall
be
evidenced or made through book entries by a Clearing Agency as described
in
Section
2.16
of the
Base Indenture; provided that after the occurrence of a condition whereupon
book-entry registration and transfer are no longer permitted and Definitive
Notes are issued to the Note Owners, such Definitive Notes shall replace
Book-Entry Notes.
“Business
Day”
means
any day on which dealings in deposits in U.S. dollars are transacted in the
London interbank market.
“Cede”
means
Cede & Co., a nominee of DTC.
“Cede!”
means
Cedel Bank, société anonyme.
“Certificate
Rating Agency Condition”
means,
with respect to any action, notification to the Issuer, the Collateral Agent,
the Agent and the Indenture Trustee by each Rating Agency then rating any
outstanding series of Certificates that such action will not result in a
reduction or withdrawal of such rating(s).
“Clearing
Agency”
means
an organization registered as a “clearing agency” pursuant to Section 17A of the
Exchange Act or any successor provision thereto or Euroclear and Cede!. The
initial Clearing Agencies shall be DTC, Euroclear and Cedel.
“Clearing
Agency Participant”
means
a
broker, dealer, bank, other financial institution or other Person for whom
from
time to time a Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency.
“Code”
means
the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time, and any successor statute of similar import, in each case
as
in effect from time to time. References to sections of the Code also refer
to
any successor sections.
“Collateral”
shall
mean the “Assigned Collateral” as such term is defined in the Security
Agreement.
“Collections”
means
all payments on the Collateral.
“Contingent
Obligation”,
as
applied to any Person, means any direct or indirect liability, contingent
or
otherwise, of that Person (a) with respect to any indebtedness, lease, dividend,
letter of credit or other obligation of another if the primary purpose or
intent
thereof by the Person incurring the Contingent Obligation is to provide
assurance to the obligee of such obligation of another that such obligation
of
another will be paid or discharged, or that any agreements relating thereto
will
be complied with, or that the holders of such obligation will be protected
(in
whole or in part) against loss in respect thereof or (b) under any letter
of
credit issued for the account of that Person or for which that Person is
otherwise liable for reimbursement thereof. Contingent Obligation shall include
(a) the direct or indirect guarantee, endorsement (otherwise than for collection
or deposit in the ordinary course of business), co-making, discounting with
recourse or sale with recourse by such Person of the obligation of another
and
(b) any liability of such Person for the obligations of another through any
agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise
acquire such obligation or any security therefor, or to provide funds for
the
payment or discharge of such obligation (whether in the form of loans, advances,
stock purchases, capital contributions or otherwise), (ii) to maintain the
solvency of any balance sheet item, level of income or financial condition
of
another or (iii) to make take-or-pay or similar payments if required regardless
of non-performance by any other party or parties to an agreement, if in the
case
of any agreement described under subclause
(i)
or
(ii)
of this
sentence the primary purpose or intent thereof is as described in the preceding
sentence. The amount of any Contingent Obligation shall be equal to the amount
of the obligation so guaranteed or otherwise supported.
“Controlled
Distribution Amount”
means,
with respect to any Class of Notes, the amount (or amounts) specified in
any
applicable Supplement.
“Corporate
Trust Office”
shall
mean the principal office of the Indenture Trustee at which at any particular
time its corporate trust business shall be administered which office at the
date
of the execution of the Base Indenture is located at [101 Xxxxxxx Xxxxxx,
Xxx
Xxxx, XX 00000, Attention: Corporate Trust Trustee Administration], or at
any
other time at such other address as the Indenture Trustee may designate from
time to time by notice to the Noteholders and the Issuer.
“CP
Rating Agency Condition”
means,
with respect to any action and so long as any Commercial Paper Notes are
outstanding, that each Rating Agency shall have notified the Issuer, the
Collateral Agent, the Agent and the Indenture Trustee in writing that such
action will not result in a reduction or withdrawal of the rating (in effect
immediately before the taking of such action) of the Commercial Paper Notes
with
respect to which it is a Rating Agency.
“Definitions
List”
means
this Definitions List, as amended or modified from time to time.
“Definitive
Notes”
is
defined in Section
2.16(e)
of the
Base Indenture.
“Depositary
Incumbency Certificate”
shall
have the meaning specified in Section 3.03(b) of the Amended and Restated
Security Agreement, dated as of December 11, 1998, by and among the Trust,
the
Indenture Trustee, and The First National Bank of Chicago, as Collateral
Agent.
“Determination
Date”
means
the date five days prior to each Distribution Date.
“Distribution
Account”
means,
with respect to any Series of Notes, an account established as such pursuant
to
the related Supplement.
“Distribution
Date”
means
the twentieth day of each calendar month, or, if such day is not a Business
Day,
the next succeeding Business Day, commencing [December] 20, 1998.
“Dollar”
and
the
symbol “$” mean the lawful currency of the United States.
“DTC”
means
The Depository Trust Company.
“Enhancement”
means,
with respect to any Series of Notes, the rights and benefits provided to
the
Noteholders of such Series of Notes (other than the benefit of the Reserve
Fund
and the subordination of the Certificates) pursuant to any letter of credit,
surety bond, cash collateral account, over collateralization, issuance of
subordinated Notes, spread account, guaranteed rate agreement, maturity guaranty
facility, tax protection agreement, interest rate swap or any other similar
arrangement.
“Enhancement
Agreement”
means
any contract, agreement, instrument or document governing the terms of any
Enhancement or pursuant to which any Enhancement is issued or
outstanding.
“Enhancement
Agreement Event of Default”
means
with respect to any Series of Notes any event of default under any Enhancement
Agreement specified in the related Supplement.
“Enhancement
Provider”
means
the Person providing any Enhancement as designated in the applicable Supplement,
other than any Noteholders the Notes of which are subordinated to any Series
of
Notes.
“ERISA”
means
the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute of similar import, in each case as in effect from time
to
time. References to sections of ERISA also refer to any successor
sections.
“Euroclear”
means
Euroclear System.
“Event
of Bankruptcy”
shall
be deemed to have occurred with respect to a Person if:
(a) such
Person shall become insolvent or admit in writing its inability to pay its
debts
as they come due, or the commencement by such Person of a voluntary case
under
the federal bankruptcy laws, as now or hereafter in effect, or any other
present
or future federal or state bankruptcy, insolvency or similar law, or the
consent
by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of such Person or of any substantial part of its property or the making by
such
Person of an assignment for the benefit of creditors or the failure by such
Person generally to pay its debts as such debts become due or the taking
of
action by such Person in furtherance of any of the foregoing; or
(b) an
involuntary petition or an involuntary proceeding shall have been filed or
commenced against such Person under the federal bankruptcy laws, as now or
hereafter in effect, or any other present or future federal or state bankruptcy
laws, as now or hereafter in effect, or any other present or future federal
or
state bankruptcy, insolvency or similar law, or seeding the appointment of
a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of such Person or of any substantial part of its property,
or
seeding the winding up or liquidation of the affairs of such Person and such
petition or proceeding shall not have been dismissed for a period of 45
consecutive days, or an order or decree for relief against such Person shall
be
entered in any such proceeding; or
(c) the
board
of directors of such Person (if such Person is a corporation or similar entity)
shall vote to implement any of the actions set forth in clause
(b)
above.
“Event
of Default”
with
respect to each Series of Notes, has the meaning specified in Section
9.1
of the
Base Indenture.
“Exchange
Act”
means
the Securities Exchange Act of 1934, as amended.
“Exchange
Date”
is
defined in Section
2.9
of the
Base Indenture.
“Final
Distribution Date”
means,
with respect to any Series of Notes, the final Distribution Date for such
Series
of Notes established as such pursuant to the related Supplement.
“Fitch”
means
Fitch IBCA, Inc.
“GAAP”
means
the generally accepted accounting principles promulgated or adopted by the
Financial Accounting Standards Board and its predecessors and successors
from
time to time.
“Governmental
Authority”
means
any Federal, state, local or foreign court or governmental department,
commission, board, bureau, agency, authority, instrumentality or regulatory
body.
“Holder”
the
holder of a Note.
“Indebtedness”,
as
applied to any Person, means, without duplication, (a) all indebtedness for
borrowed money, (b) that portion of obligations with respect to any lease
of any
property (whether real, personal or mixed) that is properly classified as
a
liability on a balance sheet in conformity with GAAP, (c) notes payable and
drafts accepted representing extensions of credit whether or not representing
obligations for borrowed money, (d) any obligation owed for all or any part
of
the deferred purchase price for property or services, which purchase price
is
(i) due more than six months from the date of the incurrence of the obligation
in respect thereof or (ii) evidenced by a note or similar written instrument,
(e) all indebtedness secured by any Lien on any property or asset owned by
that
Person regardless of whether the indebtedness secured thereby shall have
been
assumed by that Person or is nonrecourse to the credit of that Person, and
(f)
all Contingent Obligations of such Person in respect of any of the
foregoing.
“Indenture”
means
the Base Indenture, together with all Supplements, as the same may be amended,
modified or supplemented from time to time.
“Indenture
Trustee”
means
the party named as such in the Indenture until a successor replaces it in
accordance with the applicable provisions of the Indenture and thereafter
means
the successor serving thereunder.
“Initial
Closing Date”
means
December 11, 1998.
“Interest
Period”
means,
with respect to any Series of Notes, the period specified in the related
Supplement.
“Investment
Company Act”
means
the Investment Company Act of 1940, as amended.
“Issuer”
means
Xxxxxx’x Gate Residential Mortgage Trust, a Delaware business trust, as issuer
of the Notes.
“Lien”
means,
when used with respect to any Person, any interest in any real or personal
property, asset or other right held, owned or being purchased or acquired
by
such Person which secures payment or performance of any obligation, and shall
include any mortgage, lien, pledge, encumbrance, charge, retained security
title
of a conditional vendor or lessor, or other security interest of any kind,
whether arising under a security agreement, mortgage, lease, deed of trust,
chattel mortgage, assignment, pledge, retention or security title, financing
or
similar statement, or notice or arising as a matter of law, judicial process
or
otherwise.
“Liquidity
Agreement”
means
the Amended and Restated Liquidity Agreement, dated as of December 11, 1998,
by
and among the Trust, certain banks, and The Chase Manhattan Bank, as Agent
and
Book Manager.
“Monthly
Certificate”
is
defined in Section 4.1(a) of the Base Indenture.
“Monthly
Noteholders Statement”
means
a
statement substantially in the form of Exhibit E to the Indenture.
“Moody’s”
means
Xxxxx’x Investors Service, Inc.
“Noteholder”
and
“Holder”
means
the Person in whose name a Note is registered in the Note Register.
“Note
Owner”
means,
with respect to a Book-Entry Note, the Person who is the beneficial owner
of
such Book-Entry Note, as reflected on the books of the Clearing Agency, or
on
the books of a Person maintaining an account with such Clearing Agency (directly
or as an indirect participant, in accordance with the rules of such Clearing
Agency).
“Note
Rate”
means,
with respect to any Series of Notes, the annual rate at which interest accrues
on the Notes of such Series of Notes (or formula on the basis of which such
rate
shall be determined) as stated in the applicable Supplement.
“Note
Register”
means
the register maintained pursuant to Section 2.6(a) of the Base Indenture,
providing for the registration of the Notes and transfers and exchanges
thereof.
“Notes”
is
defined in the recitals to the Base Indenture.
“Officer’s
Certificate”
means
a
certificate signed by an Authorized Officer of the Issuer.
“Opinion
of Counsel”
means
a
written opinion from legal counsel who is acceptable to the Indenture Trustee.
The counsel may be an employee of or counsel to the Issuer, unless the
Controlling Majority shall notify the Indenture Trustee of objection
thereto.
“Paving
Agent”
is
defined in Section
2.6(a)
of the
Base Indenture.
“Permanent
Global Note”
is
defined in Section 2.5(b) of the Base Indenture.
“Permitted
Liens”
means
(i) Liens for current taxes not delinquent or for taxes being contested in
good
faith and by appropriate proceedings, and with respect to which adequate
reserves have been established, and are being maintained, in accordance with
GAAP, (ii) mechanics’, materialmen’s, landlords’, warehousemen’s and carrier’s
Liens, and other Liens imposed by law, securing obligations arising in the
ordinary course of business that are not more than thirty days past due or
are
being contested in good faith and by appropriate proceedings and with respect
to
which adequate reserves have been established, and are being maintained,
in
accordance with GAAP, (iii) the Liens in favor of the Indenture Trustee pursuant
to the Indenture, and (iv) Liens in favor of an Enhancement Provider, provided,
however, that such Liens are subordinate to the Liens in favor of the Indenture
Trustee and have been consented to by the Indenture Trustee.
“Potential
Enhancement Agreement Event of Default”
means
an event which, with the giving of notice, the passage of time or both, would
constitute an Enhancement Agreement Event of Default under any Enhancement
Agreement.
“Potential
Event of Default”
means
any occurrence or event which, with the giving of notice, the passage of
time or
both, would constitute an Event of Default.
“Principal
Terms”
is
defined in Section 2.3 of the Base Indenture.
“Program
Documents”
has
the
meaning given it in the Liquidity Agreement.
“Qualified
Institution”
means
a
depositary institution or trust company (which may include the Indenture
Trustee) organized under the laws of the United States of America or any
one of
the states thereof or the District of Columbia; provided, however, that at
all
times such depositary institution or trust company is a member of the FDIC
and
has (i) from S&P a long-term indebtedness rating not lower than AA- and a
short-term indebtedness rating of A-1+ and from Moody’s a long-term indebtedness
rating not lower than A2 and a short-term indebtedness rating of P-1, or
(ii)
such other rating which satisfies the Rating Agency Consent
Condition.
“Rating
Agency Confirmation Condition”
means,
with respect to any action, that (i) each Rating Agency shall have notified
the
Issuer, the Collateral Agent, the Agent, any Enhancement Provider and the
Indenture Trustee in writing that such action will not result in a reduction
or
withdrawal of the rating (in effect immediately before the taking of such
action) of any outstanding Series of Notes with respect to which it is a
Rating
Agency and (ii) each Rating Agency shall have notified any applicable
Enhancement Provider entitled to such notification pursuant to the relevant
Supplement in writing that such action will not result in a reduction or
withdrawal of the rating (without regard to the presence of the Enhancement
provided by each such Enhancement Provider and in effect immediately before
the
taking of such action) of any outstanding Series of Notes issued pursuant
to
such related Supplement and, with respect to the issuance of a Series of
Notes,
the “Rating Agency Confirmation Condition” also means, in addition to the above,
_that each Rating Agency that is referred to in the related Supplement is
being
required to deliver its rating with respect to such Series of Notes shall
have
notified the Issuer, the Collateral Agent, the Agent, any Enhancement Provider
and the Indenture Trustee in writing that such rating has been issued by
such
Rating Agency.
“Rating
Agency Consent Condition”
means,
with respect to any action, that (i) each Rating Agency shall have notified
the
Issuer, the Collateral Agent, the Agent, any Enhancement Provider and the
Indenture Trustee in writing that such action will not result in a reduction
or
withdrawal of the rating (in effect immediately before the taking of such
action) of any outstanding Series of Notes with respect to which it is a
Rating
Agency and, with respect to the issuance of a Series of Notes, the “Rating
Agency Consent Condition” also means that each Rating Agency that is referred to
in the related Supplement as being required to deliver its rating with respect
to such Series of Notes shall have notified the Issuer, the Collateral Agent,
the Agent, any Enhancement Provider and the Indenture Trustee in writing
that
such rating has been issued by such Rating Agency and (ii) any Enhancement
Provider entitled to consent pursuant to the related Supplement shall have
consented in writing to such action.
“Record
Date”
means,
with respect to any Distribution Date, the last day of the Related
Month.
“Registrar”
is
defined in Section 2.6(a) of the Base Indenture. “Regulation S” is defined in
Section 2.5(b) of the Base Indenture.
“Related
Month”
means,
(i) with respect to any Payment Date, Determination Date or Distribution
Date,
the most recently ended calendar month, (ii) with respect to any other date,
the
calendar month in which such date occurs and (iii) with respect to an Interest
Period, the month in which such Interest Period commences; provided, however,
that with respect to the above clause (i), the initial Related Month shall
be
the period from and including the date of issuance of the first Series of
Notes
to and including the last day of the calendar month in which such issuance
occurs.
“Required
Noteholders”
means
Noteholders holding in excess of 50% of the aggregate principal amount of
all
Series of Notes voting as a single class, unless the context specifically
refers
to a Series of Notes, then “Required Noteholders” means Noteholders holding in
excess of 50% of the aggregate principal amount of such Series of Notes
(excluding, for the purposes of making the foregoing calculations, any Notes
held by the Issuer, the Seller or the Servicer or any Affiliate of the Issuer,
the Seller or the Servicer).
“Requirements
of Law”
means,
with respect to any Person or any of its property, the certificate of
incorporation or articles of association and by-laws or other organizational
or
governing documents of such Person or any of its property, and any law, treaty,
rule or regulation, or determination of any arbitrator or Governmental
Authority, in each case applicable to or binding upon such Person or any
of its
property or to which such Person or any of its property is subject, whether
Federal, state or local (including, without limitation, usury laws, the Federal
Truth in Lending Act and retail installment sales acts).
“Restricted
Global Note”
is
defined in Section 2.5(a) of the Base Indenture.
“Rule
144A”
is
defined in Section
2.5(a)
of the
Base Indenture.
“S&P”
means
Standard & Poor’s Ratings Service, a division of The XxXxxx-Xxxx Companies,
Inc.
“Secured
Parties”
is
defined in Section
3.1
of the
Base Indenture. “Securities Act” means the Securities Act of 1933, as
amended.
“Series
Closing Date”
means,
with respect to any Series of Notes, the date of issuance of such Series
of
Notes, as specified in the related Supplement.
“Series
of Notes”
or
“Series”
means
each Series of Notes issued and authenticated pursuant to the Base Indenture
and
a related Supplement.
“Shortfall”
means,
with respect to any Series of Notes, any interest shortfall on such Series
of
Notes, as specified in the related Supplement.
“Supplement”
means
a
supplement to the Base Indenture complying (to the extent applicable) with
the
terms of Section
2.3,
or
Article
12
of the
Base Indenture.
“Temporary
Global Note”
is
defined in Section
2.5(b)
of the
Base Indenture.
“Transfer
Agent”
is
defined in Section
2.9(a)(iii)
of the
Base Indenture.
“Trust”
means
Xxxxxx’x Gate Residential Mortgage Trust, a special purpose bankruptcy-remote
Delaware business trust, together with its successors and assigns.
“Trust
Indenture Act”
means
the Trust Indenture Act of 1939, as amended.
“Trust
Officer”
means,
with respect to the Indenture Trustee, any trust officer, or any officer
customarily performing functions similar to those performed by the person
who at
the time shall be such officers, or to whom any corporate trust matter is
referred because of his knowledge of and familiarity with a particular subject,
or any successor thereto responsible for the administration of the Base
Indenture.
“Trust
Order”
and
“Trust
Request”
means
a
written order or request signed in the name of the Issuer by any one of its
Authorized Officers and delivered to the Indenture Trustee.
“UCC”
means
the Uniform Commercial Code as in effect from time to time in the specified
jurisdiction.
“United
States”
or
“U.S.”
means
the United States of America, its fifty States and the District of
Columbia.
“U.S.
Government Obligations”
means
direct obligations of the United States of America, or any agency or
instrumentality thereof for the payment of which the full faith and credit
of
the United States of America is pledged as to full and timely payment of
such
obligations.
“Variable
Funding Note”
is
defined in Section
2.5(c)
of the
Base Indenture.
“written”
or
“in
writing”
means
any form of written communication, including, without limitation, by means
of
telex, telecopier device, telegraph or cable.
EXHIBIT
A-1
FORM
OF
TRANSFER CERTIFICATE
CERTIFICATE
TO BE DELIVERED UPON EXCHANGE OF A BENEFICIAL
INTEREST
IN THE RESTRICTED GLOBAL NOTE FOR DEFINITIVE
SECURITIES
OR EXCHANGE OR REGISTRATION OF TRANSFER OF
DEFINITIVE
SECURITIES
To:
|
The
Bank of New York, as Indenture
Trustee
|
Xxxxxx’x
Residential Mortgage Trust
Re:
|
Xxxxxx’x
Gate Residential Mortgage Trust Residential Mortgage Loan Medium-Term
Notes
|
This
Certificate relates to $__________ principal amount of Notes held in
*
book-entry or definitive form by __________ (the “Transferor”)
(CUSIP
No.__)
[insert
name of transferor] issued pursuant to a Base Indenture dated as of December
11,
1998 between XXXXXX’X GATE RESIDENTIAL MORTGAGE TRUST, as Issuer, and THE BANK
OF NEW YORK, as Indenture Trustee (the “Base Indenture”). Capitalized terms used
herein and not otherwise defined, shall have the meanings given thereto in
the
Base Indenture.
The
Transferor has requested the Indenture Trustee by written order to exchange
or
register the transfer of a Note or Notes.
In
connection with such request and in respect of each such Note, the Transferor
does hereby certify as follows:*
[
]
Such Note is being acquired for its own account, without transfer.
[
]
Such Note is being transferred to (i) a qualified institutional buyer (as
defined in Rule 144A under the Securities Act of 1933, as amended (the
“Securities
Act”))
in
reliance on Rule 144A, (ii) pursuant to an exemption from registration in
accordance with Regulation S under the Securities Act or (iii) pursuant to
Rule
144 of the Securities Act.
A-1-1
[
]
Such Note is being transferred in reliance on and in compliance with an
exemption from the registration requirements of the Securities Act, other
than
Rule 144A, Rule 144 or Regulation S under the Securities Act and in compliance
with other applicable state and federal securities laws and an opinion of
counsel is being furnished simultaneously with the delivery of this Certificate
as required under Section 2.9(a)(i)(D) of the Base Indenture.
[INSERT
NAME OF TRANSFEROR]
|
||
By:
|
||
Name:
|
Xxxx
Xxxx Xxxxxxx
|
|
Title
|
Assistant
Vice President
|
Date:
*
Check
applicable box.
X-0-0
XXXXXXX
X-0
[RESERVED]
X-0-0
XXXXXXX
X-0
FORM
OF
TRANSFER CERTIFICATE FOR TRANSFER OR
EXCHANGE
FROM DEFINITIVE NOTES
TO
PERMANENT GLOBAL NOTE
(exchanges
or transfers pursuant to
Section
2.9 of the Base Indenture)
The
Bank
of New York,
as
Indenture Trustee
000
Xxxxxxx Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attn:
Re: Xxxxxx’x
Gate Residential Mortgage Trust (the “Issuer”)
Residential
Mortgage Loan Medium-Term Notes
Reference
is hereby made to the Base Indenture, dated as of December 11, 1998 (the
“Base
Indenture”),
between the Issuer and The Bank of New York, as Indenture Trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in
the
Indenture.
This
letter relates to ___________ principal amount of Series __ Notes which are
held
in the form of the Series __ Definitive Notes (CUSIP (CINS) No. ) with
Euroclear/Cedel (ISIN Code [ ]) (Common Code [ ]) through DTC by or on behalf
of
[transferor] as beneficial owner (the “Transferor”).
The
Transferor has requested an exchange or transfer of its beneficial interest
in
the Series __ Notes for an interest in the Permanent Global Series __ Note
(CUSIP No. [ ]).
In
connection with such request and in respect of such Series __ Definitive
Notes,
the Transferor does hereby certify that such exchange or transfer has been
effected in accordance with the transfer restrictions set forth in the Series
__
Notes and (i) that, with respect to transfers made in reliance on Regulation
S
under the Securities Act:
(1) the
offer
of the Series __ Definitive Notes was not made to a person in the United
States;
(2) 3. at
the
time the buy order was originated, the transferee was outside the United
States
or the Transferor and any person acting on its behalf reasonably believed
that
the transferee was outside the United States, or
(B) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither the Transferor nor any person acting
on
its behalf knows that the transaction was prearranged with a buyer in the
United
States;
(3) no
directed selling efforts have been made in contravention of the requirements
of
Rule 903(b) or 904(b) of Regulation S, as applicable, and
A-6-1
(4) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act;
or
(ii)
that, with respect to transfers made in reliance on Rule 144A under the
Securities Act, the Series __ Definitive Notes are being transferred in a
transaction permitted by Rule 144A under the Securities Act.
This
certificate and the statements contained herein are made for your benefit
and
the benefit of the Issuer and the Dealers.
[Insert
Name of Transferor)
[INSERT
NAME OF TRANSFEROR]
|
||
By:
|
||
Name:
|
Xxxx
Xxxx Xxxxxxx
|
|
Title
|
Assistant
Vice President
|
Dated:
__________, 199__
X-0-0
XXXXXXX
X-0
FORM
OF
TRANSFER CERTIFICATE FOR TRANSFER OR
EXCHANGE
FROM DEFINITIVE NOTE
TO
RESTRICTED GLOBAL NOTE
(exchanges
or transfers pursuant to
Section
2.9 of the Base Indenture)
The
Bank
of New York,
as
Indenture Trustee
000
Xxxxxxx Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attn:
Re: Xxxxxx’x
Gate Residential Mortgage Trust (the “Issuer”)
Residential
Mortgage Loan Medium-Term Notes
Reference
is hereby made to the Base Indenture, dated as of December 11, 1998 (the
“Base
Indenture”),
between the Issuer and The Bank of New York, as Indenture Trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in
the
Indenture.
This
letter relates to principal
amount of Series __ Notes which are held in the form of the Series __ Definitive
Notes (CUSIP (CINS) No. ) with Euroclear/Cedel (ISIN Code [ ]) (Common Code
[ ])
through DTC by or on behalf of [transferor] as beneficial owner (the
“Transferor”).
The
Transferor has requested an exchange or transfer of its beneficial interest
in
the Series __ Notes for an interest in the Restricted Global Series __ Note
(CUSIP No. [D.
In
connection with such request, and in respect of such Series Definitive Notes,
the Transferor does hereby certify that such Series __ Definitive Notes are
being transferred in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities
Act”)
to a
transferee that the Transferor reasonably believes is purchasing the Series
__
Notes for its own account or an account with respect to which the transferee
exercises sole investment discretion and the transferee and any such account
is
a “qualified institutional buyer” within the meaning of Rule 144A, in each case
in a transaction meeting the requirements of Rule 144A and in accordance
with
any applicable securities laws of any state of the United States or any other
jurisdiction.
This
certificate and the statements contained herein are made for your benefit
and
the benefit of the Issuer and the Dealers.
[INSERT
NAME OF TRANSFEROR]
|
||
By:
|
||
Name:
|
||
Title
|
Dated:
__________, 199__
A-7-1
EXHIBIT
B
FORM
OF
CLEARING SYSTEM CERTIFICATE
Xxxxxx’x
Gate Residential Mortgage Trust
c/o
First
Union Trust Company National Association
Corporate
Trust/Administration 0 Xxxxxx Xxxxxx
000
Xxxx
Xxxxxx
Xxxxxxxxxx,
XX 00000
Attention:
Xxxxxx X. Xxxxxx, Xx.
The
Bank
of New York,
as
Indenture Trustee
000
Xxxxxxx Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Reference
is hereby made to the Base Indenture, dated as of December 11, 1998 (the
“Indenture”),
among
Xxxxxx’x Gate Residential Mortgage Trust, as Issuer, and The Bank of New York,
as Indenture Trustee. Capitalized terms used but not defined herein shall
have
the meanings given to them in the Indenture.
This
is
to certify that, based solely on certificates we have received in writing,
by
tested telex or by electronic transmissions from noteholders appearing in
our
records as persons being entitled to a portion of the original principal
amount
of the Series __ Notes (the “Notes”)
equal
to, as of the date hereof, U.S. $________ (our “Noteholders”),
certificates with respect to such portion, substantially to the effect set
forth
in Exhibit C to the Indenture.
We
further certify (i) that we are not making available herewith for exchange
any
portion of the Temporary Global Note excepted in such certificates and (ii)
that
as of the date hereof we have not received any notification from any of our
Noteholders to the effect that the statements made by such Noteholder with
respect to any portion of the part submitted herewith for exchange are no
longer
true and cannot be relied upon as at the date hereof. We understand that
this
certification is required in connection with certain securities laws of the
United States. In connection therewith, if administrative or legal proceedings
are commenced or threatened in connection with this certificate is or would
be
relevant, we irrevocably authorized you to produce this certification to
any
interested party in such proceedings.
Dated:
__________, 199__*
Yours
faithfully,
B-1
XXXXXX
GUARANTY TRUST COMPANY OF NEW YORK, Brussels office, as operator of the
Euroclear System
or
CEDEL,
Société Anonyme
|
||
By:
|
||
Name:
|
||
Title
|
*To
be
dated no earlier than the earliest of the Exchange Date or the relevant
Interest
Payment Date or the redemption date (as the case may be).
B-2
EXHIBIT
C
FORM
OF CERTIFICATE OF BENEFICIAL OWNERSHIP
Re:
Xxxxxx’x
Gate Residential Mortgage Trust
Residential
Mortgage Loan Medium-Term Notes, Series [____] (the “Securities”)
If
the
Securities are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended (the “Act”),
then
this is to certify that, except as set forth below, (i) in the case of debt
securities, the Securities are beneficially owned by (a) non-U.S. persons
or (b)
U.S. persons who purchased the Securities in transactions which did not require
registration under the Act; or (ii) in the case of equity securities, the
Securities are owned by (x) non-U.S. persons (and such person(s) are not
acquiring the Securities for the account or benefit of U.S. person(s)) or
(y)
U.S. person(s) who purchased the Securities in a transaction which did not
require registration under the Act. If this certification is being delivered
in
connection with the exercise of warrants pursuant to Section 230.902(m) of
Regulation S under the Act, then this is further to certify that, except
as set
forth below, the Securities are being exercised by and on behalf of non-U.S.
person(s). As used in this paragraph the terms “U.S. person” has the meaning
given to it by Regulation S under the Act.
As
used
herein, “United States” means the United States of America (including the States
and the District of Columbia); and its “possessions” include Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.
We
undertake to advise you promptly by tested telex on or prior to the date
on
which you intend to submit your certification relating to the Securities
held by
you for our account in accordance with your operating procedures if any
applicable statement herein is not correct on such date, and in the absence
of
any such notification it may be assumed that this certification applies as
of
such date.
This
certification excepts and does not relate to U.S. $ __________ of such interest
in the Securities in respect of which we are not able to certify and as to
which
we understand exchange and delivery of definitive Securities (or, if relevant,
exercise of any rights or collection of any interest) cannot be made until
we do
so certify.
C-1
We
understand that this certification is required in connection with certain
tax
laws and, if applicable, certain securities laws of the United States. In
connection therewith, if administrative or legal proceedings are commenced
or
threatened in connection with which this certification is or would be relevant,
we irrevocably authorize you to produce this certification to any interested
party in such proceedings.
Dated:
__________, 199__*
By:
|
|
As,
or as agent for, the beneficial owner(s) of the Securities to which
this
certificate relates.
|
*
Not
earlier than 15 days prior to the certification event to which the certification
relates.
C-2
EXHIBIT
D
FORM
OF
MONTHLY CERTIFICATE
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST
RESIDENTIAL
MORTGAGE LOAN MEDIUM-TERM NOTES
The
undersigned, duly authorized representatives of XXXXXX’X GATE RESIDENTIAL
MORTGAGE TRUST, a Delaware business trust (the “Issuer”),
pursuant to the Trust Indenture, dated as of December 11, 1998 (hereinafter
as
such agreement may have been, or may be from time to time, supplemented,
amended
or otherwise modified, the “Base
Indenture”),
between the Issuer, as Issuer, and THE BANK OF NEW YORK, as Indenture Trustee,
do hereby certify to the best of their knowledge after reasonable investigation
that:
1. Capitalized
terms used in this certificate have the respective meanings set forth in
the
Base Indenture, or in the case of a particular Series of Notes, the related
Supplement. This certificate is delivered pursuant to Section
4.1(a)
of the
Base Indenture.
2. The
undersigned are Authorized Officers of the Issuer.
3. The
date
of this certificate is a Determination Date under the Base Indenture. Attached
hereto as Schedule
I
is a
true and correct copy of the Monthly Certificate to be delivered on the
Determination Date pursuant to Section
4.1(a)
of the
Base Indenture.
IN
WITNESS WHEREOF, the undersigned have duly executed and delivered this
certificate this ____ day of __________, 199__.
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST
|
||
By:
|
||
Name:
|
||
Title
|
||
By:
|
||
Name:
|
||
Title
|
D-1
SCHEDULE
I
1. The
total
amount to be distributed to the Noteholders (expressed as a dollar amount
per
$1,000) on the next succeeding Distribution Date is equal to (for each Series
of
Notes and each Class of each Series):
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
etc. |
2. (a)
The
aggregate amount to be distributed to the Noteholders (expressed as a dollar
amount per $1,000) on the next succeeding Distribution Date in respect of
principal is equal to (for each Series of Notes and each Class of each
Series):
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
etc. |
(b)
The
aggregate amount to be distributed to the Noteholders (expressed as a dollar
amount per $1,000) on the next succeeding Distribution Date in respect of
interest is equal to (for each Series of Notes and each Class of each
Series):
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
Series
|
%
|
|
Class
|
%
|
|
Class
|
%
|
|
etc. |
3. The
following Liens exist on the Collateral (excluding Liens granted pursuant
to the
Indenture and the other Program Documents or permitted thereunder):
[List
as
applicable]
D-2
EXHIBIT
E
FORM
OF
MONTHLY NOTEHOLDERS’ STATEMENT
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST
RESIDENTIAL
MORTGAGE LOAN MEDIUM-TERM NOTES
Series
_____
Under
Section
4.1(b)
of the
Base Indenture, dated as of December 11, 1998 (hereinafter as such agreement
may
have been, or may be from time to time, supplemented, amended or otherwise
modified, the “Base
Indenture”),
between XXXXXX’X GATE RESIDENTIAL MORTGAGE TRUST, a Delaware business trust (the
“Issuer”),
and
THE BANK OF NEW YORK, as Indenture Trustee (the “Indenture
Trustee”),
the
Issuer is required to prepare certain information each month for the Indenture
Trustee regarding current distributions to Noteholders. The information which
is
required to be prepared with respect to the Distribution Date of, 199_ is
set
forth below. Capitalized terms used herein have their respective meanings
set
forth in the Definitions List attached as Schedule
I
to the
Base Indenture, or in the case of a particular Series of Notes, the related
Supplement.
NOTE:
|
Information
contained herein with respect to each Series will only
be
|
distributed
to holders of Notes with respect to such Series.
I. DISTRIBUTIONS
TO NOTEHOLDERS
As
of
__________, the distributions with respect to principal and interest are
computed as the result of the following:
A. With
respect to Interest Payments on Series 1998-2 Notes:
(1)
|
The
Series 1998-2 Note Rate: ____%,
times
|
(2)
|
The
outstanding principal amount of the Series 1998-2 Notes,
times
|
(3) | The actual number of days in such Series 1998-2 Interest Period divided by 360: , plus |
(4)
|
Any
unpaid Series 1998-2 Shortfall (plus interest accrued thereon):
$______.
|
Series
1998-2 interest ((1) * (2) * (3)) + (4) = $_________
B. With
respect to the Principal Payment on the Series 1998-2 Notes:
On
the
Series 1998-2 Final Distribution Date (otherwise $0): $_______
C. The
total
amount distributed to the: Series 1998-2 Noteholders: (A + B): $______.
E-1
II.
LIENS
AND DEFAULTS
The
following Liens exist on the Collateral (excluding Liens granted pursuant
to the
Indenture and the other Program Documents or permitted thereunder):
[List
as
applicable]
IN
WITNESS WHEREOF, the undersigned have duly executed this certificate this
day of
__________, 199__.
XXXXXX’X
GATE RESIDENTIAL MORTGAGE TRUST
|
||
By:
|
||
Name:
|
||
Title
|
||
By:
|
||
Name:
|
||
Title
|
E-2