![]() Under the asset backed facility will accrue to the benefit of ALS. All of the residual beneficial interests in the Trust and cash flows remaining from the pool of receivables and loans after payment of all obligations (∺mbac) in the form of a financial guaranty insurance policy (the Policy). The timely payment of interest and the ultimate payment of principal on the Facility is guaranteed by Ambac Assurance Corporation Protected by credit enhancement, provided in the form of cash reserves, letters of credit and overcollateralization. The risk of loss resulting from default or dilution on the trade receivables and equipment loans is Rate and the aggregate loan balance of all fixed rate equipment loans then held by the Trust. In addition, advances under the Facility in respect of fixed rate equipment loans are subject to limitations on the weighted average interest After J(or earlier in the event of a rapid amortizationĮvent, an event of default or the termination of the Facility by ALS), the Trust will not be permitted to request new borrowings under the Facility and the outstanding borrowings will amortize over a period of up to nine years thereafter.Īdditional advances under the Facility are subject to certainĬontinuing conditions, including but not limited to (i) the absence of a rapid amortization event or event of default, as defined in the Note Purchase Agreement, (ii) compliance by ALS, as servicer, with certain covenants, including financialĬovenants and (iii) no event having occurred which materially and adversely affects the operations of ALS. Funding of the Notes is subject to certain advance rate and eligibility criteria standard for transactions of this type. Funding availability for trade receivable Notes is limited to a maximum of $60.0 million, while funding for equipment loan Notes is limited to $330.0 million less theĪmount of funding outstanding for trade receivable Notes. Trade receivable Notes may be made no more than twice in each calendar week. Without the consent of the lenders, advances against the equipment loan Notes may be made no more than once in each calendar week and advances against the Trust on Jpursuant to a Note Purchase Agreement, dated J(the Note Purchase Agreement). The Initial Lenders advanced $245,438,127.91 against the maximum facility amount to the The Notes will be secured by all of the assets of the Trust. The Bank of New York will act as indenture trustee under the Indenture. (collectively, the Initial Lenders)), pursuant to a master indenture, dated June 28, 2005 Lenders under the Facility (which lenders shall initially be certain affiliates of IXIS Financial Products Inc. The Trust will finance the acquisition of the trade receivables and equipment loans through borrowings under variable funding notes (the Notes) issued to the Immediately thereafter, pursuant to a Pooling and Servicing Agreement, dated June 28,Ģ005, ALER will sell such trade receivables and equipment loans to the Trust. Pursuant to a Purchase Agreement, dated June 28, 2005, between ALS,Īs originator, and ALER, as purchaser, ALS will sell or contribute all of the trade receivables and certain of the equipment loans that it originates to ALER. ![]() Laundry Systems LLC (∺LS), entered into a $330,000,000 ABS Funding Facility (the ∿acility) backed by equipment loans and trade receivables originated by ALS. On June 28, 2005, Alliance Laundry Equipment Receivables Trust 2005-A (the Trust), a trust formed by Alliance Laundry Equipment Receivables 2005 LLC (∺LER) a special-purpose bankruptcy remote subsidiary of Alliance ![]() Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM 2.03 Creation of a Direct Financial Obligation or an The information and definitions set forth under Item 2.03 of this report on Form 8-K are hereby incorporated in Item 1.01 by ITEM 1.01 Entry into a Material Definitive Agreement Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) (Registrants telephone number, including area code)Ĭheck the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following (Address of Principal executive offices, including Zip Code) (Exact name of registrant as specified in its charter) Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934ĭate of Report (Date of earliest event reported): June ![]()
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