Common use of DISAPPLICATION OF CERTAIN EVENTS OF DEFAULT Clause in Contracts

DISAPPLICATION OF CERTAIN EVENTS OF DEFAULT. Section 5(a)(ii), Section 5(a)(iii), Section 5(a)(iv), Section 5(a)(v), Section 5(a)(vii)(2), (7) and (9) will not apply in respect of Party B. Section 5(a)(v) will not apply to Party A. Section 5(a)(vii)(3) will not apply to Party B to the extent that it relates to any general assignment, arrangement, or composition that is effected by or pursuant to the Transaction Documents. Section 5(a)(vii)(4) will not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates. Section 5(a)(vii)(6) will not apply to Party B to the extent that it refers to (i) any appointment that is contemplated or effected by any document to which Party B is, as of the date of this Agreement, a party in connection with the transactions contemplated by the Trust Deed or (ii) any such appointment to which Party B has not yet become subject to. Section 5(a)(vii)(8) will only apply to Party B to the extent that it applies to Section 5(a)(vii)(1),(3),(4),(5) and (6), as amended. Notwithstanding Sections 5(a)(i) and 5(a)(iii), any failure by Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex will not be an Event of Default unless (A) the Transfer Trigger Requirements apply and at least 30 Local Business Days have elapsed since the last time the Transfer Trigger Requirements did not apply and (B) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A.