External Verification of Xxxx-to-Market Valuations. Every month after a Collateralization Event has occurred pursuant to Part 5(b)(1)(C) and is continuing, then, unless otherwise agreed in writing with S&P, Party A will verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; provided, that this Paragraph 13(l)(x) shall only apply to the extent that the Offered Certificates outstanding at such time (as defined in the PSA) are rated higher by S&P than the S&P L-T Rating of Party A; and provided further, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference Market-maker more than four times in any twelve-month period. CREDIT SUISSE FIRST BOSTON INTERNATIONAL U.S. Bank National Association, not individually, but solely as trustee on behalf of The Supplemental Interest Trust created under the Pooling and Servicing Agreement for HOME EQUITY MORTGAGE TRUST SERIES 2005-5 By: ______________________________________________ Name: Title: By: ______________________________________________ Name: Title: By: ______________________________________________ Name: Title: CREDIT SUISSE FIRST BOSTON INTERNATIONAL One Cabot Square, Telephone 000 0000 0000 Xxxxxx X00 0XX xxx.xxxx.xxx Facsimile Cover Sheet To: U.S. Bank National Association, not individually, but solely as trustee on behalf of The Supplemental Interest Trust created under the Pooling and Servicing Agreement for Home Equity Mortgage Trust Series 2005-5 Attention: Xxx XxXxxxxxxx Fax number: To be delivered by Xxx XxXxxxxxxx Date: 29 December 2005 Pages (including cover page): 8
External Verification of Xxxx-to-Market Valuations. If the long-term senior unsecured debt of Party A is rated BBB or below by S&P or Fitch (and with respect to the Fitch Rating Condition, its short-term senior unsecured debt is rated F3 or below), once every month, Party A will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a Reference Market-maker, if applicable for the next Valuation Date and cure any deficiency in collateral value within three Local Business Days. Party A shall provide the quotations of such Reference Market-makers to S&P and Fitch.
External Verification of Xxxx-to-Market Valuations. On each Valuation Date occurring while a Collateralization Event is continuing, Party A shall provide to S&P not later than the Notification Time on the Local Business Day following such Valuation Date its calculations of Exposure and the S&P Value of any Eligible Credit Support or Posted Credit Support for that Valuation Date. Every month after the unsecured, unguaranteed and otherwise unsupported long-term debt obligations of each Relevant Entity are rated below BBB+ by S&P, unless otherwise agreed in writing with S&P, Party A will verify its determination of Exposure of the Transaction and any Posted Credit Support on the next Valuation Date by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; provided, that this Paragraph 13(l)(ix) shall only apply to the extent that the Certificates outstanding at such time (as defined in the PSA) are rated higher by S&P than the S&P L-T Rating of Party A; and provided further, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference Market-maker more than four times in any twelve-month period. Party A shall provide to S&P copies of such verification details.
External Verification of Xxxx-to-Market Valuations. If the long term senior unsecured debt of Party A is rated BBB or lower by S&P, once every month after an S&P Ratings Event occurs and during its continuance, Party A will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a Reference Market-maker, if applicable for the next Valuation Date. Party A shall provide the quotations of such Reference Market-makers to S&P.
External Verification of Xxxx-to-Market Valuations. If the long-term senior unsecured debt of Party A is rated BBB or below by S&P, once every month, Party A will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a Reference Market-maker, if applicable for the next Valuation Date and cure any deficiency in collateral value within three Local Business Days. Party A shall provide the quotations of such Reference Market-makers to S&P.
External Verification of Xxxx-to-Market Valuations. If the long-term or short-term senior unsecured debt of the Pledgor is rated BBB or F3 or below by Fitch, once every month, the Pledgor will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a Reference Market-maker, if applicable for the next Valuation Date and cure any deficiency in collateral value within three Local Business Days. The Pledgor shall provide the quotations of such Reference Market-makers to Fitch.
External Verification of Xxxx-to-Market Valuations. Every month after a Collateralization Event has occurred pursuant to Part 5(b)(1)(C) and is continuing, then, unless otherwise agreed in writing with S&P, Party A will verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; provided, that this Paragraph 13(l)(xi) shall only apply to the extent that the Offered Certificates outstanding at such time (as defined in the PSA) are rated higher by S&P than the S&P L-T Rating of Party A; and provided further, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference Market-maker more than four times in any twelve-month period. CREDIT SUISSE FIRST BOSTON INTERNATIONAL LONG BEACH MORTGAGE LOAN TRUST 2005-WL3 By Deutsche Bank National Trust Company, not in its individual capacity but solely as Trustee on behalf of Long Beach Mortgage Loan Trust 2005-WL3 By: By: Name: Name: Title: Authorized Signatory Title: By: By: Name: Name: Title: Authorized Signatory Title: Rate Swap Schedule SCHEDULE to the Master Agreement dated as of November 30, 2005 between CREDIT SUISSE FIRST BOSTON INTERNATIONAL LONG BEACH MORTGAGE LOAN TRUST 2005-WL3 and (“Party A”) (“Party B”) Part 1
External Verification of Xxxx-to-Market Valuations. If the long term senior unsecured debt of Party A is rated BBB or lower by S&P, once every month, Party A will, at it's own expense, verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided that any Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or
External Verification of Xxxx-to-Market Valuations. If the long term senior unsecured debt of Party A is rated BBB or lower by S&P or Fitch, once every month after (x) an S&P Ratings Event occurs and during its continuance, and (y) after a Fitch Collateralization Event occurs and during its continuance and the ratings of Party A at any time fall below BBB+ and F2, Party A will at its own expense verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers (provided, that a Reference Market-maker may not be used more than four times within each 12 month period) for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the high quotation for a Reference Market-maker, if applicable for the next Valuation Date. Party A shall provide the quotations of such Reference Market-makers to S&P and Fitch.
External Verification of Xxxx-to-Market Valuations. Every month after a Collateralization Event has occurred pursuant to Part 5(b)(1)(C) and is continuing, then, unless otherwise agreed in writing with S&P, Party A will verify its determination of Exposure of the Transaction on the next Valuation Date by seeking quotations from two (2) Reference Market-makers for their determination of Exposure of the Transaction on such Valuation Date and the Valuation Agent will use the greater of either (a) its own determination or (b) the highest quotation for a Reference Market-maker, if applicable, for the next Valuation Date; PROVIDED, that this Paragraph 13(l)(xi) shall only apply to the extent that the Notes outstanding at such time (as defined in the Sale and Servicing Agreement) are rated higher by S&P than the S&P L-T Rating of Party A; and PROVIDED FURTHER, that Party A shall not seek verification of its determination of Exposure as described above from the same Reference Market-maker more than four times in any twelve-month period.
