Common use of Covenants of Depositor Clause in Contracts

Covenants of Depositor. If: (a) the Certificate Balance shall be reduced by the Cumulative Loss Amount and (b) any litigation with claims in excess of $1,000,000 to which Depositor is a party that shall be reasonably likely to result in a material judgment against Depositor that Depositor will not be able to satisfy shall be commenced by a Certificateholder during the period beginning nine months following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against Depositor, such judgment has been satisfied), Depositor shall not pay any dividend to ILC, or make any distribution on or in respect of its capital stock to ILC, or repay the principal amount of any indebtedness of Depositor held by ILC, unless: (i) after giving effect to such payment, distribution or repayment, Depositor's liquid assets shall not be less than the amount of actual damages claimed in such litigation or (ii) the Rating Agency Condition shall have been satisfied with respect to any such payment, distribution or repayment. Depositor will not at any time institute against Trust any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

Covenants of Depositor. If: In the event that (a) the Certificate Balance shall be reduced by the Cumulative Loss Amount Realized Losses and (b) any litigation with claims in excess of $1,000,000 to which the Depositor is a party that which shall be reasonably likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy shall be commenced by a Certificateholder an Owner, during the period beginning nine months following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay any dividend to ILC, or make any distribution on or in respect of its capital stock membership interests to ILCany of its members, or repay the principal amount of any indebtedness of the Depositor held by ILC_____________, unless: unless (i) after giving effect to such payment, distribution or repayment, the Depositor's liquid assets shall not be less than the amount of actual damages claimed in such litigation or (ii) the Rating Agency Condition shall have been satisfied with respect to any such payment, distribution or repayment. The Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United States Federal federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.