Exhibit 10.2
Execution Copy
HUNTSMAN
MASTER TRUST
AMENDED AND RESTATED
SERIES 2000-1 SUPPLEMENT
Dated as of April 18, 2006
to
SECOND AMENDED AND RESTATED POOLING AGREEMENT
Dated as of April 18, 2006
Among
HUNTSMAN
RECEIVABLES FINANCE LLC,
as Company
HUNTSMAN
(EUROPE) BVBA,
as Master
Servicer
JUPITER
SECURITIZATION CORPORATION,
as the Existing Series 2000-1
VFC Certificateholder
THE SEVERAL FINANCIAL INSTITUTIONS PARTY HERETO AS FUNDING AGENTS,
THE SERIES 2000-1 CONDUIT PURCHASERS PARTY HERETO,
THE
SEVERAL FINANCIAL INSTITUTIONS PARTY HERETO
AS SERIES 2000-1 APA BANKS,
J.P.
MORGAN SECURITIES LTD.,
as Book Runner
and Mandated Lead Arranger
JPMORGAN
CHASE BANK, N.A.,
as Administrative
Agent
and
J.P.
MORGAN BANK (IRELAND) PLC,
as Trustee
SIDLEY AUSTIN
WOOLGATE EXCHANGE
25 BASINGHALL STREET
LONDON EC2V 5HA
TELEPHONE 020 7360 3600
FACSIMILE 020 7626 7937
REF: //30508-30240
TABLE OF CONTENTS
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Page No |
ARTICLE I DEFINITIONS |
1 |
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SECTION 1.01 |
Definitions |
1 |
SECTION 1.02 |
Other Definitional Provisions |
2 |
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ARTICLE II
DESIGNATION OF SERIES 2000-1 VFC CERTIFICATES; PURCHASE AND SALE OF THE
SERIES |
3 |
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SECTION 2.01 |
Designation |
3 |
SECTION 2.02 |
The Series 2000-1 VFC Certificates and Series 2000-1 Subordinated Interests |
3 |
SECTION 2.03 |
Purchases of Interests in the Series 2000-1 VFC Certificates and the Series 2000-1 Subordinated Interests |
4 |
SECTION 2.04 |
Delivery |
5 |
SECTION 2.05 |
Procedure for Initial Issuance and for Increasing the Series 2000-1 Invested Amount |
6 |
SECTION 2.06 |
Sale by a Series 2000-1 Conduit Purchaser of its Series 2000-1 Purchaser Invested Amount to a Series 2000-1 APA Bank |
10 |
SECTION 2.07 |
Procedure for Decreasing the Series 2000-1 Invested Amount |
13 |
SECTION 2.08 |
Reductions of the Series 2000-1 Commitments |
15 |
SECTION 2.09 |
Interest; Fees |
16 |
SECTION 2.10 |
Indemnification by Huntsman International and the Company |
17 |
SECTION 2.11 |
Inability to Determine Eurodollar Rate |
18 |
SECTION 2.12 |
Series 2000-1 FX Hedging Agreements |
19 |
SECTION 2.13 |
Notices, Reports, Directions by Master Servicer |
19 |
SECTION 2.14 |
Optional Termination by the Company |
19 |
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ARTICLE III ARTICLE III OF THE AGREEMENT |
20 |
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SECTION 3.01 |
|
20 |
i
SECTION 3A.02 |
Establishment of Series 2000-1 Accounts |
20 |
SECTION 3A.03 |
Daily Allocations |
22 |
SECTION 3A.04 |
Determination of Interest |
25 |
SECTION 3A.05 |
Determination of Series 2000-1 Monthly Principal |
29 |
SECTION 3A.06 |
Applications |
30 |
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ARTICLE IV DISTRIBUTIONS AND REPORTS |
33 |
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SECTION 4A.01 |
Distributions |
33 |
SECTION 4A.02 |
Daily Reports |
33 |
SECTION 4A.03 |
Reports and Notices |
33 |
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ARTICLE V ADDITIONAL SERIES 2000-1 EARLY AMORTIZATION EVENTS |
34 |
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SECTION 5.01 |
Additional Series 2000-1 Early Amortization Events |
34 |
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ARTICLE VI SERVICING FEE |
38 |
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SECTION 6.01 |
Servicing Compensation |
38 |
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ARTICLE VII CHANGE IN CIRCUMSTANCES |
38 |
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SECTION 7.01 |
Illegality |
38 |
SECTION 7.02 |
Requirements of Law |
39 |
SECTION 7.03 |
Taxes |
41 |
SECTION 7.04 |
Indemnity |
45 |
SECTION 7.05 |
Assignment of Series 2000-1 Commitments Under Certain Circumstances; Duty to Mitigate |
46 |
SECTION 7.06 |
Limitation |
47 |
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ARTICLE VIII COVENANTS; REPRESENTATIONS AND WARRANTIES |
47 |
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SECTION 8.01 |
Representations and Warranties of the Company and the Master Servicer |
47 |
SECTION 8.02 |
Covenants of the Company, the Master Servicer and Huntsman International |
47 |
SECTION 8.03 |
Negative Covenants of the Company and the Master Servicer |
49 |
SECTION 8.04 |
Obligations Unaffected |
51 |
ii
ARTICLE IX CONDITIONS PRECEDENT |
51 |
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SECTION 9.01 |
Conditions Precedent to Effectiveness of Supplement. |
51 |
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ARTICLE X THE ADMINISTRATIVE AGENT AND FUNDING AGENTS |
56 |
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SECTION 10.01 |
Appointment. |
56 |
SECTION 10.02 |
Delegation of Duties |
57 |
SECTION 10.03 |
Exculpatory Provisions |
57 |
SECTION 10.04 |
Reliance by Administrative Agent and Funding Agents |
58 |
SECTION 10.05 |
Notice of Master Servicer Default or Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event |
58 |
SECTION 10.06 |
Non Reliance on Administrative Agent or Funding Agents and Other Series 2000-1 Purchasers |
59 |
SECTION 10.07 |
Indemnification |
60 |
SECTION 10.08 |
Administrative Funding and Funding Agent in Its Individual Capacity |
61 |
SECTION 10.09 |
Successor Administrative Agent and Funding Agent |
61 |
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ARTICLE XI MISCELLANEOUS |
62 |
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SECTION 11.01 |
Ratification of Agreement |
62 |
SECTION 11.02 |
Governing Law |
62 |
SECTION 11.03 |
Further Assurances |
62 |
SECTION 11.04 |
Payments |
63 |
SECTION 11.05 |
Costs and Expenses |
63 |
SECTION 11.06 |
No Waiver; Cumulative Remedies |
63 |
SECTION 11.07 |
Amendments |
64 |
SECTION 11.08 |
Severability |
65 |
SECTION 11.09 |
Notices |
65 |
SECTION 11.10 |
Successors and Assigns |
66 |
SECTION 11.11 |
Counterparts |
71 |
SECTION 11.12 |
Adjustments; Setoff |
71 |
iii
SECTION 11.13 |
Limitation of Payments by the Company |
72 |
SECTION 11.14 |
No Bankruptcy Petition; No Recourse |
72 |
SECTION 11.15 |
Limitation on Addition of Approved Originators, Approved Currency, Approved Obligors and a Successor Master Servicer; Mergers and Consolidations |
73 |
SECTION 11.16 |
Subordinated Loan |
74 |
SECTION 11.17 |
Limited Recourse |
77 |
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ARTICLE XII FINAL DISTRIBUTIONS |
78 |
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SECTION 12.01 |
Certain Distributions |
78 |
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ARTICLE XIII ADMINISTRATIVE AGENT |
78 |
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SECTION 13.01 |
Administrative Agent. |
78 |
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SCHEDULE I Series 2000-1 Commitments |
82 |
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SCHEDULE II Series 2000-1 Concentration Accounts |
83 |
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SCHEDULE III Series 2000-1 Definitions |
84 |
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SCHEDULE IV Notices |
111 |
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EXHIBIT A-1 Form of Series 2000-1 U.S. Dollar VFC Certificate |
113 |
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EXHIBIT A-2 Form of Series 2000-1 Euro VFC Certificate |
121 |
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EXHIBIT B Form of Series 2000-1 Commitment Transfer Supplement |
129 |
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EXHIBIT C Form of Administrative Questionnaire |
134 |
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EXHIBIT D Form of Daily Report |
136 |
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EXHIBIT E Form of Monthly Settlement Report |
140 |
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EXHIBIT F Form of Increase/Decrease Notice |
141 |
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EXHIBIT G Form of Confidentiality Agreement |
144 |
iv
This Amended and Restated Series 2000-1 SUPPLEMENT dated as of April 18, 2006 (as the same may be amended, supplemented, restated or otherwise modified from time to time, this Supplement), is made among Huntsman Receivables Finance LLC (the Company), a Delaware limited liability company, Huntsman (Europe) BVBA (the Master Servicer), a company organized under the laws of Belgium, Jupiter Securitization Corporation as the Existing Series 2000-1 VFC Certificateholder, the conduit purchasers party hereto from time to time as Series 2000-1 Conduit Purchasers (the Series 2000-1 Conduit Purchasers), the several financial institutions party hereto from time to time as Series 2000-1 APA banks (the Series 2000-1 APA Banks), the several financial institutions party hereto from time to time as funding agents (the Funding Agents), J.P. Morgan Securities Ltd., as Book Runner and Mandated Lead Arranger, JPMorgan Chase Bank, N.A., as administrative agent (the Administrative Agent) and J.P. Morgan Bank (Ireland) plc, as trustee (the Trustee).
W I T N E S S E T H :
WHEREAS, the Company, the Master Servicer and the Trustee (i) have entered into the Pooling Agreement, dated as of December 21, 2000, as amended and restated on June 26, 2001 and (ii) will enter into the Second Amended and Restated Pooling Agreement, dated as of April 18, 2006 (as in effect on the date hereof and as the same may be amended, supplemented, restated or otherwise modified from time to time (the Agreement);
WHEREAS, the Agreement provides, among other things, that the Company, the Master Servicer and the Trustee may at any time and from time to time enter into supplements to the Agreement for the purpose of authorizing the issuance, by the Company, of one or more Series of Investor Certificates on behalf of the Trust, for execution and redelivery to the Trustee for authentication;
WHEREAS, pursuant to the Series 2000-1 Supplement dated as of December 21, 2000 (the Existing Series 2000-1 Supplement) the Company, the Master Servicer, the Trustee, the Series 2000-1 Conduit Purchasers party thereto, and the Series 2000-1 APA Banks party thereto, and the other parties to the Existing Series 2000-1 Supplement, supplemented the Agreement to provide among other matters for the issuance of a Variable Funding Certificate; and
WHEREAS the Company, the Master Servicer, the Trustee, the Series 2000-1 Conduit Purchasers, the Series 2000-1 APA Banks and the Funding Agents wish to amend and restate the Existing Series 2000-1 Supplement on the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.01 Definitions.
Capitalized terms used herein shall unless otherwise defined or referenced herein, have the meanings assigned to such terms in Annex X (as amended, supplemented, restated or
1
otherwise modified from time to time) to the Pooling Agreement or Schedule III to this Supplement.
2
The Investor Certificates and interests created and authorized pursuant to the Agreement and this Supplement shall be designated as (i) the Series 2000-1 U.S. Dollar VFC Certificates and the Series 2000-1 Euro VFC Certificates (together, the Series 2000-1 VFC Certificates) and (ii) subordinated interests as described in Section 2.02(b).
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The Company hereby agrees to maintain ownership of the Series 2000-1 Subordinated Interests, subject to increase or decrease during the Series 2000-1 Revolving Period, in accordance with Section 2.05 or Section 2.07 (as applicable). Payments by the Series 2000-1 Conduit Purchasers in respect of the Series 2000-1 VFC Certificates or the Series 2000-1 APA Banks in respect of the Series 2000-1 VFC Certificate Interests shall be made in immediately available funds on the Series 2000-1 Issuance Date to the Trust.
On the Series 2000-1 Issuance Date, the Master Servicer shall direct the Trustee in writing pursuant to Section 5.02 of the Agreement to execute and duly authenticate, and the Trustee, upon receiving such direction, shall so authenticate each Series 2000-1 VFC Certificate in the name of the Funding Agent for the applicable VFC Purchaser Group and deliver such Series 2000-1 VFC Certificate to the Funding Agent for the benefit of the Series 2000-1 Conduit Purchaser or the Series 2000-1 APA Banks, as the case may be, for that VFC Purchaser Group, in accordance with such written directions. The Series 2000-1 U.S. Dollar VFC Certificates shall be issued in an initial amount of $1,000,000 and in integral multiples of $100,000 in excess thereof. The Series 2000-1 Euro VFC Certificate shall be issued in an initial amount of 1,000,000 and in integral multiples of 100,000 in excess thereof. The Trustee shall mark on its books the actual Series 2000-1 Invested Amount and Series 2000-1 Subordinated Interest Amount outstanding on any date of determination, which, absent manifest error, shall constitute prima facie evidence of the outstanding Series 2000-1 Invested Amount and Series 2000-1 Subordinated Interest Amount from time to time. The Trustee shall remit to the Company by wire transfer to the account designated by the Company the purchase price received from each Series 2000-1 Purchaser.
5
provided, further, that the provisions of this Section shall not restrict the allocations of Collections pursuant to Article III. Each notice shall state (x)
6
the Series 2000-1 Issuance Date or the Series 2000-1 Increase Date, as the case may be, (y) the Series 2000-1 Initial U.S. Dollar Invested Amount, the Series 2000-1 Initial Euro Invested Amount or the proposed amount of such Series 2000-1 Increase with respect to each Class of Series 2000-1 VFC Certificates (the Series 2000-1 Increase Amount), as the case may be, and (z) on and after the occurrence of a Conduit Purchaser Termination Event with respect to a relevant VFC Purchaser Group or any Series 2000-1 Purchase Date with respect to a relevant VFC Purchaser Group, the portions of the Series 2000-1 Initial U.S. Dollar Invested Amount and the Series 2000-1 Initial Euro Invested Amount or the Series 2000-1 Increase Amount in respect thereof (as the case may be) that will be allocated to a Series 2000-1 Eurodollar Tranche and the Series 2000-1 Floating Tranche with respect to a relevant VFC Purchaser Group. Each Series 2000-1 Increase shall be allocated between the respective VFC Purchaser Groups in accordance with their VFC Pro Rata Share and the requirements of Section 2.05(c)(ii)(C). No Series 2000-1 Purchaser shall be obligated to fund any such Series 2000-1 Increase, unless concurrently with any such Series 2000-1 Increase in the Series 2000-1 Invested Amount, the Series 2000-1 Subordinated Interest Amount shall be increased by an amount, if any (the Series 2000-1 Subordinated Interest Increase Amount), such that after giving effect to such increase, the Series 2000-1 Adjusted Invested Amount plus the Series 2000-1 Subordinated Interest Amount equals the Series 2000-1 Target Receivables Amount.
7
8
The delivery of the Series 2000-1 VFC Certificates on behalf of the Company and the Companys acceptance of funds in connection with (x) the Series 2000-1 Purchasers initial purchase of the Series 2000-1 VFC Certificates on the Series 2000-1 Issuance Date and (y) each Series 2000-1 Increase occurring on any Series 2000-1 Increase Date shall, in each case, constitute a representation and warranty by the Company to the Series 2000-1 Purchasers as of the Series 2000-1 Issuance Date or such Series 2000-1 Increase Date, as the case may be, that all of the conditions contained in this Section 2.05(c) (excluding sub-clause (iv)) have been satisfied.
of the Series 2000-1 Increase Date and of the portion of the Series 2000-1 Increase Amount allocable to such Series 2000-1 Conduit Purchaser and to such Series 2000-1 APA Bank (which shall equal such Series 2000-1 Conduit Purchasers VFC Pro Rata Share of the Series 2000-1 Increase Amount and in the case of any Series 2000-1 APA Bank, its Series 2000-1 Commitment Percentage of the Series 2000-1 Increase Amount). The Master Servicer shall promptly notify the Company of the Series 2000-1 Increase Date and the amount of the Series 2000-1 Subordinated Interest Increase Amount. If a Series 2000-1 Conduit Purchaser elects to fund a Series 2000-1 Increase, such Series 2000-1 Conduit Purchaser agrees to pay in immediately available funds its VFC Pro Rata Share of the amount of such Series 2000-1 Increase on the related Series 2000-1 Increase Date to the Trust for deposit in the Series 2000-1 Principal Concentration Subaccount for distribution to the Company in accordance with the terms of the Transaction Documents. On or after the occurrence of a Conduit Purchaser Termination Event with respect to a Series 2000-1 Conduit Purchaser or in the event a Series 2000-1 Conduit Purchaser elects not to fund the requested Series 2000-1 Increase Amount, each related Series 2000-1 APA Bank agrees to pay in immediately available funds such Series 2000-1 APA Banks Series 2000-1 Commitment Percentage of each Series 2000-1 Increase on the related Series 2000-1 Increase Date to the Trust for deposit in the Series 2000-1 Principal Concentration Subaccount for distribution to the Company in accordance with the terms of the Transaction Documents.
9
10
11
12
13
Each distribution pursuant to this Section 2.07(a) shall be made by the Trustee distributing to each Funding Agent the amount of such Series 2000-1 Decrease allocable to the Series 2000-1 Purchasers in such Funding Agents VFC Purchaser Group.
14
Each distribution pursuant to this Section 2.07(d) shall be made by the Trustee distributing to each Funding Agent the amount of such reduction (plus interest and fees payable with respect thereto) allocable to the Series 2000-1 Purchasers in such Funding Agents VFC Purchaser Group.
15
Each Series 2000-1 APA Banks Series 2000-1 Commitment shall be reduced pro rata by such Series 2000-1 APA Banks Series 2000-1 Commitment Percentage of the amount of such Series 2000-1 Commitment Reduction.
16
17
If, prior to the first day on which any Series 2000-1 Eurodollar Tranche commences:
18
then, in either such event, such Funding Agent shall give telecopy or telephonic notice thereof (confirmed in writing) to the Company, the Master Servicer, the Administrative Agent, the Trustee and the Series 2000-1 APA Banks as soon as practicable (but, in any event, within forty five (45) days after such determination or notice, as applicable) thereafter. Upon delivery of such notice and until such notice has been withdrawn by such Funding Agent, no further Series 2000-1 Eurodollar Tranches shall be made. Each Funding Agent agrees to withdraw any such notice as soon as reasonably practicable after such Funding Agent is notified of a change in circumstances which makes such notice inapplicable.
The Trustee shall at all times comply with the FX Hedging Policy set forth in Schedule 6 of the Pooling Agreement.
Any information, notice or report to be delivered by, or any instructions, requests, demands, elections or directions to be given by, the Master Servicer under this Supplement is, unless otherwise indicated, being delivered or given by the Master Servicer on behalf of the Company in accordance with the provisions of the Agreement, this Supplement and the Servicing Agreement.
On any Business Day following October 17, 2006, but at no time prior to such date, the Master Servicer may require the Trustee to cause the Series 2000-1 Revolving Period to terminate on the date (the Series 2000-1 Optional Termination Date) set forth in an irrevocable written notice (the Series 2000-1 Optional Termination Notice) delivered by the Master Servicer to the Trustee (which date, in any event, shall not be less than thirty (30) days from the date on which such notice is delivered). Following the occurrence of the Series 2000-1 Optional Termination Date, no amounts deposited in the Series 2000-1 Principal Collection Subaccount will be distributed to the Company until the Series 2000-1 Invested Amount is paid in full. To the extent allocated funds are available therefore, payments of principal on the Series 2000-1 VFC Certificates will commence on the Distribution Date next succeeding the Series 2000-1 Optional Termination Date and will be made on each Distribution Date thereafter until the Series 2000-1 Invested Amount is paid in full or the Participation Assets allocated to the Series 2000-1 Interests have been depleted. Notwithstanding the foregoing, the Series 2000-1 Invested Amount may, on any Distribution Date on or after the Series 2000-1 Optional Termination Date, be paid in full out of the proceeds of the issuance of a new Series of Investor Certificates issued in accordance with Section 5.11 of the Pooling Agreement, together with (if applicable) funds available in the Series 2000-1 Principal Collection Subaccount. The Trustee shall give prompt notice of its receipt of a Series 2000-1 Optional Termination Notice to the Series 2000-1 VFC
19
Certificateholders (in the form and at the location specified by such VFC Certificateholder or the Trustee).
Section 3.01 of the Agreement and each other section of Article III of the Agreement relating to another Series shall be read in its entirety as provided in the Agreement. Article III of the Agreement (except for Section 3.01 thereof and any portion thereof relating to another Series) shall read in its entirety as follows and shall be exclusively applicable to the Series 2000-1 VFC Certificates and the Series 2000-1 Subordinated Interests.
20
the Series 2000-1 Euro Non-Principal Concentration Subaccount, the Series 2000-1 Non-Principal Concentration Subaccounts); and
All accounts established pursuant to this Section 3A.02(a) and listed on Schedule II, are collectively referred to as the Series 2000-1 Accounts. Each Series 2000-1 Account shall bear a designation indicating that the funds deposited therein are held for the benefit of the Series 2000-1 Purchasers. The Trustee, on behalf of the Trust for the benefit of the Series 2000-1 Purchasers, shall possess all right, title and interest in all funds from time to time on deposit in, and all Eligible Investments credited to, the Series 2000-1 Accounts and in all proceeds thereof. The Series 2000-1 Accounts shall be under the sole dominion and control of the Trustee for the exclusive benefit of the Series 2000-1 Purchasers.
21
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an amount equal to the Series 2000-1 Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Series 2000-1 Concentration Account to the relevant Series 2000-1 Non-Principal Concentration Subaccount in the order provided in the Account Currency Priority, or if such adjustment is a negative amount, be transferred from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Series 2000-1 Accrued Expense Amount for such Business Day);
23
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The amount in respect of interest distributable with respect to the Series 2000-1 VFC Certificates on each Distribution Date for the Accrual Period then ending shall be determined by the Master Servicer as follows:
(a) (i) (1) For the Series 2000-1 U.S. Dollar VFC Certificates, the amount of interest distributable (Series 2000-1 U.S. Dollar Monthly Interest Distribution) on each Distribution Date shall be the aggregate amount of Series 2000-1 Daily U.S. Dollar Interest Expense accrued during the Accrual Period ending on such Distribution Date and (2) for the Series 2000-1 Euro VFC Certificates, the amount of interest distributable (Series 2000-1 Euro Monthly Interest Distribution) on each Distribution Date shall be the aggregate amount of Series 2000-1 Daily Euro Interest Expense accrued during the Accrual Period ending on such Distribution Date.
25
26
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Each such notice shall specify (A) the applicable Business Day, (B) the Series 2000-1 Available Pricing Amount that shall be allocable to any Series 2000-1 CP Tranche and (C) the Series 2000-1 Eurodollar Period and the portion of the Series 2000-1 Available Pricing Amount being allocated to each Series 2000-1 Eurodollar Tranche, if any. On or after any Series 2000-1 Purchase Date with respect to a VFC Purchaser Group, each Funding Agent shall notify the related Series 2000-1 APA Banks of the contents of each such notice promptly upon receipt thereof. So long as no Conduit Purchaser Termination Event has occurred with respect to any of the Series 2000-1 Conduit Purchasers, the allocation of Series 2000-1 Available Pricing Amount to Series 2000-1 CP Tranches shall be allocated as among the Series 2000-1 Conduit Purchasers pro rata based on their VFC Pro Rata Share.
28
29
The Trustee shall distribute to the Paying Agent, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), on each Distribution Date, from amounts on deposit in the Series 2000-1 Accrued Interest Subaccounts in accordance with the Account Currency Priority:
(i) an amount equal to the Outstanding Amount Advanced with respect to Series 2000-1, if any, to the account designated by the Master Servicer pursuant to Section 3A.02(d); and
(ii) pro rata:
(x) for the Series 2000-1 U.S. Dollar VFC Certificates, an amount equal to the Series 2000-1 U.S. Dollar Monthly Interest Distribution payable on such Distribution Date (such amount, the Series 2000-1 U.S. Dollar Monthly Interest Payment), plus the amount of any Series 2000-1 U.S. Dollar Monthly Interest Payment previously due but not distributed to the Series 2000-1 Purchasers on a prior Distribution Date, plus the amount of any Series 2000-1 U.S. Dollar Additional Interest for such Distribution Date and any Series 2000-1 U.S. Dollar Additional Interest previously due but not distributed to the applicable Series 2000-1 Purchasers on a prior Distribution Date; and
30
(y) for the Series 2000-1 Euro VFC Certificates, an amount equal to the Series 2000-1 Euro Monthly Interest Distribution payable on such Distribution Date (such amount, the Series 2000-1 Euro Monthly Interest Payment), plus the amount of any Series 2000-1 Euro Monthly Interest Payment previously due but not distributed to the Series 2000-1 Purchasers on a prior Distribution Date, plus the amount of any Series 2000-1 Euro Additional Interest for such Distribution Date and any Series 2000-1 Euro Additional Interest previously due but not distributed to the applicable Series 2000-1 Purchasers on a prior Distribution Date.
On each Distribution Date, the Trustee shall, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), apply funds on deposit in the Series 2000-1 Non-Principal Concentration Subaccounts in the following order of priority to the extent funds are available:
31
During the Series 2000-1 Amortization Period and following the occurrence of the Series 2000-1 Optional Termination Date, the Trustee shall, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), apply, on each Distribution Date, amounts on deposit in the Series 2000-1 Principal Concentration Subaccounts in the following order of priority:
32
Article IV of the Agreement (except for any portion thereof relating to another Series) shall read in its entirety as follows and the following shall be exclusively applicable to the Series 2000-1 VFC Certificate issued pursuant to this Supplement:
The Master Servicer shall provide each Funding Agent, the Trustee and the Liquidation Servicer with a Daily Report in accordance with Section 4.01 of the Servicing Agreement and substantially in the form of Exhibit D to this Supplement. Each Funding Agent shall make copies of the Daily Report available to its related Series 2000-1 Purchasers, upon reasonable request, at such Funding Agents office at its address as specified from time to time in accordance with Section 11.09.
33
If any one of: (I) the events specified in Section 7.01 of the Agreement or (II) the following events (each, a Series 2000-1 Early Amortization Event), shall occur, in each case after
34
giving effect to the lapse of any grace period, the giving of any notice or making of any determination applicable thereto:
provided, however, that no Series 2000-1 Early Amortization shall exist if such failure is directly attributable to a Trustee Force Majeure Delay;
35
36
then, in the case of (x) any event described in Section 7.01(a) of the Agreement, automatically without any notice or action on the part of the Trustee or Series 2000-1 Purchasers, an Early Amortization Period shall immediately commence or (y) any other event described above, after the applicable grace period (if any) set forth in the applicable Section, the Trustee may, and at the written direction of any Funding Agent, shall, by written notice then given to the Company and the Master Servicer, declare that an Early Amortization Period has commenced as of the date of such notice with respect to Series 2000-1 (any such period under clause (x) or (y) above, a Series 2000-1 Early Amortization Period); provided that a default by the Company in the payment of a Subordinated Loan shall not constitute a Series 2000-1 Early Amortization Event hereunder. Upon the occurrence of a Series 2000-1 Early Amortization Event or a Potential Series 2000-1 Early Amortization Event, the Administrative Agent may, or shall at the written direction of any Funding Agent, direct each Obligor to make all payments with respect to Receivables directly to the relevant currency account established by the Trustee pursuant to Section 3.01(a) of the Agreement. Notwithstanding the foregoing, the Company, at its option, may deliver U.S. Dollars and/or Euro (as applicable) to the Trustee in an amount sufficient to cure any Early Amortization
37
Event that is capable of being cured by such delivery of U.S. Dollars and/or Euro (as applicable) only out of Collections from the Series 2000-1 Concentration Accounts. Any cash so delivered to the Trustee shall be in the form of a Subordinated Loan made by the Company to the Trust and shall be subject to the provisions of Section 11.16.
A monthly servicing fee (the Series 2000-1 Monthly Servicing Fee) shall be payable to the Master Servicer on each Distribution Date for the preceding Settlement Period, in an amount equal to the product of (a) the Servicing Fee and (b) a fraction, the numerator of which shall be equal to the Series 2000-1 Invested Amount as of the end of the preceding Settlement Period and the denominator of which shall be equal to the sum of (1) the Series 2000-1 Aggregate Commitment Amount and (2) the sum of the Invested Amounts for all other Outstanding Series, each calculated as of the end of such preceding Settlement Period. To the extent that funds on deposit in the Series 2000-1 Non-Principal Concentration Subaccounts at any such date are insufficient to pay the Series 2000-1 Monthly Servicing Fee due on such date as set forth in the Monthly Settlement Report delivered by the Master Servicer to the Trustee, the Trustee shall so notify the Master Servicer and the Company, and the Company will be obligated to immediately pay the Master Servicer the amount of any such deficiency; provided that any payments to be made by the Company pursuant to this Section shall (i) be Company Subordinated Obligations, (ii) be made solely from funds available to the Company that are not required to be applied to Company Unsubordinated Obligations then due and (iii) not constitute a general recourse claim against the Company but only a claim against the Company, to the extent of funds available after the satisfaction of all Company Unsubordinated Obligations then due; provided, further, that the Series 2000-1 Monthly Servicing Fee payable to a Successor Master Servicer (which will be payable to the Liquidation Servicer in accordance with the preceding sentence) will not be a Company Subordinated Obligation and shall also be payable from the application of funds from the Series 2000-1 Non-Principal Concentration Subaccounts in accordance with Section 3A.06(b). Notwithstanding any other provision of this Supplement or any other Transaction Document, the Monthly Servicing Fee, including the Series 2000-1 Monthly Servicing Fee, payable to a Successor Master Servicer shall be paid to the Liquidation Servicer so long as the Liquidation Servicer has not resigned or been terminated.
Notwithstanding any other provision herein, if, after the Series 2000-1 Issuance Date, or with respect to any Person becoming a Series 2000-1 Purchaser or a Series 2000-1 APA Bank subsequent to the Series 2000-1 Issuance Date, after the new date such Person became a Series 2000-1 Purchaser or a Series 2000-1 APA Bank, as applicable (the Series 2000-1 Acquisition Date), the adoption of or any change in any Requirement of Law or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for any Series 2000-1
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Purchaser or Series 2000-1 APA Bank to make or maintain its portion of the Series 2000-1 VFC Certificateholders Interest in any Series 2000-1 Eurodollar Tranche and such Series 2000-1 Purchaser or Series 2000-1 APA Bank, as applicable, shall provide written notice to its Funding Agent, the Administrative Agent, the Trustee, the Master Servicer and the Company, then effective upon the commencement of the next Series 2000-1 Eurodollar Period, or immediately if it shall be unlawful for such Series 2000-1 Purchaser or Series 2000-1 APA Bank to make or maintain its portion of the Series 2000-1 VFC Certificateholders Interest in any Series 2000-1 Eurodollar Tranche to the end of the applicable Series 2000-1 Eurodollar Period, Series 2000-1 Daily U.S. Dollar Interest Expense and Series 2000-1 Daily Euro Interest Expense in respect of the portion of each Series 2000-1 Eurodollar Tranche applicable to such Series 2000-1 Purchaser or Series 2000-1 APA Bank shall until the foregoing notice is withdrawn by such Series 2000-1 Purchaser or Series 2000-1 APA Bank be calculated by reference to the ABR (such calculation shall be performed by the Administrative Agent and in the absence of manifest error shall be binding and conclusive). If any such change in the method of calculating the Series 2000-1 Daily U.S. Dollar Interest Expense or Series 2000-1 Daily Euro Interest Expense occurs on a day which is not the last day of the Series 2000-1 Eurodollar Period with respect to any Series 2000-1 Eurodollar Tranche, the Company shall pay to the applicable Funding Agent for the account of such Series 2000-1 Purchaser or Series 2000-1 APA Bank the amounts, if any, as may be required pursuant to Section 7.04.
and the result of any of the foregoing is to increase the cost to such Series 2000-1 Purchaser or Series 2000-1 APA Bank by an amount which such Series 2000-1 Purchaser or Series 2000-1 APA Bank deems in its reasonable judgment to be material, of making, converting into, continuing or maintaining
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Series 2000-1 Eurodollar Tranches or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Company will pay to such Series 2000-1 Purchaser or Series 2000-1 APA Bank upon demand such additional amount or amounts as will compensate such Series 2000-1 Purchaser or Series 2000-1 APA Bank for such additional costs incurred or reduced amount receivable other than amounts with respect to Taxes for which the Company is held harmless pursuant to Section 7.03 and without duplication of any amounts for which the Company is obligated to make payment under Section 7.03.
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unless any change in treaty, law or regulation has occurred prior to, and is in effect on, the date on which any such delivery would otherwise be required which would
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prevent such Series 2000-1 Purchaser or Series 2000-1 APA Bank from duly completing and delivering any such form with respect to it and such Series 2000-1 Purchaser or Series 2000-1 APA Bank so advises the Company and the related Funding Agent. Each Series 2000-1 Purchaser or Series 2000-1 APA Bank shall certify to the Company, the Trustee, the Administrative Agent and the related Funding Agent at the time it first becomes a Series 2000-1 Purchaser or Series 2000-1 APA Bank, and thereafter to the extent provided by law, (i) all such forms are true and complete, (ii) that it is entitled to receive payments under this Supplement without, or at a reduced rate of, withholding of any United States federal income taxes and (iii) that it is entitled to an exemption from United States backup withholding tax. Each Person that shall become a Series 2000-1 Purchaser, a Series 2000-1 APA Bank or a Series 2000-1 Participant pursuant to Section 11.10 shall, upon the effectiveness of the related transfer, be required to provide to the Company, the Trustee, the Administrative Agent, the Master Servicer and the related Funding Agent all of the forms and statements required pursuant to this Section, provided that in the case of a Series 2000-1 Participant such Series 2000-1 Participant shall furnish all such required forms and statements to the Series 2000-1 Purchaser or Series 2000-1 APA Bank from which the related participation shall have been purchased and such Series 2000-1 Purchaser or Series 2000-1 APA Bank shall provide such forms to the Company with a duly executed Form W-8IMY and withholding statement. If the Company or the Trustee has not received the forms set forth in Section 7.03(b)(i) hereof, the Company or the Trustee shall withhold taxes from such payment at the applicable statutory rate and shall not be obliged to make increased payments under Section 7.03(a) hereof until such forms or other documents are delivered.
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Huntsman International and the Company jointly and severally agree to indemnify each Series 2000-1 Purchaser and each Series 2000-1 APA Bank and to hold each Series 2000-1 Purchaser and each Series 2000-1 APA Bank harmless from any loss or expense which such Series 2000-1 Purchaser or Series 2000-1 APA Bank may sustain or incur as a consequence of:
Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of the Series 2000-1 Eurodollar Period (or in the case of a failure to borrow, convert or continue, the Series 2000-1 Eurodollar Period that would have commenced on the date of such prepayment or of such failure) in each case at the applicable rate of interest for such Series 2000-1 Eurodollar Tranche provided for herein (excluding, however, the Series 2000-1 Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Series 2000-1 Purchaser or Series 2000-1 APA Bank) which would have accrued to such Series 2000-1 Purchaser or Series 2000-1 APA Bank on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar market; provided that any payments made by Huntsman International or the Company pursuant to this Section 7.04 shall be, without exception, due and payable from the Company and with respect to amounts owing from the Company any amounts paid pursuant hereto shall be Company Subordinated Obligations. This covenant shall survive the termination of this Supplement and the payment of all amounts payable hereunder. A certificate of a Series 2000-1 Purchaser or Series 2000-1 APA Bank setting forth (x) any amount that such Series 2000-1 Purchaser or Series 2000-1 APA Bank is entitled to receive pursuant to this Section 7.04 and (y) a reasonably detailed explanation of the calculation of such amount by the affected Series 2000-1 Purchaser or Series 2000-1 APA Bank, as the case may be, shall be delivered to the Company and the Master Servicer and shall be conclusive absent manifest error.
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The obligations of the Company under this Article VII shall be limited, inter alia, by Section 11.13.
Each of the Company (solely with respect to clauses (a), (c), (d), (e), (f), (g) and (j) below), and the Master Servicer hereby agrees, in addition to its obligations under the Agreement and the Servicing Agreement, that:
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provided that no Restricted Payments shall be made if a Series 2000-1 Early Amortization Event has occurred and is continuing (or would occur as a result of making such Restricted Payment).
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The obligations of the Company and the Master Servicer to the Administrative Agent, the Funding Agents, the Series 2000-1 Purchasers and the Series 2000-1 APA Banks under this Supplement shall not be affected by reason of any invalidity, illegality or irregularity of any of the Receivables or any sale of any of the Receivables.
This Supplement will become effective on the date on which the following conditions precedent have been satisfied or waived by the Funding Agents:
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provided that in the case of any Originator other than Huntsman International, the requirements of this Section 9.01(b) may be satisfied by delivery of the certificates last delivered by the relevant Originator in connection with the Transaction Documents, in each case certified by a Responsible Officer of Huntsman International as being true, correct and complete copies of such certificates.
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provided, that the Company makes no representation or warranty as to whether any action, consent, or approval of, registration or filing with any other action by any Governmental Authority is or will be required in connection with the distribution of the Series 2000-1 VFC Certificates and Series 2000-1 VFC Certificate Interests.
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The Administrative Agent and each Funding Agent may execute any of its respective duties under this Supplement or any other Transaction Document by or through agents or attorneys in fact and shall be entitled to advice of counsel (who may be counsel for the Company, the Administrative Agent, a Funding Agent, the Master Servicer, any other Series 2000-1 Conduit Purchaser or any other Series 2000-1 Purchaser), independent public accountants and other experts selected by it concerning all matters pertaining to such duties. Neither Funding Agent shall be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.
Neither the Administrative Agent nor any Funding Agent nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with the Agreement or this Supplement or any other Transaction Document (x) with the consent or at the request of the Series 2000-1 Majority Purchasers or (y) in the absence of its own gross
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negligence or wilful misconduct or (ii) responsible in any manner to the Administrative Agent or any Funding Agent or any of the Series 2000-1 Purchasers for any recitals, statements, representations or warranties made by the Company or any respective officer of the Company contained in this Supplement or any other Transaction Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or such Funding Agent, as the case may be, under or in connection with, this Supplement or any other Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Supplement or any other Transaction Document or for any failure of the Company to perform its obligations hereunder or thereunder. Neither the Administrative Agent nor any Funding Agent shall be under any obligation to the Administrative Agent or any Funding Agent or any Series 2000-1 Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Supplement or any other Transaction Document, or to inspect the properties, books or records of the Company or the Master Servicer.
The Administrative Agent and each Funding Agent shall be entitled to rely, and shall be fully protected in relying, upon the Series 2000-1 VFC Certificates, any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other documents or conversation reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Company or the Master Servicer), independent accountants and other experts selected by the Administrative Agent or such Funding Agent, as the case may be, and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. The Administrative Agent and each Funding Agent may deem and treat the payee of a Series 2000-1 VFC Certificate as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent and the related Funding Agent. The Administrative Agent and each Funding Agent shall be fully justified in failing or refusing to take any action under this Supplement or any other Transaction Document unless it shall first receive such advice or concurrence of the Series 2000-1 Majority Purchasers or, in the case of any Funding Agent, such advice concurrence of its VFC Purchaser Group, in each case as the Administrative Agent or such Funding Agent, as the case may be, deems appropriate and it shall first be indemnified to its satisfaction by the Series 2000-1 APA Banks, in the case of the Administrative Agent, or the Series 2000-1 APA Banks in its VFC Purchaser Group, in the case of any Funding Agent, against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Supplement and the other Transaction Documents in accordance with a request of any Series 2000-1 Purchaser, and such request and any action taken or failure to act pursuant thereto shall be binding. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Supplement and the other Transaction Documents in accordance with a request of the Series 2000-1 Purchasers in its VFC Purchaser Group given in accordance with its applicable Series 2000-1 Asset Purchase Agreement, and such request and any action taken or failure to act pursuant thereto shall be binding.
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Neither the Administrative Agent nor any Funding Agent shall be deemed to have knowledge or notice of the occurrence of any Master Servicer Default or any Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event hereunder unless the Administrative Agent or such Funding Agent has received written notice from the Administrative Agent, a Funding Agent, a Series 2000-1 Purchaser, the Company or the Master Servicer referring to the Agreement or this Supplement, describing such Master Servicer Default or such Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event and stating that such notice is a notice of a Master Servicer Default with respect to the Master Servicer or a notice of a Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event, as the case may be. In the event that the Administrative Agent or a Funding Agent receives such notice, the Administrative Agent or such Funding Agent shall give notice thereof to the Series 2000-1 Purchasers, the Series 2000-1 APA Banks, the Company and the Master Servicer. The Administrative Agent shall take such action with respect to such Master Servicer Default or Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event as shall be reasonably directed by the Series 2000-1 Majority Purchasers; provided that unless and until the Administrative Agent shall have received such directions and indemnification satisfactory to the Administrative Agent from the Series 2000-1 APA Banks, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Master Servicer Default or Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event as it shall deem advisable in the best interests of the Series 2000-1 Purchasers. Each Funding Agent shall take such action (to the extent permitted hereunder) with respect to such Master Servicer Default or Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event as shall be reasonably directed by the Series 2000-1 Purchasers in its VFC Purchaser Group in accordance with its applicable Series 2000-1 Asset Purchase Agreement; provided that unless and until a Funding Agent shall have received such directions and indemnification satisfactory to such Funding Agent from the related Series 2000-1 APA Banks, such Funding Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Master Servicer Default or Series 2000-1 Early Amortization Event or Potential Series 2000-1 Early Amortization Event as it shall deem advisable in the best interests of the related Series 2000-1 Purchasers.
Each Series 2000-1 Purchaser expressly acknowledges that neither the Administrative Agent nor any Funding Agent nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates have made any representations or warranties to it and that no action by the Administrative Agent or any Funding Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Funding Agent to any Series 2000-1 Purchaser. Each Series 2000-1 Purchaser represents to the Administrative Agent and each Funding Agent that it has, independently and without reliance upon the Administrative Agent or either Funding Agent or any other Series 2000-1 Purchaser, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Supplement. Each Series 2000-1
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Purchaser also represents that it will, independently and without reliance upon the Administrative Agent or any Funding Agent or any other Series 2000-1 Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Supplement and the other Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly required to be furnished to the Series 2000-1 Purchasers by the Administrative Agent or its related Funding Agent hereunder, neither the Administrative Agent nor any Funding Agent shall have any duty or responsibility to provide any Series 2000-1 Purchaser with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Company which may come into the possession of the Administrative Agent or such Funding Agent or any of its officers, directors, employees, agents, attorneys in fact or Affiliates.
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The Administrative Agent, each Funding Agent and their respective Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Company, the Master Servicer or any of their Affiliates as though the Administrative Agent or such Funding Agent, as the case may be, were not the Administrative Agent or a Funding Agent hereunder. With respect to any Series 2000-1 VFC Certificate Interest held by the Administrative Agent or a Funding Agent, the Administrative Agent or such Funding Agent, as the case may be, shall have the same rights and powers under this Supplement and the other Transaction Documents as any Series 2000-1 Purchaser and may exercise the same as though it were not a Funding Agent, and the terms Series 2000-1 APA Bank and Series 2000-1 Purchaser shall include the Administrative Agent or such Funding Agent, as the case may be, in its individual capacity.
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As supplemented by this Supplement, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument.
THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ANY CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
Each of the Company, the Master Servicer and the Trustee agrees, from time to time, to do and perform any and all acts and to execute any and all further instruments required or reasonably requested by the Administrative Agent or the Funding Agents more fully to give effect to the purposes of this Supplement and the sale of the Series 2000-1 VFC Certificates and the Series 2000-1 VFC Certificate Interests hereunder, including, in the case of the Company and the Master Servicer, the execution of any financing or registration statements or similar documents or notices or continuation statements relating to the Receivables and the other Participation Assets for filing or registration under the provisions of the relevant UCC or similar legislation of any applicable jurisdiction; provided that, in the case of the Trustee, in furtherance and without limiting the generality of Section 8.01(d) of the Agreement, the Trustee shall have received reasonable assurance in writing of adequate reimbursement and
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indemnity in connection with taking such action before the Trustee shall be required to take any such action.
Each payment to be made hereunder shall be made on the required payment date in U.S. Dollars and/or Euro (as applicable) and in immediately available funds, if to any Series 2000-1 Purchaser, at the office of the related Funding Agent as determined in accordance with Section 11.09. Except in the circumstances described in Section 2.06(c), on each Distribution Date, each Funding Agent shall remit in like funds to each related Series 2000-1 Purchaser its applicable pro rata share (based on each such Series 2000-1 Purchasers Series 2000-1 Purchaser Invested Amount) of each such payment received by such Funding Agent for the account of the related Series 2000-1 Purchasers. The Master Servicer shall provide instructions to the Trustee with respect to conversion of funds from one currency into another currency and the Trustee is hereby authorized, to the extent it is required to convert funds in one currency into funds in another currency in order to make any payment or distribution, to convert such funds at the Spot Rate provided by the Paying Agent.
The Company agrees to pay all reasonable fees and out of pocket costs and expenses of the Trustee, the Administrative Agent, each Funding Agent, each Series 2000-1 Conduit Purchaser and each Series 2000-1 APA Bank (including reasonable fees and disbursements of counsel to the Trustee, the Administrative Agent, each Funding Agent each Series 2000-1 Conduit Purchaser) in connection with (i) the preparation, execution and delivery of this Supplement, the Agreement, and the other Transaction Documents and amendments or waivers of any such documents, (ii) the reasonable enforcement by the Trustee, the Administrative Agent, any Funding Agent, any Series 2000-1 Conduit Purchaser or any Series 2000-1 APA Bank of the obligations and liabilities of the Company and the Master Servicer under the Agreement, this Supplement, the other Transaction Documents or any related document, (iii) any restructuring or workout of the Agreement, this Supplement or any related document and (iv) any inspection of the Companys and/or the Master Servicers offices, properties, books and records and any discussions with the officers, employees and the Independent Public Accountants of the Company or the Master Servicer; provided, however, that any payments made by the Company pursuant to this Section 11.05 shall be Company Subordinated Obligations; and provided, further, that in respect of payments of out-of-pocket costs and expenses incurred pursuant to clause (iv) above, the Company agrees to pay such out-of-pocket costs and expenses (a) in connection with one inspection conducted once every calendar year prior to the occurrence of a Series 2000-1 Early Amortization Event or a Master Servicer Default; provided, however, that such annual inspection with respect to a Funding Agent shall not exceed $30,000; and (b) in connection with any inspection conducted following the occurrence and during the continuance of a Series 2000-1 Early Amortization Event or a Master Servicer Default.
No failure to exercise and no delay in exercising, on the part of the Trustee, the Administrative Agent, either Funding Agent or any Series 2000-1 Purchaser, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
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rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.
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If any provision hereof is void or unenforceable in any jurisdiction, such status shall not affect the validity or enforceability of (i) such provision in any other jurisdiction or (ii) any other provision hereof in such or any other jurisdiction.
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Any Series 2000-1 Purchaser can assign all or a portion of its interests, rights and obligations under this Supplement and the Transaction Documents to a Conduit Assignee of such Series 2000-1 Purchaser, which Conduit Assignee is rated at least A-1 by S&P and at least P-1 by Moodys, without consent; provided that such assignment would not result in adverse tax consequences with respect to the obligations of the Company pursuant to Section 7.03 hereof or increased costs for the Company or any of its Affiliates with respect to the obligations of the Company or such Affiliate pursuant to Section 7.02 hereof, in which instance Company consent would be required (which consent may not be unreasonably withheld). Upon acceptance and recording pursuant to Section 11.10(e), from and after the applicable Series 2000-1 Transfer Effective Date (A) the Series 2000-1 Acquiring Purchaser thereunder shall be a party hereto and, to the extent of the interest assigned by such Series 2000-1 Commitment Transfer Supplement, have the rights and obligations of a Series 2000-1 Purchaser under this Supplement and (B) the assigning Series 2000-1 Purchaser thereunder shall, to the extent of the interest assigned pursuant to Series 2000-1 Commitment Transfer Supplement, be released from its obligations under this Supplement and the other Transaction Documents (and, in the case of a Series 2000-1 Commitment Transfer Supplement covering all or the remaining portion of an assigning Series 2000-1 APA Banks rights and obligations under this Supplement and the other Transaction Documents, such Series 2000-1 APA Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 7.01, 7.02, 7.03, 7.04 and 11.05, as well as to any fees accrued for its account and not yet paid).
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This Supplement may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement.
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The Companys obligations under Article VII shall be limited to the funds available to the Company which have been properly distributed to the Company pursuant to the Agreement and any Supplement and neither the Administrative Agent, nor any Funding Agent nor any Series 2000-1 Purchaser shall have any actionable claim against the Company for failure to satisfy such obligation because it does not have funds available therefor from amounts properly distributed.
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The provisions of this Section 11.14 shall survive termination of this Supplement.
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As used in this Section 11.16, the term Indefeasibly Paid means, with respect to the making of any payment on or with respect to any Senior Claim, a payment of such Senior Claim in full that is not subject to avoidance under Section 547 of the Bankruptcy Code.
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The terms and conditions of this Section 11.16 shall not be modified or amended without the express written consent of the Funding Agent(s) representing Certificateholders of more than 50% of the Series 2000-1 Invested Amount and, if any such amendment would adversely affect the interests of an ECI Holder, without the written consent of the ECI Holder or Holders.
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Notwithstanding anything to the contrary contained herein, the respective obligations of each Series 2000-1 Conduit Purchaser under this Supplement are solely the corporate obligations of the Series 2000-1 Conduit Purchasers and, in the case of obligations of each Series 2000-1 Conduit Purchaser other than Commercial Paper, shall be payable at such time as funds are received by or are available to such Series 2000-1 Conduit Purchaser in excess of funds necessary to pay in full all outstanding Commercial Paper issued by such Series 2000-1 Conduit Purchaser and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Series 2000-1 Conduit Purchaser but shall continue to accrue. Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper.
No recourse under any obligation, covenant or agreement of any Series 2000-1 Conduit Purchaser contained in this Supplement shall be had against any incorporator, stockholder, officer, director, employee or agent of such Series 2000-1 Conduit Purchaser, the Administrative Agent, the Funding Agents or any of their Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the Agreement is solely a corporate obligation of the Series 2000-1 Conduit Purchasers, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, employee or agent of either Series 2000-1 Conduit Purchaser, the Administrative Agent, the Funding Agents, the Manager or any of their Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such Series 2000-1 Conduit Purchaser contained in this Supplement, or implied therefrom, and that any and all personal liability for breaches by such Series 2000-1 Conduit Purchaser of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of the Agreement; provided that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or omissions made by them. The provisions of this Section 11.17 shall survive termination of this Supplement.
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IN WITNESS WHEREOF, the Company, the Master Servicer, the Trustee, the Administrative Agent, the Funding Agents, the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks have caused this Series 2000-1 Supplement to be duly executed by their respective officers as of the day and year first above written.
HUNTSMAN RECEIVABLES FINANCE LLC, |
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as Company |
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By: |
/s/ SEAN DOUGLAS |
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Name: Sean Douglas |
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Title: Vice President and Treasurer |
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HUNTSMAN (EUROPE) BVBA, |
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as Master Servicer |
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By: |
/s/ CHRISTOPHE STRUYVELT |
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Name: Christophe Struyvelt |
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Title: Manager |
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By: |
/s/ FRANCIS DE CARRIÈRE |
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Name: Francis De Carrière |
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Title: Manager |
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JPMORGAN CHASE BANK, N.A., |
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as Administrative Agent |
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By: |
/s/ STEPHANIE WOLF |
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Name: Stephanie Wolf |
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Title: Managing Director |
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J.P. MORGAN BANK (IRELAND) PLC, |
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not in its individual capacity but solely as Trustee |
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/s/ PATRICK JOSEPH DUFFY |
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Name: Patrick Joseph Duffy |
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Title: |
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JPMORGAN CHASE BANK, N.A., |
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as Funding Agent |
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By: |
/s/ STEPHANIE WOLF |
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Name: Stephanie Wolf |
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Title: Managing Director |
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WACHOVIA CAPITAL MARKETS, LLC, |
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as Funding Agent |
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By: |
/s/ EERO H. MAKI |
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Name: Eero H. Maki |
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Title: Director |
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JUPITER SECURITIZATION CORPORATION, |
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as a Series 2000-1 Conduit Purchaser and the |
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Existing Series 2000-1 VFC Certificateholder |
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By: |
/s/ STEPHANIE WOLF |
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Name: Stephanie Wolf |
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Title: Authorized Signatory |
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VARIABLE FUNDING CAPITAL COMPANY, LLC, |
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By: |
Wachovia Capital Markets, LLC |
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As Attorney-in-Fact |
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By: |
/s/ DOUGLAS R. WILSON, SR. |
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Name: Douglas R. Wilson, Sr. |
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Title: Vice President |
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JPMORGAN CHASE BANK, N.A., |
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as a Series 2000-1 APA Bank |
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By: |
/s/ STEPHANIE WOLF |
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Name: Stephanie Wolf |
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Title: Managing Director |
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WACHOVIA CAPITAL MARKETS, LLC, |
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as a Series 2000-1 APA Bank |
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By: |
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Name: |
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Title: |
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J.P. MORGAN SECURITIES LTD, |
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as Book Runner and Mandated Lead Arranger |
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By: |
/s/ STEPHANIE WOLF |
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Name: Stephanie Wolf |
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Title: Managing Director |
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HUNTSMAN INTERNATIONAL LLC |
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By: |
/s/ SEAN DOUGLAS |
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Name: Sean Douglas |
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Title: Vice President and Treasurer |
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Acknowledged and Agreed as of the day and year first written above solely for purposes of Sections 2.10, 7.04, 8.02(e) and 8.02(f): |
80
SCHEDULE I
Series 2000-1 Commitments
Part A. Commitments and VFC Purchaser Groups
Funding Agent |
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Conduit |
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Committed |
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Committed |
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Euro/Dollar |
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JP Morgan Chase Bank, N.A. |
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Jupiter Securitization Corporation |
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$ |
306,000,000 |
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Euro VFC Purchaser Group/Dollar VFC Purchaser Group |
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Wachovia Capital Markets, LLC |
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Variable Funding Capital Company, LLC |
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$ |
204,000,000 |
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Dollar VFC Purchaser Group |
Part B. Invested Amounts
Date |
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Series 2000-1 |
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Series 2000-1 |
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Series 2000-1 |
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Notation |
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81
SCHEDULE III
Series 2000-1 Definitions
Account Currency Priority shall mean, with respect to any designated type of Series 2000-1 Account, that funds shall be applied, distributed or paid from such designated Series 2000-1 Account (a) so long as the Hedging Requirement is satisfied after giving effect to such application, distribution or payment is made, as between the relevant currencies in accordance with the instructions of the Master Servicer, and (b) if the Hedging Requirement is not satisfied,
(1) funds to be applied, distributed or paid in respect of an obligation denominated in U.S. Dollars, shall be made in the following order of priority:
(i) first, from such designated Series 2000-1 Account as is denominated in U.S. Dollars;
(ii) second, to the extent the funds applied, distributed or paid pursuant to clause (i) above are not sufficient to fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1 Account as is denominated in Pound Sterling; and
(iii) third, to the extent the funds applied, distributed or paid pursuant to clauses (i) and (ii) above are not sufficient to fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1 Account as is denominated in Euro; and
(2) funds to be applied, distributed or paid in respect of an obligation denominated in Euro, shall be made in the following order of priority:
(i) first, from such designated Series 2000-1 Account as is denominated in Euro;
(ii) second, to the extent the funds applied, distributed or paid pursuant to clause (i) above are not sufficient to fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1 Account as is denominated in Pound Sterling; and
(iii) third, to the extent the funds applied, distributed or paid pursuant to clauses (i) and (ii) above are not sufficient to fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1 Account as is denominated in U.S. Dollars;
provided, however, that the Administrative Agent, at the direction of any Funding Agent, may elect not to implement the above Account Currency Priority and instead direct payments in any priority and currency as it deems appropriate in order to maximize payments in respect of the Series 2000-1 Euro Invested Amount and the Series 2000-1 U.S. Dollar Invested Amount.
Administrative Agent shall mean JPMorgan Chase Bank, N.A. or any other administrative agent appointed on behalf of the Funding Agents, the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks, and its successors and assigns in such capacity.
82
Allocated CP Rate means, for any Series 2000-1 CP Rate Period with respect to a Series 2000-1 Conduit Purchaser, to the extent such Series 2000-1 Conduit Purchaser funds all or a portion of its interest in the Series 2000-1 VFC Certificates by the issuance by it or on its behalf of Commercial Paper notes, the per annum rate equivalent to, as determined by the related Funding Agent, (i) the aggregate discount applicable to or interest which shall accrue on all Commercial Paper notes issued by such Series 2000-1 Conduit Purchaser to enable such Series 2000-1 Conduit Purchaser to fund and maintain the funding of the purchase of Series 2000-1 VFC Certificates under the Series 2000-1 Supplement and having a term equivalent to the tenor of such the applicable Series 2000-1 CP Tranche, as sold by any placement agent or commercial paper dealer selected by such Series 2000-1 Conduit Purchaser, plus (ii) any and all applicable issuing and paying agent fees and commissions of placement agents and commercial paper dealers in respect of such Commercial Paper notes for such term, plus (iii) incremental carrying costs incurred with respect to Commercial Paper notes maturing on dates other than those on which corresponding funds are received by such Series 2000-1 Conduit Purchaser (including any Broken Funding Costs) plus (iv) costs associated with funding and maintaining currency hedge agreements (and which may also be allocated in part to the funding of other assets of Series 2000-1 Conduit Purchaser); provided, however, that if any component of any such rate is a discount rate, in calculating the Allocated CP Rate for such Series 2000-1 CP Rate Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.
Amended Documents shall mean (a) the Second Amended and Restated Pooling Agreement to be dated as of April 18, 2006 by, among others, the Company and the Trustee; (b) the Second Amended and Restated Master Servicing Agreement to be dated as of April 18, 2006 by, among others, the Company and the Trustee; and (c) the amended and restated Origination Agreements each to be dated as of April 18, 2006.
APA Bank Aggregate Invested Amount shall have the meaning assigned to it in the applicable Series 2000-1 Asset Purchase Agreement.
APA Pro rata Share shall have the meaning assigned to the term Pro rata Share in the applicable Series 2000-1 Asset Purchase Agreement.
Broken Funding Costs means, with respect to any Series 2000-1 CP Tranche which: (i) has been paid on a date other than the date on which it was scheduled to mature or (ii) is not prepaid or redeemed (in whole or in part) on the date specified or required in connection with any prepayment or redemption in accordance with the Series 2000-1 Supplement, an amount equal to the excess, if any, of (A) the CP Costs that would have accrued during the remainder of the Series 2000-1 CP Rate Period or the tranche periods for Commercial Paper notes determined by the related Funding Agent to relate to such Series 2000-1 CP Tranche subsequent to the date of such prepayment or redemption (or in respect of clause (ii) above, the date such prepayment or redemption was specified or required to occur) of such Series 2000-1 CP Tranche if such prepayment or redemption had not occurred or such prepayment or redemption had not been specified or required, over (B) the sum of (x) to the extent all or a portion of the funds attributable to such Series 2000-1 CP Tranche are allocated to another Purchaser Interest, the amount of CP Costs actually accrued during the remainder of such period on such new Purchaser Interest, and (y) to the extent the funds attributable to such Series 2000-1 CP Tranche are not allocated to another Purchaser Interest, the income, if any, actually received during the remainder of such period by the holder of such Purchaser Interest
83
from investing the portion of the funds attributable to such Series 2000-1 CP Tranche not so allocated.
Commercial Paper shall mean, as the context requires, the short term promissory notes issued by or on behalf of any Series 2000-1 Conduit Purchaser in the United States or European commercial paper markets.
Conduit Assignee shall mean any special purpose vehicle issuing indebtedness in the commercial paper market that is administered by JPMorgan Chase Bank, N.A. or Wachovia Capital Markets, LLC or any other special purpose vehicle issuing indebtedness, in each case that meets the conditions set forth in Section 11.10 of the Series 2000-1 Supplement.
Conduit Purchaser Insolvency Event shall mean, with respect to any Series 2000-1 Conduit Purchaser, an event designated as a Conduit Purchaser Insolvency Event in the applicable Series 2000-1 Asset Purchase Agreement.
Conduit Purchaser Interest shall mean, with respect to any Series 2000-1 Conduit Purchaser on any date of determination, the Series 2000-1 U.S. Dollar Invested Amount and/or the Series 2000-1 Euro Invested Amount of such Series 2000-1 Conduit Purchaser less any amount therein transferred to its related Series 2000-1 APA Banks pursuant to Section 2.01 (or corresponding section) of applicable Series 2000-1 Asset Purchase Agreement.
Conduit Purchaser Invested Amount shall mean, with respect to any Series 2000-1 Conduit Purchaser, the amount designated as the Conduit Purchaser Invested Amount in the applicable Series 2000-1 Asset Purchase Agreement.
Conduit Purchaser Termination Event shall mean, with respect to any Series 2000-1 Conduit Purchaser, an event designated as a Conduit Purchaser Termination Event in the applicable Series 2000-1 Asset Purchase Agreement.
CP Costs means, for each Series 2000-1 CP Tranche, the sum of all amounts payable with respect to such Series 2000-1 CP Tranche determined by reference to the relevant Series 2000-1 CP Rate.
Dollar VFC Purchaser Group shall mean any VFC Purchaser Group which is designated in the Supplement or a Series 2000-1 Commitment Transfer Supplement as a Dollar VFC Purchaser Group.
Eligible Assignee shall mean the Series 2000-1 APA Banks, and with respect to any Series 2000-1 Purchaser, any Person that (A) is a Conduit Assignee or an existing Series 2000-1 APA Bank; or (B) (i) is a financial institution formed under the laws of any OECD Country; provided that such Person, if not a financial institution organized under the laws of the United States, is acting through a branch or agency located in the United States and (ii) has a short term debt rating of at least A-1 from S&P, and P-1 from Moodys.
Eurodollar Rate shall mean, with respect to any Series 2000-1 Eurodollar Period, a rate per annum equal to the sum (rounded upwards, if necessary, to the next higher 1/16 of 1%) of (A) the rate obtained by dividing (i) the applicable LIBOR Rate by (ii) a percentage equal to 100% minus the reserve percentage used for determining the maximum reserve requirement as specified in Regulation D of the Board of Governors of the Federal Reserve System (including any marginal, emergency, supplemental, special or other reserves) that is
86
applicable to a Series 2000-1 APA Bank or a Funding Agent during such Series 2000-1 Eurodollar Period in respect of Eurocurrency or Eurodollar funding, lending or liabilities (or, if more than one percentage shall be so applicable, the daily average of such percentage for those days in such Series 2000-1 Eurodollar Period during which any such percentage shall be applicable) plus (B) the then daily net annual assessment rate (rounded upwards, if necessary, to the nearest 1/16 of 1%) as estimated by the Funding Agent for determining the current annual assessment payable by such Series 2000-1 APA Bank or Funding Agent to the Federal Deposit Insurance Corporation in respect of Eurocurrency or Eurodollar funding, lending or liabilities.
Euro VFC Purchaser Group shall mean any VFC Purchaser Group which is designated in the Supplement or a Series 2000-1 Commitment Transfer Supplement as a Euro VFC Purchaser Group.
Existing Series 2000-1 Issuance Date shall mean December 21, 2000.
Existing Series 2000-1 Supplement shall have the meaning assigned to such term in the recitals to this Supplement.
Existing Series 2000-1 VFC Certificate shall mean the Series 2000-1 VFC Certificate executed and authenticated by the Trustee in accordance with the Existing Series 2000-1 Supplement.
Existing Series 2000-1 VFC Certificateholder shall mean Jupiter Securitization Corporation.
Fee Letter shall mean the Fee Letter, dated as of the Series 2000-1 Issuance Date, among the Company, the Administrative Agent, the Funding Agents and the Series 2000-1 Conduit Purchasers.
Funding Agent shall mean, with respect to the JPMorgan VFC Purchaser Group, JPMorgan Chase Bank, N.A., and with respect to the Wachovia VFC Purchaser Group, Wachovia Capital Markets, LLC. For the avoidance of doubt, with respect to the Series 2000-1, Funding Agents shall mean only JPMorgan Chase Bank, N.A., and Wachovia Capital Markets, LLC.
Hedging Requirement shall mean, with respect to any Distribution Date, after giving effect to relevant distributions, Receivables and Collections which, taken together with any Series 2000-1 FX Hedging Agreements then in effect, denominated in one currency are sufficient to support the Aggregate Target Receivables Amount in the same currency on such Distribution Date.
Huntsman International shall mean Huntsman International LLC, a Delaware limited liability company.
JPMorgan Conduit shall mean (a) Jupiter and any successor thereto (or any Eligible Assignee which enters into a Series 2000-1 Commitment Transfer Supplement with Jupiter), or (b) any Series 2000-1 Acquiring Purchaser who becomes party to the Supplement at any time by entering into a Series 2000-1 Commitment Transfer Supplement with Jupiter; provided that at the time such Series 2000-1 Commitment Transfer Supplement becomes effective all references to Jupiter in any of the Transaction Documents as amended and
87
supplemented from time to time, including all defined terms therein, shall be references to such Series 2000-1 Acquiring Purchaser.
JPMorgan VFC Purchaser Group shall mean the VFC Purchaser Group consisting of JPMorgan Chase Bank, N.A. as a Funding Agent, Jupiter, as an initial Series 2000-1 Conduit Purchaser (or any Eligible Assignee which enters into a Series 2000-1 Commitment Transfer Supplement with Jupiter) and JPMorgan Chase Bank, N.A. as a Series 2000-1 APA Bank.
Jupiter shall mean Jupiter Securitization Corporation, a Delaware corporation.
LIBOR Rate shall mean, with respect to any Series 2000-1 Eurodollar Period, the rate at which deposits in dollars are offered to the Funding Agent for the relevant VFC Purchaser Group in the London interbank market at approximately 11:00 a.m. London time two (2) Business Days before the first day of such Series 2000-1 Eurodollar Period in an amount approximately equal to the Series 2000-1 Eurodollar Tranche to which the Eurodollar Rate is to apply and for a period of time approximately equal to the applicable Series 2000-1 Eurodollar Period.
PARCO shall mean Park Avenue Receivables Company, LLC, a Delaware limited liability company, and any successor thereto.
Permitted Designated Line of Business Disposition shall have the meaning assigned to such term in Annex X to the Agreement.
Placement Agent shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Pooled Commercial Paper shall mean, with respect to a Series 2000-1 Conduit Purchaser funding its interest in a Series 2000-1 CP Tranche through the issuance of Commercial Paper notes, Commercial Paper notes issued by (or on behalf of) such Series 2000-1 Conduit subject to any particular pooling arrangement by or applicable to such Series 2000-1 Conduit Purchaser, but excluding Commercial Paper notes issued by (or on behalf of) such Series 2000-1 Conduit Purchaser for a tenor and in an amount specifically requested by any Person in connection with any agreement effected by (or on behalf of) such Series 2000-1 Conduit Purchaser.
Pooled CP Rate shall mean, for each day during any Series 2000-1 CP Rate Period with respect to a Series 2000-1 Conduit Purchaser, to the extent such Series 2000-1 Conduit Purchaser funds all or a portion of its interest in the Notes by the issuance by it or on its behalf of Commercial Paper notes, the per annum rate equivalent to the sum as determined by the related Funding Agent (without duplication) of: (i) discount or yield accrued on Pooled Commercial Paper on such day; plus (ii) any and all applicable issuing and paying agent fees and commissions of placement agents and commercial paper dealers, and issuing and paying agent fees incurred, in respect of such Pooled Commercial Paper for such day; plus (iii) other costs associated with funding small or odd-lot amounts with respect to all receivable purchase facilities which are funded by Pooled Commercial Paper for such day; minus (iv) any accrual of income net of expenses received on such day from investment of collections received under all receivable purchase facilities funded substantially with Pooled Commercial Paper; minus (v) any payment received on such day net of expenses in respect of Broken Funding Costs related to the prepayment of any interest of any purchase facilities or funding facilities funded by Series 2000-1 Conduit Purchaser substantially with Pooled Commercial Paper;
88
plus (vi) costs associated with funding and maintaining currency hedge agreements related to the issuance of Pooled Commercial Paper; provided, however, that if any component of any such rate is a discount rate, in calculating the Pooled CP Rate for such Series 2000-1 CP Rate Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.
Potential Series 2000-1 Early Amortization Event shall mean an event which, with the giving of notice and/or the lapse of time, would constitute a Series 2000-1 Early Amortization Event.
Pro rata Share shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Purchased Percentage shall have the meaning assigned to such term in a Series 2000-1 Commitment Transfer Supplement substantially in the form attached as Exhibit B to the Series 2000-1 Supplement.
Purchaser Interest means, at any time with respect to Series 2000-1 Conduit Purchaser, the investment or other ownership interest acquired by such Series 2000-1 Conduit Purchaser and associated with the reinvestment of a designated amount of the principal of any Series 2000-1 VFC Certificate.
Sale Notice shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 shall mean the Series of Investor Certificates and the Subordinated Company Interests, the Principal Terms of which are set forth in the Series 2000-1 Supplement.
Series 2000-1 Accounts shall have the meaning assigned in Section 3A.02(a) of the Series 2000-1 Supplement.
Series 2000-1 Accrued Expense Adjustment shall mean, for any Business Day in any Accrual Period, the amount, if any, which may be less than zero, equal to the difference between:
(a) the entire amount of (i) the sum of all accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense and Series 2000-1 Daily Euro Interest Expense from the beginning of such Accrual Period to and including such Business Day, (ii) the Series 2000-1 Monthly Servicing Fee, (iii) the aggregate amount of all previously accrued and unpaid Series 2000-1 U.S. Dollar Monthly Interest and Series 2000-1 Euro Monthly Interest for prior Distribution Dates, (iv) the aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar Additional Interest and Series 2000-1 Euro Additional Interest and (v) all accrued Series 2000-1 Program Costs, in each case for such Accrual Period determined as of such day; and
(b) the aggregate of the amounts transferred to the Series 2000-1 Non-Principal Concentration Subaccount on or before such day in respect of such Accrual Period pursuant to Section 3A.03(a)(i) and (ii) of the Series 2000-1 Supplement, before giving effect to any transfer made in respect of the Series 2000-1 Accrued Expense Adjustment on such day pursuant to the proviso to such Section.
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Series 2000-1 Accrued Expense Amount shall mean, for each Business Day during an Accrual Period, the sum of:
(a) in the case of each of the first ten Business Days in the Accrual Period, one tenth of the Series 2000-1 Monthly Servicing Fee, (in the case of the foregoing clause (a), up to the amount thereof due and payable on the succeeding Distribution Date);
(b) in the case of each Business Day of each Accrual Period, an amount equal to the amount of accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense and Series 2000-1 Daily Euro Interest Expense in respect of such day;
(c) the aggregate amount of all previously accrued and unpaid Series 2000-1 U.S. Dollar Monthly Interest and Series 2000-1 Euro Monthly Interest for prior Distribution Dates;
(d) the aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar Additional Interest and Series 2000-1 Euro Additional Interest; and
(e) all Series 2000-1 Program Costs that have accrued since the preceding Business Day.
Series 2000-1 Accrued Interest Subaccounts shall have the meaning assigned in Section 3A.02(a)(iv) of the Series 2000-1 Supplement.
Series 2000-1 Acquiring Purchaser shall have the meaning assigned to such term in Section 11.10(b) of the Series 2000-1 Supplement.
Series 2000-1 Acquisition Date shall have the meaning assigned to such term in Section 7.01 of the Series 2000-1 Supplement.
Series 2000-1 Adjusted Invested Amount shall mean, as of any date of determination, (i) the Series 2000-1 Invested Amount on such date, minus (ii) the amount on deposit in the Series 2000-1 Principal Concentration Subaccount on such date (up to a maximum of the Series 2000-1 Invested Amount).
Series 2000-1 Aggregate Commitment Amount shall mean, with respect to any Business Day, the aggregate amount of the Series 2000-1 Commitments of all Series 2000-1 APA Banks on such date, as reduced from time to time or terminated in their entirety pursuant to Section 2.08 of the Series 2000-1 Supplement.
Series 2000-1 Aggregate Unpaids shall mean, at any time, an amount equal to the sum of:
(a) the Series 2000-1 Invested Amount;
(b) the aggregate amount of all previously accrued and unpaid Series 2000-1 Monthly Interest for prior Distribution Dates;
(c) the aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar Additional Amount and Series 2000-1 Euro Additional Interest;
(d) any Series 2000-1 Commitment Fee payable to the Funding Agent for the benefit of the Series 2000-1 Purchasers; and
90
(e) all other amounts owed (whether due or accrued) under the Transaction Documents by the Company or the Master Servicer to the Series 2000-1 Conduit Purchases, the Series 2000-1 APA Banks or the Funding Agents at such time.
Series 2000-1 Allocable Charged Off Amount shall mean, with respect to any Special Allocation Settlement Report Date, the Allocable Charged Off Amount, if any, that has been allocated to Series 2000-1.
Series 2000-1 Allocable Recoveries Amount shall mean, with respect to any Special Allocation Settlement Report Date, the Allocable Recoveries Amount, if any, that has been allocated to Series 2000-1.
Series 2000-1 Allocated Receivables Amount shall mean, on any date of determination, the lower of (i) the Series 2000-1 Target Receivables Amount on such day and (ii) the product of (x) the Aggregate Receivables Amount on such day multiplied by (y) the percentage equivalent of a fraction the numerator of which is the Series 2000-1 Target Receivables Amount on such day and the denominator of which is the Aggregate Target Receivables Amount on such day.
Series 2000-1 Amortization Period shall mean the period commencing on the Business Day following the Series 2000-1 Revolving Period and ending on the date when the Series 2000-1 Invested Amount shall have been reduced to zero and all accrued interest and other amounts owing on the Series 2000-1 VFC Certificates and to the Funding Agents and the Series 2000-1 Purchasers under the Transaction Documents shall have been paid.
Series 2000-1 APA Bank shall mean any APA Bank party to the Series 2000-1 Supplement and a Series 2000-1 Asset Purchase Agreement, including such APA Banks permitted successors or assigns.
Series 2000-1 Applicable Margin shall mean on any date of determination, the margin set forth opposite the rating applicable to the Servicer Guarantor at the time of such determination in the grid set forth below.
Rating of Servicer |
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Applicable Margin for |
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Applicable Margin for |
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S&P |
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Moodys |
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(% per annum) |
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(% per annum) |
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BBB- |
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Baa3 |
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0.375 |
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1.00 |
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BB+ |
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Ba1 |
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0.450 |
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1.00 |
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BB |
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Ba2 |
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0.550 |
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1.00 |
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BB- |
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Ba3 |
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0.600 |
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1.00 |
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B+ |
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B1 |
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0.750 |
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1.25 |
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B |
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B2 |
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1.000 |
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1.25 |
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B- |
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B3 |
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1.100 |
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1.25 |
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91
Series 2000-1 Article VII Costs shall mean any amounts due pursuant to Article VII of the Series 2000-1 Supplement.
Series 2000-1 Asset Purchase Agreement shall mean each asset or liquidity purchase agreement or similar agreement entered into by and among a Series 2000-1 Conduit Purchaser, its related Funding Agent and the Series 2000-1 APA Banks in its VFC Purchaser Group from time to time party thereto and relating to the Trust, as the same from time to time may be amended, supplemented or otherwise modified and in effect.
Series 2000-1 Available Pricing Amount shall mean, on any Business Day, the sum of (i) the Series 2000-1 Unallocated Balance plus (ii) the Series 2000-1 Increase, if any, on such date.
Series 2000-1 Benefited Purchaser shall have the meaning assigned in Section 11.12(a) of the Series 2000-1 Supplement.
Series 2000-1 Carrying Cost Reserve Ratio shall mean, as of any Settlement Report Date and continuing until (but not including) the next Settlement Report Date, an amount (expressed as a percentage) equal to (a) the product of (i) 2.0 times Days Sales Outstanding as of such day and (ii) the greater of 1.30 times (1) the ABR in effect as of such day plus the Series 2000-1 Applicable Margin and (2) the Eurodollar Rate plus the Series 2000-1 Applicable Margin, each as in effect as of such day divided by (b) 365.
Series 2000-1 Collections shall mean, with respect to any Business Day, an amount equal to the product of (i) the Series 2000-1 Invested Percentage on such Business Day and (ii) Aggregate Daily Collections.
Series 2000-1 Commitment shall mean, as to any Series 2000-1 APA Bank, its obligation to purchase a Series 2000-1 VFC Certificate on the Series 2000-1 Issuance Date, to acquire all or part of a Series 2000-1 VFC Certificate Interest with respect to the Series 2000-1 Conduit Purchaser in its VFC Purchaser Group and to maintain and, subject to certain conditions, increase, its Series 2000-1 Purchaser Invested Amount plus any accrued and unpaid discount therefrom, in an aggregate amount, in each case, not to exceed at any one time outstanding the amount set forth opposite such Series 2000-1 APA Banks name on Schedule I of the Series 2000-1 Supplement and Annex I of the applicable Series 2000-1 Asset Purchase Agreement under the caption Commitment, or in its Series 2000-1 Commitment Transfer Supplement as such amount may be reduced from time to time pursuant to Section 2.08(e) of the Series 2000-1 Supplement; collectively, as to all Series 2000-1 APA Banks, the Series 2000-1 Commitments.
Series 2000-1 Commitment Percentage shall mean, as to any Series 2000-1 APA Bank and as of any date, the percentage equivalent of a fraction, the numerator of which is such Series 2000-1 APA Banks Series 2000-1 Commitment as set forth on Schedule I of the Series 2000-1 Supplement and Annex I of the applicable Series 2000-1 Asset Purchase Agreement or in its Series 2000-1 Commitment Transfer Supplement and the denominator of which is the Series 2000-1 Aggregate Commitment Amount as of such date.
Series 2000-1 Commitment Period shall mean the period commencing on the Series 2000-1 Issuance Date and terminating on the Series 2000-1 Commitment Termination Date.
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Series 2000-1 Commitment Reduction shall have the meaning assigned to such term in Section 2.08(a) of the Series 2000-1 Supplement.
Series 2000-1 Commitment Termination Date shall mean the earliest to occur of (a) the date on which all amounts due and owing to the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks in respect of the Series 2000-1 VFC Certificates have been indefeasibly paid in full to the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks (as certified by each of the Funding Agents with respect to its VFC Purchaser Group), and the Series 2000-1 Aggregate Commitment Amount has been reduced to zero pursuant to Section 2.08 of the Series 2000-1 Supplement and Section 2.05 (or corresponding section) of the applicable Series 2000-1 Asset Purchase Agreement and (b) the Series 2000-1 Scheduled Commitment Termination Date.
Series 2000-1 Commitment Transfer Supplement shall mean a commitment transfer supplement substantially in the form of Exhibit B attached to the Series 2000-1 Supplement.
Series 2000-1 Concentration Accounts shall have the meaning assigned to such term in Section 3A.02(a)(i) of the Series 2000-1 Supplement.
Series 2000-1 Conduit Purchaser shall mean each of Jupiter and VFCC, including their respective successors and assigns, but excluding the Series 2000-1 APA Banks as assignees pursuant to Section 2.06 of the Series 2000-1 Supplement.
Series 2000-1 CP Rate means, for any Series 2000-1 CP Rate Period with respect to a Series 2000-1 Conduit Purchaser, to the extent such Series 2000-1 Conduit Purchaser funds all or a portion of its interest in a Series 2000-1 CP Tranche by the issuance by it (or on its behalf) of Commercial Paper notes, the per annum rate equivalent to, as determined by the related Funding Agent, (a) the weighted average Pooled CP Rate for such Series 2000-1 CP Rate Period with respect to such Series 2000-1 Conduit Purchaser or (b) the weighted average Allocated CP Rate for such Series 2000-1 CP Rate Period with respect to such Series 2000-1 Conduit Purchaser, as applicable, in each case including (without duplication) costs associated with other borrowings by such Series 2000-1 Conduit Purchaser and any other costs associated with the issuance of Commercial Paper notes of or related to the issuance of Commercial Paper notes that are allocated, in whole or in part, by such Series 2000-1 Conduit Purchaser or the related Funding Agent to fund or maintain such interest (and which may also be allocated in part to the funding of other assets of such Series 2000-1 Conduit Purchaser).
Series 2000-1 CP Rate Period shall mean, with respect to any Series 2000-1 CP Tranche, an Accrual Period.
Series 2000-1 CP Tranche shall mean a portion of the Series 2000-1 Invested Amount for which the Series 2000-1 Monthly Interest is calculated by reference to a particular Series 2000-1 CP Rate and a particular Series 2000-1 CP Rate Period.
Series 2000-1 Daily Euro Interest Deposit shall mean, for any Business Day, an amount equal to (i) the amount of accrued and unpaid Series 2000-1 Daily Euro Interest Expense in respect of such day plus (ii) the aggregate amount of all previously accrued and unpaid Series 2000-1 Daily Euro Interest Expense that has not yet been deposited in a Series 2000-1 Accrued Interest Subaccount plus (iii) the aggregate amount of all accrued and unpaid Series 2000-1 Euro Additional Interest.
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Series 2000-1 Daily Euro Interest Expense for any day in any Accrual Period, shall mean the sum of:
(a) the product of (i) the portion of the Series 2000-1 Euro Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser Euro Invested Amount) allocable to the Series 2000-1 Floating Tranche on such day divided by 365 and (ii) the ABR plus the Series 2000-1 Applicable Margin in effect on such day plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day;
(b) the product of (i) the portion of the Series 2000-1 Euro Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser Euro Invested Amount) allocable to Series 2000-1 Eurodollar Tranches on such day divided by 360 and (ii) the Eurodollar Rate plus the Series 2000-1 Applicable Margin on such day in effect with respect thereto plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day; and
(c) the product of (i) the Series 2000-1 Euro Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser Euro Invested Amount) allocable to Series 2000-1 CP Tranches on such day divided by 360 and (ii) the Series 2000-1 CP Rate plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day plus the accrued and unpaid Series 2000-1 Utilization Fee in respect of such day;
provided, however, that for the purposes of calculating Series 2000-1 Euro Monthly Interest, the Series 2000-1 Daily Euro Interest Expense for any day following the date of determination shall be based on the allocable portions of the Series 2000-1 Euro Invested Amount, the ABR, Eurodollar Rate, the Series 2000-1 CP Rate and the applicable Series 2000-1 Margin and the Series 2000-1 Utilization Fee Rate, as of or in effect on such date of determination; provided, further, that for any such day during the continuation of a Series 2000-1 Early Amortization Period, the Series 2000-1 Daily Euro Interest Expense for such day shall be equal to the greater of (i) the sum of the amounts calculated pursuant to clauses (a), (b) and (c) above and (ii) the product of (x) the Series 2000-1 Euro Invested Amount on such day divided by 365 and (y) (A) the ABR in effect on such day plus 2.00% per annum or (B) the Series 2000-1 CP Rate plus 2.00% per annum.
Series 2000-1 Daily U.S. Dollar Interest Deposit shall mean, for any Business Day, an amount equal to (i) the amount of accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense in respect of such day plus (ii) the aggregate amount of all previously accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense that has not yet been deposited in a Series 2000-1 Accrued Interest Subaccount plus (iii) the aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar Additional Interest.
Series 2000-1 Daily U.S. Dollar Interest Expense for any day in any Accrual Period, shall mean the sum of:
(a) the product of (i) the portion of the Series 2000-1 U.S. Dollar Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser U.S. Dollar Invested Amount) allocable to the Series 2000-1 Floating Tranche on such day divided by 365 and (ii) the ABR plus the Series 2000-1
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Applicable Margin in effect on such day plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day;
(b) the product of (i) the portion of the Series 2000-1 U.S. Dollar Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser U.S. Dollar Invested Amount) allocable to Series 2000-1 Eurodollar Tranches on such day divided by 360 and (ii) the Eurodollar Rate plus the Series 2000-1 Applicable Margin on such day in effect with respect thereto plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day; and
(c) the product of (i) the Series 2000-1 U.S. Dollar Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser U.S. Dollar Invested Amount) allocable to Series 2000-1 CP Tranches on such day divided by 360 and (ii) the Series 2000-1 CP Rate plus the accrued and unpaid Series 2000-1 Unused Fee in respect of such day plus the accrued and unpaid Series 2000-1 Utilization Fee in respect of such day;
provided, however, that for the purposes of calculating Series 2000-1 U.S. Dollar Monthly Interest, the Series 2000-1 Daily U.S. Dollar Interest Expense for any day following the date of determination shall be based on the allocable portions of the Series 2000-1 U.S. Dollar Invested Amount, the ABR, Eurodollar Rate, the Series 2000-1 CP Rate and the applicable Series 2000-1 Margin and the Series 2000-1 Utilization Fee Rate, as of or in effect on such date of determination; provided, further, that for any such day during the continuation of a Series 2000-1 Early Amortization Period, the Series 2000-1 Daily U.S. Dollar Interest Expense for such day shall be equal to the greater of (i) the sum of the amounts calculated pursuant to clauses (a), (b) and (c) above and (ii) the product of (x) the Series 2000-1 U.S. Dollar Invested Amount on such day divided by 365 and (y) (A) the ABR in effect on such day plus 2.00% per annum or (B) the CP Rate plus 2.00% per annum.
Series 2000-1 Decrease shall have the meaning assigned to such term in Section 2.07(a) of the Series 2000-1 Supplement.
Series 2000-1 Defaulting APA Bank shall have the meaning assigned to such term in Section 2.06(c) of the Series 2000-1 Supplement or to the term Defaulting APA Bank or Defaulting Investor in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Dilution Reserve Ratio shall mean, as of any Settlement Report Date, and continuing until (but not including) the next Settlement Report Date, an amount (expressed as a percentage) that is calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, as the case may be, as follows:
DRR = [(c * d) + [(e d) * (e / d)]] * f
where:
DRR = Series 2000-1 Dilution Reserve Ratio;
c = (i) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 2.0 if the Servicer Guarantors corporate credit rating by S&P is equal
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to or greater than BBB- or the corporate family rating by Moodys is equal to or greater than Baa3;
(ii) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 2.25 if the Servicer Guarantors corporate credit rating by S&P is equal to or greater than B+ but less than BBB- or the corporate family rating by Moodys is equal to or greater than B1 but less than Baa3; or
(iii) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificates and the Series 2000-1 Euro VFC Certificates, 2.5 if the Servicer Guarantors corporate credit rating by S&P is B or below and the corporate family rating by Moodys is B2 or below;
in each case, provided that if the Company has different ratings from S&P and Moodys at any time, the higher of the S&P or Moodys rating shall apply; provided, further, that if the difference in ratings is (1) two notches, the rating between the two ratings shall apply and (2) more than two notches, the rating one notch above the lower of the two ratings shall apply;
d = the twelve month rolling average of the Dilution Ratio that occurred during the period of twelve consecutive Settlement Periods ending immediately prior to such earlier Settlement Report Date;
e = the highest Dilution Ratio that occurred during the period of twelve consecutive Settlement Periods ending prior to such earlier Settlement Report Date; and
f = the Dilution Period.
Series 2000-1 Early Amortization Date Balance shall have the meaning assigned to the term Termination Date Balance in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Early Amortization Event shall have the meanings assigned to such term in Section 5.01 of the Series 2000-1 Supplement.
Series 2000-1 Early Amortization Period shall have the meanings assigned to such term in Section 5.01 of the Series 2000-1 Supplement.
Series 2000-1 Euro Accrued Interest Subaccount shall have the meaning assigned to such term in Section 3A.02(a)(iv) of the Series 2000-1 Supplement.
Series 2000-1 Euro Additional Interest shall have the meaning assigned to such term in Section 3A.04(b)(ii) of the Series 2000-1 Supplement.
Series 2000-1 Euro Certificate Rate shall mean, on any date of determination, the average (weighted based on the respective outstanding amounts of each Series 2000-1 Floating Tranche, each Series 2000-1 CP Tranche and each Series 2000-1 Eurodollar Tranche) of the ABR, the Series 2000-1 CP Rate and Eurodollar Rate in effect on such day plus, in the case
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of the ABR and the Eurodollar Rate, the applicable Series 2000-1 Applicable Margin and in the case of the Series 2000-1 CP Rate, the Series 2000-1 Utilization Fee Rate in respect of the Series 2000-1 Euro VFC Certificate.
Series 2000-1 Euro Concentration Account shall have the meaning assigned to such term in Section 3A.02(a)(i) of the Series 2000-1 Supplement.
Series 2006-1 Euro Interest Shortfall shall have the meaning assigned to such term in Section 3.04(b)(ii) of this Supplement.
Series 2000-1 Euro Invested Amount shall mean, on any date of determination, the aggregate sum of the Series 2000-1 Purchaser Euro Invested Amount for each Series 2000-1 Purchaser on such date.
Series 2000-1 Euro Monthly Interest shall mean, with respect to any Accrual Period, the sum of the Series 2000-1 Daily Euro Interest Expense for each day in such Accrual Period.
Series 2000-1 Euro Monthly Interest Distribution shall have the meaning assigned to such term in Section 3A.04(a)(i)(2) of the Series 2000-1 Supplement.
Series 2000-1 Euro Monthly Interest Payment shall have the meaning assigned to such term in Section 3A.06(a)(x) of the Series 2000-1 Supplement.
Series 2000-1 Euro Monthly Principal Payment shall have the meaning assigned to such term in Section 3A.05(a) of the Series 2000-1 Supplement.
Series 2000-1 Euro Non-Principal Concentration Subaccount shall mean the account established by the Trustee pursuant to Section 3A.02(a)(iii) of the Supplement.
Series 2000-1 Euro Principal Concentration Subaccount shall have the meaning assigned to such term in Section 3A.02(a)(ii) of the Series 2000-1 Supplement.
Series 2000-1 Euro VFC Certificate shall mean the Series 2000-1 Euro VFC Certificate executed and authenticated by the Trustee, substantially in the form of Exhibit A-2 attached to the Series 2000-1 Supplement.
Series 2000-1 Euro VFC Certificateholder shall mean the registered holder of a Series 2000-1 Euro VFC Certificate.
Series 2000-1 Eurodollar Period shall mean, with respect to the applicable VFC Purchaser Group and any Series 2000-1 Eurodollar Tranche:
(a) initially, following a Conduit Purchaser Termination Event with respect to the related Series 2000-1 Conduit Purchaser or any other Series 2000-1 Purchase with respect to the related Series 2000-1 Conduit Purchaser, the period commencing on such Conduit Purchaser Termination Event with respect to the related Series 2000-1 Conduit Purchaser or any other Series 2000-1 Purchase with respect to the related Series 2000-1 Conduit Purchaser and ending one month thereafter; and
(b) thereafter, each period commencing on the last day of the immediately preceding Series 2000-1 Eurodollar Period applicable to such Series 2000-1 Eurodollar Tranche and ending one month thereafter;
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provided that, all of the foregoing provisions relating to Series 2000-1 Eurodollar Periods are subject to the following:
(1) if any Series 2000-1 Eurodollar Period would otherwise end on a day that is not a Business Day, such Series 2000-1 Eurodollar Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Series 2000-1 Eurodollar Period into another calendar month in which event such Series 2000-1 Eurodollar Period shall end on the immediately preceding Business Day;
(2) any Series 2000-1 Eurodollar Period that would otherwise extend beyond the Series 2000-1 Revolving Period shall end on the last day of the Series 2000-1 Revolving Period; and
(3) any Series 2000-1 Eurodollar Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Series 2000-1 Eurodollar Period) shall end on the last Business Day of a calendar month.
Series 2000-1 Eurodollar Tranche shall mean, with respect to an applicable VFC Purchaser Group, a portion of the Series 2000-1 Invested Amount with respect to an applicable VFC Purchaser Group, for which the Series 2000-1 Monthly Interest is calculated by reference to the Eurodollar Rate determined by reference to a particular Series 2000-1 Eurodollar Period.
Series 2000-1 Excluded Taxes shall have the meaning assigned to such term in Section 7.03(a) of the Series 2000-1 Supplement.
Series 2000-1 Floating Tranche shall mean, with respect to an applicable VFC Purchaser Group, on or after a Conduit Purchaser Termination Event with respect to the related Series 2000-1 Conduit Purchaser or any other Series 2000-1 Purchase with respect to the related Series 2000-1 Conduit Purchaser, that portion of the Series 2000-1 Invested Amount with respect to such VFC Purchaser Group not allocated to a Series 2000-1 Eurodollar Tranche for which the Series 2000-1 Monthly Interest is calculated by reference to the ABR.
Series 2000-1 FX Forward Agreement shall mean a contract pursuant to a Series 2000-1 FX Hedging Agreement between the Trustee and a FX Counterparty whereby the Trustee agrees to sell at a certain date, a certain amount of any U.S. Dollars, Pounds Sterling or Euros at the Forward Rate and the FX Counterparty agrees to deliver U.S. Dollars or Euros on such date, and whereby the maturity date of each Series 2000-1 FX Forward Agreement will be equal to the corresponding maturity date of the relevant Series 2000-1 Eurodollar Tranche, Series 2000-1 Floating Tranche or Series 2000-1 CP Tranche (or the weighted average of the maturity dates of such tranches); provided further that if, the Series 2000-1 Invested Amount has not been reduced to zero at the Series 2000-1 Scheduled Maturity Date, the Trustee will enter into the last set of Series 2000-1 FX Forward Agreements which will mature on the Business Day immediately preceding the Series 2000-1 Final Maturity Date. For purposes of the FX Hedging Policy maturity dates with respect to FX Forward Agreements will be determined on the basis of this definition.
Series 2000-1 FX Hedging Agreement shall mean a currency hedge agreement (including any Series 2000-1 FX Forward Agreements thereunder) pursuant to a 1992 International
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Swaps and Derivatives Association Master Agreement between the Trustee and a FX Counterparty.
Series 2000-1 Increase shall have the meaning assigned to such term in Section 2.05(a) of the Series 2000-1 Supplement.
Series 2000-1 Increase Amount shall have the meaning assigned to such term in Section 2.05(a) of the Series 2000-1 Supplement.
Series 2000-1 Increase Date shall have the meaning assigned to such term in Section 2.05(a) of the Series 2000-1 Supplement.
Series 2000-1 Indemnified Amounts shall have the meaning assigned to such term in Section 2.10(a) of the Series 2000-1 Supplement.
Series 2000-1 Indemnified Parties shall have the meaning assigned to such term in Section 2.10(a) of the Series 2000-1 Supplement.
Series 2000-1 Initial Euro Invested Amount shall mean 212,500,000.00.
Series 2000-1 Initial Invested Amount shall mean the sum of the Series 2000-1 Initial U.S. Dollar Invested Amount and the Series 2000-1 Initial Euro Invested Amount.
Series 2000-1 Initial U.S. Dollar Invested Amount shall mean $217,600,000.00.
Series 2000-1 Initial Subordinated Interest Amount shall mean the Series 2000-1 Subordinated Interest Amount on the Series 2000-1 Issuance Date.
Series 2000-1 Invested Amount shall mean, on any date of determination, together the Series 2000-1 U.S. Dollar Invested Amount and the Series 2000-1 Euro Invested Amount.
Series 2000-1 Invested Percentage shall mean, with respect to any Business Day:
(a) during the Series 2000-1 Revolving Period, the percentage equivalent of a fraction, the numerator of which is the Series 2000-1 Allocated Receivables Amount as of the end of the immediately preceding Business Day and the denominator of which is the greater of (A) the Aggregate Receivables Amount as of the end of the immediately preceding Business Day and (B) the sum of the numerators used to calculate the Invested Percentage for all Outstanding Series on the Business Day for which such percentage is determined; and
(b) during the Series 2000-1 Amortization Period, the percentage equivalent of a fraction, the numerator of which is the Series 2000-1 Allocated Receivables Amount as of the end of the last Business Day of the Series 2000-1 Revolving Period (provided that if during the Series 2000-1 Amortization Period, the amortization periods of all other Outstanding Series which were outstanding prior to the commencement of the Series 2000-1 Amortization Period commence, then, from and after the date the last of such series commences its Amortization Period, the numerator shall be the Series 2000-1 Allocated Receivables Amount as of the end of the Business Day preceding such date) and the denominator of which is the greater of (A) the Aggregate Receivables Amount as of the end of the immediately preceding Business Day and (B) the sum of
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the numerators used to calculate the Invested Percentage for all Outstanding Series on the Business Day for which such percentage is determined.
Series 2000-1 Issuance Date shall mean April 18, 2006.
Series 2000-1 Loss Amount, with respect to any VFC Purchaser Group, shall have the meaning assigned to the term Loss Amount in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Loss Reserve Ratio shall mean, on any Settlement Report Date, and continuing until (but not including) the next Settlement Report Date, an amount (expressed as a percentage) that is calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, as the case may be, as follows:
LRR = [(a * b)/c] * d * e
where:
LRR = Series 2000-1 Loss Reserve Ratio;
a = the aggregate Principal Amount of Receivables contributed by Huntsman International to the Company (and in which a Participation and a security interest has been granted by the Company to the Trust) during the three Settlement Periods immediately preceding such earlier Settlement Report Date;
b = the highest three month rolling average of the Aged Receivables Ratio that occurred during the period of twelve consecutive Settlement Periods ending prior to such earlier Settlement Report Date;
c = the Aggregate Receivables Amount as of the last day of the Settlement Period immediately preceding such earlier Settlement Report Date;
d = (i) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 2.0 if the Servicer Guarantors corporate credit rating by S&P is equal to or greater than BBB- or the corporate family rating by Moodys is greater than or equal to Baa3;
(ii) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 2.25 if the Servicer Guarantors corporate credit rating by S&P is equal to or greater than B+ but less than BBB- or the corporate family rating by Moodys is equal to or greater than B1 but less than Baa3; or
(iii) with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 2.5 if the Servicer Guarantors corporate credit rating by S&P is B or below and the corporate family rating by Moodys is B2 or below;
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in each case, provided that if the Company has different ratings from S&P and Moodys at any time, the higher of the S&P or Moodys rating shall apply; provided, further, that if the difference in ratings is (1) two notches, the rating between the two ratings shall apply and (2) more than two notches, the rating one notch above the lower of the two ratings shall apply; and
e = Payment Terms Factor.
Series 2000-1 Majority Purchasers shall mean (i) on any day prior to the occurrence of a Conduit Purchaser Termination Event, the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks having, in the aggregate, more than 50% of the Series 2000-1 Aggregate Commitment Amount and (ii) on or after the occurrence of a Conduit Purchaser Termination Event, the Series 2000-1 APA Banks having, in the aggregate, more than 50% of the Series 2000-1 Aggregate Commitment Amount.
Series 2000-1 Maximum Commitment Amount shall mean initially $510,000,000, as such amount may be reduced from time to time in accordance with the Transaction Documents.
Series 2000-1 Maximum Invested Amount shall mean, on any day, the lesser of (a) the Series 2000-1 Maximum Commitment Amount as of such day divided by 1.02 and (b) the Aggregate Receivables Amount as of such day minus the Series 2000-1 Required Subordinated Amount as of such day.
Series 2000-1 Minimum Ratio shall mean, as of any Settlement Report Date and continuing until (but not including) the next Settlement Report Date, an amount (expressed as a percentage) that is calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, as the case may be, as follows:
MR = (a * b) + c
where:
MR = Series 2000-1 Minimum Ratio;
a = the average of the Dilution Ratio during the period of the twelve consecutive Settlement Periods ending prior to such earlier Settlement Report Date;
b = the Dilution Period; and
c = with respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificate, 12.5%.
Series 2000-1 Monthly Interest shall mean, together, the Series 2000-1 U.S. Dollar Monthly Interest and the Series 2000-1 Euro Monthly Interest.
Series 2000-1 Monthly Servicing Fee shall have the meaning assigned to such term in Section 6.01 of the Series 2000-1 Supplement.
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Series 2000-1 Non-Defaulting APA Bank shall have the meaning assigned to such term in Section 2.06(c) of the Series 2000-1 Supplement or to the term Non-Defaulting APA Bank or Non-Defaulting Investor in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Non-Excluded Taxes shall have the meaning assigned to such term in Section 7.03(a) of the Series 2000-1 Supplement.
Series 2000-1 Non-Principal Concentration Subaccounts shall mean each of the accounts designated as such and established by the Trustee pursuant to Section 3A.02(a)(ii) of the Series 2000-1 Supplement.
Series 2000-1 Optional Termination Date shall have the meaning assigned to such term in Section 2.14 of the Series 2000-1 Supplement.
Series 2000-1 Other Taxes shall have the meaning assigned to such term in Section 7.03(a) of the Series 2000-1 Supplement.
Series 2000-1 Participants shall have the meaning assigned in Section 11.10(f) of the Series 2000-1 Supplement.
Series 2000-1 Percentage Factor shall mean the fraction, expressed as a percentage, computed on any date of determination as follows: (i) the Series 2000-1 Target Receivables Amount on such date, divided by (ii) the Series 2000-1 Allocated Receivables Amount plus any funds on deposit in the subaccount for the General Reserve Account relating to Series 2000-1. The Series 2000-1 Percentage Factor shall be calculated by the Master Servicer on the Series 2000-1 Issuance Date. Thereafter, until the Series 2000-1 Termination Date, the Master Servicer shall recompute the Series 2000-1 Percentage Factor as of the close of business on each Business Day and report such recomputations to the Administrative Agent and the Funding Agents in the Daily Report, Monthly Settlement Report and as otherwise requested by the Administrative Agent or either Funding Agent. The Series 2000-1 Percentage Factor shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation shall be made, notwithstanding any additional Receivables arising or any Series 2000-1 Increase or Series 2000-1 Decrease during any period between computations of the Series 2000-1 Percentage Factor. The Series 2000-1 Percentage Factor shall remain constant at 100% at all times on and after the date upon which the Series 2000-1 Amortization Period commences until such time as the respective Funding Agents, on behalf of the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks in its VFC Purchaser Group, shall have received the Series 2000-1 Aggregate Unpaids in cash.
Series 2000-1 Pound Sterling Accrued Interest Subaccount shall have the meaning assigned to such term in Section 3A.02(a)(iv) of the Series 2000-1 Supplement.
Series 2000-1 Pound Sterling Concentration Account shall mean the account established by the Trustee pursuant to Section 3A.02(a)(i) of the Supplement.
Series 2000-1 Pound Sterling Non-Principal Concentration Subaccount shall mean the account established by the Trustee pursuant to Section 3A.02(a)(iii) of the Supplement.
Series 2000-1 Pound Sterling Principal Concentration Subaccount shall mean the account established by the Trustee pursuant to Section 3A.02(a)(ii) of the Supplement.
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Series 2000-1 Principal Concentration Subaccounts shall mean each of the accounts designated as such and established by the Trustee pursuant to Section 3A.02(a)(ii) of the Series 2000-1 Supplement.
Series 2000-1 Program Costs shall mean, for any Business Day, the sum of:
(a) all expenses, indemnities and other amounts due and payable to the Series 2000-1 Purchasers and the Funding Agent under the Pooling Agreement or the Series 2000-1 Supplement (including any Series 2000-1 Article VII Costs);
(b) the product of (i) all unpaid fees and expenses due and payable to counsel to, and independent auditors of, the Company (other than fees and expenses payable on or in connection with the closing of the issuance of the Series 2000-1 VFC Certificate) and (ii) a fraction, the numerator of which is the Series 2000-1 Aggregate Commitment Amount on such Business Day, and the denominator of which is the sum of (x) the Invested Amount on such Business Day for all Series then Outstanding (excluding Series 2000-1), and (y) the Series 2000-1 Aggregate Commitment Amount on such Business Day; and
(c) all unpaid fees and expenses due and payable to the Series 2000-1 Rating Agencies.
Series 2000-1 Purchase shall mean any assignment by any Series 2000-1 Conduit Purchaser to the Series 2000-1 APA Banks in its VFC Purchaser Group of all or a portion of such Series 2000-1 Conduit Purchasers right, title and interest in and to its Series 2000-1 Purchaser Invested Amount pursuant to Section 2.01 of the applicable Series 2000-1 Asset Purchase Agreement and Section 2.06 of the Series 2000-1 Supplement.
Series 2000-1 Purchase Amount shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Purchase Date shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Purchase Percentage shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Purchase Price shall have the meaning assigned to such term in the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Purchaser shall mean, prior to a Conduit Purchaser Termination Event with respect to a Series 2000-1 Conduit Purchaser, such Series 2000-1 Conduit Purchaser and each Series 2000-1 Acquiring Purchaser, and on and after a Conduit Purchaser Termination Event with respect to a Series 2000-1 Conduit Purchaser or a Series 2000-1 Purchase with respect to a Series 2000-1 Conduit Purchaser, the Series 2000-1 APA Banks in its VFC Purchaser Group and each Series 2000-1 Acquiring Purchaser with respect to such VFC Purchaser Group.
Series 2000-1 Purchaser Euro Invested Amount shall mean:
(a) with respect to a Series 2000-1 Conduit Purchaser on the Series 2000-1 Issuance Date, an amount equal to the relevant VFC Purchaser Groups VFC Pro Rata Share of the Series 2000-1 Initial Euro Invested Amount;
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(b) if a Series 2000-1 Conduit Purchaser does not fund any or all of the Series 2000-1 Initial Euro Invested Amount on such Series 2000-1 Issuance Date (x) with respect to such Series 2000-1 Conduit Purchaser, the Series 2000-1 Initial Euro Invested Amount so funded by such Series 2000-1 Conduit Purchaser and (y) with respect to the related Series 2000-1 APA Banks an amount equal to such Series 2000-1 APA Banks Series 2000-1 Commitment Percentage of the Series 2000-1 Initial Euro Invested Amount so funded by such Series 2000-1 APA Bank;
(c) with respect to any date of determination after the Series 2000-1 Issuance Date, an amount equal to:
(i) the Series 2000-1 Initial Euro Invested Amount allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on the immediately preceding Business Day, (or, with respect to the day as of which such Series 2000-1 Purchaser becomes a Series 2000-1 Purchaser, whether pursuant to Section 2.06 of the Series 2000-1 Supplement, by executing a counterpart of the Series 2000-1 Supplement, a Series 2000-1 Commitment Transfer Supplement or otherwise, the portion of the transferors Series 2000-1 Purchaser Euro Invested Amount being purchased), plus
(ii) the amount of its VFC Pro Rata Share of any Series 2000-1 Increase Amount pursuant to Section 2.05 of the Series 2000-1 Supplement made on such day, minus
(iii) the amount of any distributions received and applied to such Series 2000-1 Purchaser pursuant to Section 2.07 or Section 3A.06(c)(ii) of the Series 2000-1 Supplement on such day, minus
(iv) the aggregate Series 2000-1 Allocable Charged-Off Amount allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on or prior to such date pursuant to Section 3A.05(b)(ii) of the Series 2000-1 Supplement, plus
(v) the aggregate Series 2000-1 Allocable Recoveries Amount allocate to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on or prior to such date pursuant to Section 3A.05(c)(i) of the Series 2000-1 Supplement.
(d) For purposes of determining the Dollar equivalent of the Series 2000-1 Purchaser Euro Invested Amount, the Series 2000-1 Purchaser Euro Invested Amount shall be converted to U.S. Dollars at the Spot Rate.
Series 2000-1 Purchaser Invested Amount shall mean, the Series 2000-1 Purchaser U.S. Dollar Invested Amount and the Series 2000-1 Purchaser Euro Invested Amount.
Series 2000-1 Purchaser U.S. Dollar Invested Amount shall mean:
(a) with respect to a Series 2000-1 Conduit Purchaser on the Series 2000-1 Issuance Date, an amount equal to the relevant VFC Purchaser Groups VFC Pro Rata Share of the Series 2000-1 Initial U.S. Dollar Invested Amount;
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(b) if a Series 2000-1 Conduit Purchaser does not fund any or all of the Series 2000-1 Initial U.S. Dollar Invested Amount on such Series 2000-1 Issuance Date (x) with respect to such Series 2000-1 Conduit Purchaser, the Series 2000-1 Initial U.S. Dollar Invested Amount so funded by such Series 2000-1 Conduit Purchaser and (y) with respect to the related Series 2000-1 APA Banks an amount equal to such Series 2000-1 APA Banks Series 2000-1 Commitment Percentage of the Series 2000-1 Initial U.S. Dollar Invested Amount so funded by such Series 2000-1 APA Bank;
(c) with respect to any date of determination after the Series 2000-1 Issuance Date, an amount equal to:
(i) the Series 2000-1 Initial U.S. Dollar Invested Amount allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on the immediately preceding Business Day, (or, with respect to the day as of which such Series 2000-1 Purchaser becomes a Series 2000-1 Purchaser, whether pursuant to Section 2.06 of the Series 2000-1 Supplement, by executing a counterpart of the Series 2000-1 Supplement, a Series 2000-1 Commitment Transfer Supplement or otherwise, the portion of the transferors Series 2000-1 Purchaser U.S. Dollar Invested Amount being purchased), plus
(ii) the amount of its VFC Pro Rata Share of any Series 2000-1 Increase Amount pursuant to Section 2.05 of the Series 2000-1 Supplement made on such day, minus
(iii) the amount of any distributions received and applied to such Series 2000-1 Purchaser pursuant to Section 2.07 or Section 3A.06(c)(ii) of the Series 2000-1 Supplement on such day, minus
(iv) the aggregate Series 2000-1 Allocable Charged-Off Amount allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on or prior to such date pursuant to Section 3A.05(b)(ii) of the Series 2000-1 Supplement, plus
(v) the aggregate Series 2000-1 Allocable Recoveries Amount allocate to the Series 2000-1 VFC Certificate Interest of such Series 2000-1 Purchaser on or prior to such date pursuant to Section 3A.05(c)(i) of the Series 2000-1 Supplement.
Series 2000-1 Purchase Price Deficit shall have the meaning assigned to such term in Section 2.06(c) of the Series 2000-1 Supplement.
Series 2000-1 Rating Agencies shall mean the collective reference to S&P and Moodys.
Series 2000-1 Ratio shall mean the greater of (i) the sum of the Series 2000-1 Dilution Reserve Ratio and the Series 2000-1 Loss Reserve Ratio and (ii) the Series 2000-1 Minimum Ratio.
Series 2000-1 Reduction Percentage shall mean, with respect to any Series 2000-1 Purchase for which there is a Series 2000-1 Loss Amount, the percentage equivalent of a fraction, the numerator of which is the applicable Series 2000-1 Loss Amount for such Series
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2000-1 Purchase and the denominator of which is the sum of (i) the Series 2000-1 Early Amortization Date Balance and (ii) such Series 2000-1 Loss Amount.
Series 2000-1 Register shall have the meaning assigned to such term in Section 11.10(d) of the Series 2000-1 Supplement.
Series 2000-1 Required APA Banks shall mean, on any day, the Series 2000-1 APA Banks having, in the aggregate, more than 51% of the Series 2000-1 Aggregate Commitment Amount.
Series 2000-1 Required Subordinated Amount shall mean:
(a) on any date of determination during the Series 2000-1 Revolving Period, an amount equal to the sum of:
(i) an amount equal to the product of (A) the Series 2000-1 Invested Amount on such day (after giving effect to any increase or decrease thereof on such day) and (B) a fraction the numerator of which is the Series 2000-1 Ratio and the denominator of which is one minus the Series 2000-1 Ratio;
(ii) the product of (A) the Series 2000-1 Invested Amount (after giving effect to any increase or decrease thereof on such day) and (B) a fraction the numerator of which is the Series 2000-1 Carrying Cost Reserve Ratio in effect for the Accrual Period in which such day falls and the denominator of which is one minus the Series 2000-1 Ratio; and
(iii) the product of (A) the aggregate Principal Amount of Receivables in the Trust on such day, (B) a fraction the numerator of which is the Series 2000-1 Invested Amount on such day, and the denominator of which is the sum of (1) the Series 2000-1 Aggregate Commitment Amount on such day (after giving effect to any increase or decrease thereof on such day) and (2) the Invested Amount on such day for all other Series then outstanding and (C) a fraction the numerator of which is the Servicing Reserve Ratio and the denominator of which is one minus the Series 2000-1 Ratio; and
(b) on any date of determination during the Series 2000-1 Amortization Period, an amount equal to the Series 2000-1 Required Subordinated Amount on the last Business Day of the Series 2000-1 Revolving Period; provided that such amount shall be adjusted on each Special Allocation Settlement Report Date, if any, as set forth in Section 3A.05(b)(i) and Section 3A.05(c)(ii) of the Series 2000-1 Supplement.
Series 2000-1 Revolving Period shall mean the period commencing on the Existing Series 2000-1 Issuance Date and terminating on the earlier to occur of the close of business on (i) the date on which a Series 2000-1 Early Amortization Period is declared to commence or automatically commences and (ii) the Series 2000-1 Commitment Termination Date.
Series 2000-1 Scheduled Commitment Termination Date shall mean (i) April 17, 2009, as may be extended for an additional 364 days from time to time in writing by the Series 2000-1 Conduit Purchasers, the Funding Agents and the Series 2000-1 APA Banks or (ii) the Series 2000-1 Optional Termination Date.
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Series 2000-1 Signing Date shall mean the date of the Amended and Restated Series 2000-1 Supplement.
Series 2000-1 Subordinated Interest Amount shall mean, for any date of determination, an amount equal to (i) the Series 2000-1 Allocated Receivables Amount minus (ii) the Series 2000-1 Adjusted Invested Amount.
Series 2000-1 Subordinated Interest Increase Amount shall have the meaning assigned to such term in Section 2.05(a) of the Series 2000-1 Supplement.
Series 2000-1 Subordinated Interest Reduction Amount shall have the meaning assigned in Section 2.07(b) of the Series 2000-1 Supplement.
Series 2000-1 Subordinated Interests shall have the meaning assigned to such term in Section 2.02(b) of the Series 2000-1 Supplement.
Series 2000-1 Supplement shall mean the First Amended and Restated Supplement to the Pooling Agreement relating to the Series 2000-1 Investor Certificates.
Series 2000-1 Target Receivables Amount shall mean, on any date of determination, the sum of (i) the Series 2000-1 Invested Amount on such day and (ii) the Series 2000-1 Required Subordinated Amount for such day.
Series 2000-1 Transfer Effective Date shall have the meaning specified in the Form of Transfer Supplement or Assignment and Acceptance attached to the applicable Series 2000-1 Asset Purchase Agreement.
Series 2000-1 Transfer Issuance Date shall mean the date on which a Series 2000-1 Commitment Transfer Supplement becomes effective pursuant to the terms of such Series 2000-1 Commitment Transfer Supplement.
Series 2000-1 Unallocated Balance shall mean, on any Business Day with respect to the APA Banks and the Series 2000-1 APA Banks Series 2000-1 Purchaser Invested Amount, the sum of (A) the portion of the Series 2000-1 Invested Amount for which interest is then being calculated by reference to the ABR and (B) the portion of the Series 2000-1 Invested Amount allocated to any Series 2000-1 Eurodollar Tranche that expires on such Business Day.
Series 2000-1 Unused Fee shall have the meaning assigned to such term in Section 2.09(b) of the Series 2000-1 Supplement.
Series 2000-1 Unused Fee Rate shall have the meaning assigned to such term in the Fee Letter.
Series 2000-1 U.S. Dollar Accrued Interest Subaccount shall have the meaning assigned to such term in Section 3A.02(a)(iv) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Additional Interest shall have the meaning assigned to such term in Section 3A.04(b)(i) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Certificate Rate shall mean, on any date of determination, the average (weighted based on the respective outstanding amounts of each Series 2000-1
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Floating Tranche, each Series 2000-1 CP Tranche and each Series 2000-1 Eurodollar Tranche) of the ABR, the Series 2000-1 CP Rate and Eurodollar Rate in effect on such day plus, in the case of the ABR and the Eurodollar Rate, the applicable Series 2000-1 Applicable Margin and in the case of the Series 2000-1 CP Rate, the Series 2000-1 Utilization Fee Rate in respect of the Series 2000-1 U.S. Dollar VFC Certificate.
Series 2000-1 U.S. Dollar Concentration Account shall mean the account designated as such and established by the Trustee pursuant to Section 3A.02(a)(i) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Interest Shortfall shall have the meaning assigned to such term in Section 3A.04(b)(i) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Invested Amount shall mean, on any date of determination, the aggregate sum of the Series 2000-1 Purchaser U.S. Dollar Invested Amount for each Series 2000-1 Purchaser on such date.
Series 2000-1 U.S. Dollar Monthly Interest shall mean, with respect to any Accrual Period, the sum of the Series 2000-1 Daily U.S. Dollar Interest Expense for each day in such Accrual Period.
Series 2000-1 U.S. Dollar Monthly Interest Distribution shall have the meaning assigned to such term in Section 3A.04(a)(i)(1) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Monthly Interest Payment shall have the meaning assigned to such term in Section 3A.06(a)(x) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Monthly Principal Payment shall have the meaning assigned to such term in Section 3A.05(a) of the Series 2000-1 Supplement.
Series 2000-1 U.S. Dollar Non-Principal Concentration Subaccount shall mean the account established by the Trustee pursuant to Section 3A.02(a)(iii) of the Supplement.
Series 2000-1 U.S. Dollar Principal Concentration Subaccount shall mean the account established by the Trustee pursuant to Section 3A.02(a)(ii) of the Supplement.
Series 2000-1 U.S. Dollar VFC Certificateholder shall mean the registered holder of a Series 2000-1 U.S. Dollar VFC Certificate.
Series 2000-1 U.S. Dollar VFC Certificate shall mean the Series 2000-1 U.S. Dollar VFC Certificate executed and authenticated by the Trustee, substantially in the form of Exhibit A-1 attached to the Series 2000-1 Supplement.
Series 2000-1 Utilization Fee shall have the meaning assigned to such term in Section 2.09(c) of the Series 2000-1 Supplement.
Series 2000-1 Utilization Fee Rate shall have the meaning assigned to such term in the Fee Letter.
Series 2000-1 VFC Certificate Interest shall mean, with respect to any Series 2000-1 VFC Certificate, each undivided percentage interest in such Series 2000-1 VFC Certificate acquired by (i) the Series 2000-1 Conduit Purchaser in connection with the initial purchase of
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such Series 2000-1 VFC Certificate or any Series 2000-1 Increase or (ii) any related Series 2000-1 APA Bank becoming a Series 2000-1 Purchaser hereunder pursuant to a transfer in accordance with Section 2.03(a) of the Supplement of such Series 2000-1 VFC Certificate Interest or any Series 2000-1 Increase in the Series 2000-1 Invested Amount.
Series 2000-1 VFC Certificateholders shall mean, collectively, the Series 2000-1 U.S. Dollar VFC Certificateholders and the Series 2000-1 Euro VFC Certificateholders.
Series 2000-1 VFC Certificates shall mean, those Investor Certificates designated as the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1 Euro VFC Certificates.
Series 2000-1 VFC Certificateholders Interest shall have the meaning assigned to such term in Section 2.02(a) of the Series 2000-1 Supplement.
Series 2001-1 Indenture Supplement shall mean the Series 2001-1 Supplement dated as of June 26, 2001 to Base Indenture among Huntsman International Asset-Backed Securities Ltd, The Chase Manhattan Bank, London Branch and Chase Manhattan Bank (Ireland) plc.
Series 2001-1 Redemption Date shall mean the date upon which the Series 2001-1 Term Certificates (as defined in the Series 2001-1 Supplement) and the Series 2001-1 Notes (as defined in the Series 2001-1 Indenture Supplement) have been paid in full.
Series 2001-1 Supplement shall mean the Series 2001-1 Supplement dated as June 26, 2001 to Amended and Restated Pooling Agreement among the Company, the Master Servicer and the Trustee.
Tax Credit shall have the meaning assigned to such term in Section 7.03(e) of the Series 2000-1 Supplement.
Tax Payment shall have the meaning assigned to such term in Section 7.03(e) of the Series 2000-1 Supplement.
Transaction Parties shall have the meaning assigned to such term in Section 2.06(d) of the Series 2000-1 Supplement or Section 3.01 (or corresponding section) of the applicable Series 2000-1 Asset Purchase Agreement.
VFCC shall means Variable Funding Capital Company, LLC, a Delaware limited liability company.
VFC Pro Rata Share means, with respect to a VFC Purchaser Group, the aggregate of the Series 2000-1 Commitment Percentage of all Series 2000-1 APA Banks in such VFC Purchaser Group.
VFC Purchaser Group means a group consisting of a Series 2000-1 Conduit Purchaser, Series 2000-1 APA Banks and a Funding Agent for such Series 2000-1 Conduit Purchaser and Series 2000-1 APA Banks, as specified in Schedule I or a Series 2000-1 Commitment Transfer Supplement.
Wachovia conduit shall mean, as applicable, (a) VFCC and any successor thereto, or (b) any Series 2000-1 Acquiring Purchaser who becomes party to the Supplement at any time by entering into a Series 2000-1 Commitment Transfer Supplement with VFCC, provided that at the time such Series 2000-1 Commitment Transfer Supplement becomes effective all
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references to VFCC in any of the Transaction Documents as amended and supplemented from time to time, including all defined terms therein, shall be references to such Series 2000-1 Acquiring Purchaser.
Wachovia VFC Purchaser Group shall mean the VFC Purchaser Group consisting of Wachovia Capital Markets LLC, as a Funding Agent, VFCC, as a Series 2000-1 Conduit Purchaser and Wachovia Capital Markets LLC, as a Series 2000-1 APA Bank.
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SCHEDULE IV
Notices
JPMORGAN VFC PURCHASER GROUP |
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If to Jupiter: |
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Jupiter Securitization Corporation |
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c/o JPMorgan Chase Bank, N.A. |
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10 South Dearborn |
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Mail Code IL1-0079 |
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Chicago, IL 60670 |
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Attention: |
Asset Backed Securities Conduits/DAndrea Anderson |
Telephone: |
+1 312 732 7206 |
Telecopier: |
+1 312 732 1844 |
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If to the Funding Agent: |
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J.P. Morgan Chase Bank, N.A. |
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125 London Wall |
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London EC2Y 5AJ |
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Attention: |
Transaction Management Asset Back Securities-Conduits |
Telephone: |
+44 20 7777 0843 |
Telecopy: |
+ 44 20 7777 4732 |
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with a copy to: |
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J.P. Morgan Chase Bank, N.A. |
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10 South Dearborn |
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Mailcode: IL9-0079 |
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Chicago, IL 60670 |
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Attention: |
Asset Backed Securities Conduits/DAndrea Anderson |
Telephone: |
+1 312 732 7206 |
Telecopier: |
+1 312 732 1844 |
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with a copy to: |
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If to the Series 2000-1 APA Bank: |
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J.P. Morgan Chase Bank, N.A. |
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125 London Wall |
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London EC2Y 5AJ |
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Attention: |
Transaction Management Asset Back Securities-Conduits |
Telephone: |
+44 20 7777 0843 |
Telecopy: |
+ 44 20 7777 4732 |
|
|
with a copy to: |
|
|
|
J.P. Morgan Chase Bank, N.A. |
|
10 South Dearborn |
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Mailcode: IL9-0079 |
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Chicago, IL 60670 |
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Attention: |
Asset Backed Securities Conduits DAndrea Anderson |
Telephone: |
+1 312 732 7206 |
Telecopier: |
+1 312 732 1844 |
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WACHOVIA VFC PURCHASER GROUP |
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If to VFCC: |
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Variable Funding Capital Company LLC |
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c/o Wachovia Capital Markets, LLC |
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One Wachovia Center, TW-16 |
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Charlotte, North Carolina 28288 |
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Attention: Conduit Administration |
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Facsimile No: +1 (704) 383-6036 |
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If to the Funding Agent: |
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Wachovia Capital Markets, LLC |
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One Wachovia Center, TW-16 |
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Charlotte, North Carolina 28288 |
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Attention: Conduit Administration |
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Facsimile No: +1 (704) 383-6036 |
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If to the Series 2000-1 APA Bank: |
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Wachovia Bank, National Association |
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One Wachovia Center, TW-16 |
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Charlotte, North Carolina 28288 |
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Attention: Conduit Administration |
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Facsimile No: +1 (704) 383-6036 |
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ADMINISTRATIVE AGENT |
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J.P. Morgan Chase Bank, N.A. |
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125 London Wall |
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London EC2Y 5AJ |
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Attention: |
Transaction Management Asset Back Securities-Conduits |
Telephone: |
+44 20 7777 0843 |
Telecopy: |
+ 44 20 7777 4732 |
|
|
with a copy to: |
|
|
|
J.P. Morgan Chase Bank, N.A. |
|
10 South Dearborn |
|
Mailcode: IL9-0079 |
|
Chicago, IL 60670 |
|
Attention: |
Asset Backed Securities Conduits/DAndrea Anderson |
Telephone: |
+1 312 732 7206 |
Telecopier: |
+1 312 732 1844 |
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EXHIBIT A-1
Form of Series 2000-1 U.S. Dollar VFC Certificate
REGISTERED |
UP TO $ .00 SERIES |
*THE SERIES 2000-1 PURCHASER U.S. DOLLAR INVESTED AMOUNT OF THIS SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE IS SUBJECT TO CHANGE AS DESCRIBED HEREIN.
ATHIS SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT). NEITHER THIS SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS.
THIS SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE POOLING AGREEMENT AND SUPPLEMENT REFERRED TO HEREIN.
This Series 2000-1 U.S. Dollar VFC Certificate evidences a fractional undivided interest in the assets of the
HUNTSMAN MASTER TRUST
the corpus of which consists of receivables representing amounts payable for goods or services, which receivables have been purchased by Huntsman International LLC, a limited liability company organized under the laws of the State of Delaware, which contributed such receivables to Huntsman Receivables Finance LLC, a limited liability company organized under the laws of the state of Delaware, which in turn granted a participation and a security interest in such receivables to the HUNTSMAN MASTER TRUST.
(Not an
interest in or recourse obligation of
Huntsman (Europe) BVBA, Huntsman Receivables Finance LLC
or any of their respective Affiliates)
The U.S. Master Trust is categorized as an unregulated collective investment scheme in the United Kingdom and accordingly no selling documents or placement memorandum in relation to the VFC Certificate may be lawfully issued or passed on to persons in the United Kingdom other than persons who fall within one or more of the categories of persons in Article 11(3) of The Financial Services (Investment Advertisements) (Exemptions) Order 1996 (as amended) of the United Kingdom.
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This certifies that
[NAME OF CERTIFICATEHOLDER]
(the Series 2000-1 U.S. Dollar VFC Certificateholder) is the registered owner of a fractional undivided interest in the assets (insofar as such assets consist of the Participation as hereinafter defined) of Huntsman Master Trust (the Trust) originally created pursuant to the Pooling Agreement, dated as of December 21, 2000 (as amended and restated as of June 26, 2001 and April 18, 2006 and as the same may from time to time be further amended, restated, supplemented or otherwise modified thereafter, the Pooling Agreement), by and among Huntsman Receivables Finance LLC, a limited liability company organized under the laws of the State of Delaware (the Company), Huntsman (Europe) BVBA, a corporation organized under the laws of Belgium, as Master Servicer (the Master Servicer), and J.P. Morgan Bank (Ireland) plc, a banking authority organized under the laws of Ireland, not in its individual capacity but solely as trustee (in such capacity, the Trustee) for the Trust, as supplemented by the Amended and Restated Series 2000-1 Supplement, dated as of April 18, 2006 (as amended, supplemented or otherwise modified from time to time, the Supplement, collectively, with the Pooling Agreement, the Agreement), by and among the Company, the Master Servicer, the Trustee, the several financial institutions party thereof as funding agents (the Funding Agents), the Series 2000-1 Conduit Purchasers, the Series 2000-1 APA Banks named therein and from time to time parties thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. The corpus of the Trust consists of a Participation and security interest granted by the Company to the Trustee in relation to the Receivables and all other Participation Assets referred to in the Agreement, all on the terms set out in the Agreement and including all of the rights thereby conferred on the Series 2000-1 U.S. Dollar VFC Certificateholders (and on the Trustee for their benefit) (the Participation). Although a summary of certain provisions of the Agreement is set forth below, this Series 2000-1 U.S. Dollar VFC Certificate does not purport to summarize the Agreement, is qualified in its entirety by the terms and provisions of the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement may be requested by a holder hereof by writing to the Trustee at J.P. Morgan Bank (Ireland) plc, JPMorgan House, Institutional Trust Services, International Finance Center, Dublin 1, Ireland, Attention: Michael Drew. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in Annex X (as amended, supplemented, restated or otherwise modified from time to time) attached to the Agreement.
This Series 2000-1 U.S. Dollar VFC Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Series 2000-1 U.S. Dollar VFC Certificateholder, by virtue of the acceptance hereof, assents and is bound.
The Master Servicer, the Company, the Series 2000-1 U.S. Dollar VFC Certificateholder and the Trustee intend, for federal, state and local income and franchise tax purposes only (but for no other purpose), that this Series 2000-1 U.S. Dollar VFC Certificate be evidence of indebtedness of the Company by way of participation (and not by way of a loan) secured by the Participation Assets and that the Trust not be characterized as an association or publicly traded partnership taxable as a corporation. The Series 2000-1 U.S. Dollar VFC Certificateholder, by the acceptance hereof, agrees to treat this Series 2000-1 U.S. Dollar VFC Certificate for federal, state and local income and franchise tax purposes (but for no other purpose) as indebtedness of the Company by way of participation (and not by way of a
114
loan); provided, however, that nothing in this Series 2000-1 U.S. Dollar VFC Certificate or in the Transaction Documents shall impose on the Company any personal liability in respect of this Series 2000-1 U.S. Dollar VFC Certificate.
This Series 2000-1 U.S. Dollar VFC Certificate is one of the Investor Certificates entitled Huntsman Master Trust, Series 2000-1 U.S. Dollar VFC Certificate (the Series 2000-1 U.S. Dollar VFC Certificate) representing a fractional undivided interest in the Participation, such interest consisting of the right to receive the distributions specified in the Supplement out of (i) the Series 2000-1 Invested Percentage (expressed as a decimal) of amounts received with respect to the Receivables and all other funds on deposit in the Company Concentration Accounts and (ii) to the extent such interests appear in the Supplement, all other funds on deposit in the Series 2000-1 Accounts and any subaccounts thereof (collectively, the Series 2000-1 VFC Certificateholders Interest). Concurrent with the issuance of the Series 2000-1 U.S. Dollar VFC Certificate, the Trust shall also issue a Subordinated Company Interests to the Company representing the right to receive the payments specified in the Supplement from funds on deposit in the Series 2000-1 Accounts and any subaccounts thereof, in each case to the extent not required to be distributed to or for the benefit of the Series 2000-1 U.S. Dollar VFC Certificateholder (the Series 2000-1 Subordinated Interests). The Participation Assets are allocated in part to the Series 2000-1 U.S. Dollar VFC Certificateholders and the holder of the Series 2000-1 Subordinated Interests with the remainder allocated to the Investor Certificateholders and the holder of the Subordinated Company Interests of other Series, if any, and to the Exchangeable Company Interests representing the Companys interest in the Trust which was issued to the Company pursuant to the Pooling Agreement on December 21, 2000. The Exchangeable Company Interests represents the Companys exclusive beneficial ownership interest in the Participation Assets subject to the security interest granted by the Company under this Supplement. The Exchangeable Company Interests may be subjected by the Company or pursuant to the Pooling Agreement to further (or increased) participation rights and security interests represented by an increase in the Invested Amount of a Class of Investor Certificates of an Outstanding Series and an increase in the related Series Subordinated Company Interests, or one or more newly issued Series of Investor Certificates and the related newly issued Series Subordinated Company Interests, upon the conditions set forth in the Agreement.
Distributions with respect to this Series 2000-1 U.S. Dollar VFC Certificate shall be paid by the Funding Agent for the Series 2000-1 U.S. Dollar VFC Certificateholders VFC Purchaser Group in immediately available funds to the Series 2000-1 U.S. Dollar VFC Certificateholder at the office of such Funding Agent set forth in the Agreement. Final payment of this Series 2000-1 U.S. Dollar VFC Certificate shall be made only upon presentation and surrender of this Series 2000-1 U.S. Dollar VFC Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2000-1 U.S. Dollar VFC Certificateholders in accordance with the Agreement.
This Series 2000-1 U.S. Dollar VFC Certificate does not represent an obligation of, or an interest in, the Company, the Master Servicer or any Affiliate of any of them.
The transfer of this Series 2000-1 U.S. Dollar VFC Certificate shall be registered in the Certificate Register upon surrender of this Series 2000-1 U.S. Dollar VFC Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the Trustee, the Transfer Agent and Registrar, the Company and the Master Servicer, duly executed by the Series 2000-1 U.S. Dollar VFC Certificateholder or the Series 2000-1 U.S.
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Dollar VFC Certificateholders attorney, and duly authorized in writing with such signature guaranteed, and thereupon a new Series 2000-1 U.S. Dollar VFC Certificate of authorized denomination and of like Fractional Undivided Interest will be issued to the designated transferee. In addition, the Funding Agent for the Series 2000-1 U.S. Dollar VFC Certificateholders VFC Purchaser Group shall maintain at one of its offices in the City of New York the Series 2000-1 Register for the recordation of the names and addresses of the Series 2000-1 Purchasers, and the Series 2000-1 Commitment of, and the principal amount of the Series 2000-1 U.S. Dollar VFC Certificate issued to, the Series 2000-1 Purchasers related to such VFC Purchaser Group.
The Company, the Trustee, the Master Servicer, the Transfer Agent and Registrar, the Funding Agents and any agent of any of them, may treat the person whose name is recorded in the Series 2000-1 Register as a Series 2000-1 Purchaser for all purposes of the Supplement, notwithstanding notice to the contrary (other than notice in connection with an assignment effected or to be effected in accordance with Section 11.10 of the Supplement).
It is expressly understood and agreed by the Company and the Series 2000-1 U.S. Dollar VFC Certificateholder that (i) the Agreement is executed and delivered by the Trustee, not individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (ii) the representations, undertakings and agreements made on the part of the Trust in the Agreement are made and intended not as personal representations, undertakings and agreements by the Trustee, but are made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability of the Trustee, individually or personally, to perform any covenant either expressed or implied made on the part of the Trust in the Agreement, all such liability, if any, being expressly waived by the parties who are signatories to the Agreement and by any Person claiming by, through or under such parties; provided, however, the Trustee shall be liable in its individual capacity for its own wilful misconduct or negligence and for any tax assessed against the Trustee based on or measured by any fees, commission or compensation received by it for acting as Trustee and (iv) under no circumstances shall the Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under the Agreement.
The holder of this Series 2000-1 U.S. Dollar VFC Certificate is authorized to record the date and amount of each increase and decrease in the Series 2000-1 Purchaser U.S. Dollar Invested Amount with respect to such holder on the schedules annexed hereto and made a part hereof and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, absent manifest error, provided that the failure of the holder of this Series 2000-1 U.S. Dollar VFC Certificate to make such recordation (or any error in such recordation) shall not affect the obligations of the Company, the holder of the Series 2000-1 Subordinated Interests, the Master Servicer or the Trustee under the Agreement.
This Series 2000-1 U.S. Dollar VFC Certificate shall be construed in accordance with and governed by the laws of the State of New York without reference to any conflict of law principles.
By acceptance of this Series 2000-1 U.S. Dollar VFC Certificate, the Series 2000-1 U.S. Dollar VFC Certificateholder hereby agrees that it will not institute against, or join any other Person in instituting against, the Company any bankruptcy, reorganization, arrangement,
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insolvency or liquidation proceedings, or other proceedings under any Applicable Insolvency Laws.
Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Series 2000-1 U.S. Dollar VFC Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
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IN WITNESS WHEREOF, the Company, as agent of the Trustee, has caused this Series 2000-1 U.S. Dollar VFC Certificate to be duly executed.
Dated: April 18, 2006
HUNTSMAN RECEIVABLES FINANCE LLC, |
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TRUSTEES CERTIFICATE OF AUTHENTICATION
This is the Series 2000-1 U.S. Dollar VFC Certificate described in the within mentioned Agreement.
J.P. MORGAN BANK (IRELAND)
PLC,
not in its individual capacity but solely as Trustee
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SCHEDULE I
to
SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE
SERIES 2000-1 VFC CERTIFICATE INTERESTS
Name of holder Series 2000-1 Dollar |
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Amount of Series 2000-1 Dollar |
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EXHIBIT A-2
Form of Series 2000-1 Euro VFC Certificate
REGISTERED |
UP TO EURO
EQUIVALENT OF $ .00 SERIES |
*THE SERIES 2000-1 PURCHASER EURO INVESTED AMOUNT OF THIS SERIES 2000-1 EURO VFC CERTIFICATE IS SUBJECT TO CHANGE AS DESCRIBED HEREIN. THE SERIES 2000-1 PURCHASER INVESTED AMOUNT SHALL NOT EXCEED AN AMOUNT IN EUROS EQUAL TO $[ ] AS DETERMINED IN ACCORDANCE WITH CLAUSE (d) OF THE DEFINITION OF SERIES 2000-1 PURCHASER EURO INVESTED AMOUNT.
THIS SERIES 2000-1 EURO VFC CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE SECURITIES ACT). NEITHER THIS SERIES 2000-1 EURO VFC CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS.
THIS SERIES 2000-1 EURO VFC CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE POOLING AGREEMENT AND SUPPLEMENT REFERRED TO HEREIN.
This Series 2000-1 Euro VFC Certificate evidences a fractional undivided interest in the assets of the
HUNTSMAN MASTER TRUST
the corpus of which consists of receivables representing amounts payable for goods or services, which receivables have been purchased by Huntsman International LLC, a limited liability company organized under the laws of the State of Delaware, which contributed such receivables to Huntsman Receivables Finance LLC, a limited liability company organized under the laws of the state of Delaware, which in turn granted a participation and a security interest in such receivables to the HUNTSMAN MASTER TRUST.
(Not an
interest in or recourse obligation of
Huntsman (Europe) BVBA, Huntsman Receivables Finance LLC
or any of their respective Affiliates)
The U.S. Master Trust is categorized as an unregulated collective investment scheme in the United Kingdom and accordingly no selling documents or placement memorandum in relation to the VFC Certificate may be lawfully issued or passed on to persons in the United Kingdom other than persons who fall within one or more of the categories of persons in
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Article 11(3) of The Financial Services (Investment Advertisements) (Exemptions) Order 1996 (as amended) of the United Kingdom.
This certifies that
[NAME OF CERTIFICATEHOLDER]
(the Series 2000-1 Euro VFC Certificateholder) is the registered owner of a fractional undivided interest in the assets (insofar as such assets consist of the Participation as hereinafter defined) of Huntsman Master Trust (the Trust) originally created pursuant to the Pooling Agreement, dated as of December 21, 2000 (as amended and restated as of June 26, 2001 and April 18, 2006 and as the same may from time to time be amended, restated, supplemented or otherwise modified thereafter, the Pooling Agreement), by and among Huntsman Receivables Finance LLC, a limited liability company organized under the laws of the State of Delaware (the Company), Huntsman (Europe) BVBA, a corporation organized under the laws of Belgium, as Master Servicer (the Master Servicer), and J.P. Morgan Bank (Ireland) plc, a banking authority organized under the laws of Ireland, not in its individual capacity but solely as trustee (in such capacity, the Trustee) for the Trust, as supplemented by the Amended and Restated Series 2000-1 Supplement, dated as of April 18, 2006 (as amended, supplemented or otherwise modified from time to time, the Supplement, collectively, with the Pooling Agreement, the Agreement), by and among the Company, the Master Servicer, the Trustee, the several financial institutions party thereof as funding agents (the Funding Agents), the Series 2000-1 Conduit Purchasers, the Series 2000-1 APA Banks named therein and from time to time parties thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. The corpus of the Trust consists of a Participation and security interest granted by the Company to the Trustee in relation to the Receivables and all other Participation Assets referred to in the Agreement, all on the terms set out in the Agreement and including all of the rights thereby conferred on the Series 2000-1 Euro VFC Certificateholders (and on the Trustee for their benefit) (the Participation). Although a summary of certain provisions of the Agreement is set forth below, this Series 2000-1 Euro VFC Certificate does not purport to summarize the Agreement, is qualified in its entirety by the terms and provisions of the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Trustee. A copy of the Agreement may be requested by a holder hereof by writing to the Trustee at J.P. Morgan Bank (Ireland) plc, JPMorgan House, Institutional Trust Services, International Finance Center, Dublin 1, Ireland, Attention: Michael Drew. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in Annex X (as amended, supplemented, restated or otherwise modified from time to time) attached to the Agreement.
This Series 2000-1 Euro VFC Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Series 2000-1 Euro VFC Certificateholder, by virtue of the acceptance hereof, assents and is bound.
The Master Servicer, the Company, the Series 2000-1 Euro VFC Certificateholder and the Trustee intend, for federal, state and local income and franchise tax purposes only (but for no other purpose), that this Series 2000-1 Euro VFC Certificate be evidence of indebtedness of the Company by way of participation (and not by way of a loan) secured by the Participation Assets and that the Trust not be characterized as an association or publicly traded partnership taxable as a corporation. The Series 2000-1 Euro VFC Certificateholder, by the acceptance hereof, agrees to treat this Series 2000-1 Euro VFC Certificate for federal, state and local
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income and franchise tax purposes (but for no other purpose) as indebtedness of the Company by way of participation (and not by way of a loan); provided, however, that nothing in this Series 2000-1 Euro VFC Certificate or in the Transaction Documents shall impose on the Company any personal liability in respect of this Series 2000-1 Euro VFC Certificate.
This Series 2000-1 Euro VFC Certificate is one of the Investor Certificates entitled Huntsman Master Trust, Series 2000-1 Euro VFC Certificate (the Series 2000-1 Euro VFC Certificate) representing a fractional undivided interest in the Participation, such interest consisting of the right to receive the distributions specified in the Supplement out of (i) the Series 2000-1 Invested Percentage (expressed as a decimal) of amounts received with respect to the Receivables and all other funds on deposit in the Company Concentration Accounts and (ii) to the extent such interests appear in the Supplement, all other funds on deposit in the Series 2000-1 Accounts and any subaccounts thereof (collectively, the Series 2000-1 VFC Certificateholders Interest). Concurrent with the issuance of the Series 2000-1 Euro VFC Certificate, the Trust shall also issue a Subordinated Company Interests to the Company representing the right to receive the payments specified in the Supplement from funds on deposit in the Series 2000-1 Accounts and any subaccounts thereof, in each case to the extent not required to be distributed to or for the benefit of the Series 2000-1 Euro VFC Certificateholder (the Series 2000-1 Subordinated Interests). The Participation Assets are allocated in part to the Series 2000-1 Euro VFC Certificateholders and the holder of the Series 2000-1 Subordinated Interests with the remainder allocated to the Investor Certificateholders and the holder of the Subordinated Company Interests of other Series, if any, and to the Exchangeable Company Interests representing the Companys interest in the Trust which was issued to the Company pursuant to the Pooling Agreement on December 21, 2000. The Exchangeable Company Interests represents the Companys exclusive beneficial ownership interest in the Participation Assets subject to the security interest granted by the Company under this Supplement. The Exchangeable Company Interests may be subjected by the Company or pursuant to the Pooling Agreement to further (or increased) participation rights and security interests represented by an increase in the Invested Amount of a Class of Investor Certificates of an Outstanding Series and an increase in the related Series Subordinated Company Interests, or one or more newly issued Series of Investor Certificates and the related newly issued Series Subordinated Company Interests, upon the conditions set forth in the Agreement.
Distributions with respect to this Series 2000-1 Euro VFC Certificate shall be paid by the Funding Agent for the Series 2000-1 Euro VFC Certificateholders VFC Purchaser Group in immediately available funds to the Series 2000-1 Euro VFC Certificateholder at the office of such Funding Agent set forth in the Agreement. Final payment of this Series 2000-1 Euro VFC Certificate shall be made only upon presentation and surrender of this Series 2000-1 Euro VFC Certificate at the office or agency specified in the notice of final distribution delivered by the Trustee to the Series 2000-1 Euro VFC Certificateholders in accordance with the Agreement.
This Series 2000-1 Euro VFC Certificate does not represent an obligation of, or an interest in, the Company, the Master Servicer or any Affiliate of any of them.
The transfer of this Series 2000-1 Euro VFC Certificate shall be registered in the Certificate Register upon surrender of this Series 2000-1 Euro VFC Certificate for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form satisfactory to the Trustee, the Transfer Agent and Registrar, the Company and the Master Servicer, duly executed by the Series 2000-1
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Euro VFC Certificateholder or the Series 2000-1 Euro VFC Certificateholders attorney, and duly authorized in writing with such signature guaranteed, and thereupon a new Series 2000-1 Euro VFC Certificate of authorized denomination and of like Fractional Undivided Interest will be issued to the designated transferee. In addition, the Funding Agent for the Series 2000-1 Euro VFC Certificateholders VFC Purchaser Group shall maintain at one of its offices in the City of New York the Series 2000-1 Register for the recordation of the names and addresses of the Series 2000-1 Purchasers, and the Series 2000-1 Commitment of, and the principal amount of the Series 2000-1 Euro VFC Certificate issued to, the Series 2000-1 Purchasers related to such VFC Purchaser Group.
The Company, the Trustee, the Master Servicer, the Transfer Agent and Registrar, the Funding Agents and any agent of any of them, may treat the person whose name is recorded in the Series 2000-1 Register as a Series 2000-1 Purchaser for all purposes of the Supplement, notwithstanding notice to the contrary (other than notice in connection with an assignment effected or to be effected in accordance with Section 11.10 of the Supplement).
It is expressly understood and agreed by the Company and the Series 2000-1 Euro VFC Certificateholder that (i) the Agreement is executed and delivered by the Trustee, not individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (ii) the representations, undertakings and agreements made on the part of the Trust in the Agreement are made and intended not as personal representations, undertakings and agreements by the Trustee, but are made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability of the Trustee, individually or personally, to perform any covenant either expressed or implied made on the part of the Trust in the Agreement, all such liability, if any, being expressly waived by the parties who are signatories to the Agreement and by any Person claiming by, through or under such parties; provided, however, the Trustee shall be liable in its individual capacity for its own wilful misconduct or negligence and for any tax assessed against the Trustee based on or measured by any fees, commission or compensation received by it for acting as Trustee and (iv) under no circumstances shall the Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under the Agreement.
The holder of this Series 2000-1 Euro VFC Certificate is authorized to record the date and amount of each increase and decrease in the Series 2000-1 Purchaser Euro Invested Amount with respect to such holder on the schedules annexed hereto and made a part hereof and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, absent manifest error, provided that the failure of the holder of this Series 2000-1 Euro VFC Certificate to make such recordation (or any error in such recordation) shall not affect the obligations of the Company, the holder of the Series 2000-1 Subordinated Interests, the Master Servicer or the Trustee under the Agreement.
This Series 2000-1 Euro VFC Certificate shall be construed in accordance with and governed by the laws of the State of New York without reference to any conflict of law principles.
By acceptance of this Series 2000-1 Euro VFC Certificate, the Series 2000-1 Euro VFC Certificateholder hereby agrees that it will not institute against, or join any other Person in instituting against, the Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any Applicable Insolvency Laws.
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Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee, by manual signature, this Series 2000-1 Euro VFC Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.
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IN WITNESS WHEREOF, the Company, as agent of the Trustee, has caused this Series 2000-1 Euro VFC Certificate to be duly executed.
Dated: April 18, 2006
HUNTSMAN RECEIVABLES FINANCE LLC, |
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as agent of the Trustee as authorized pursuant to Section 5.01 of the Pooling Agreement |
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Name: |
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126
TRUSTEES CERTIFICATE OF AUTHENTICATION
This is the Series 2000-1 Euro VFC Certificate described in the within mentioned Agreement.
J.P. MORGAN BANK (IRELAND)
PLC,
not in its individual capacity but solely as Trustee
By: |
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Name: |
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Authorized Signatory |
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OR |
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By: |
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Name: |
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127
SCHEDULE I
to
SERIES 2000-1 EURO VFC CERTIFICATE
SERIES 2000-1 VFC CERTIFICATE INTERESTS
Name
of holder Series 2000-1 |
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Amount of Series 2000-1 |
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