First Rating Trigger Collateral. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Document and either (A) the Second Rating Trigger Requirements do not apply or (B) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements (as defined below) did not apply.
Appears in 16 contracts
Samples: Master Agreement (LXS 2007-8h), Master Agreement (First Franklin Mortgage Loan Trust 2006-Ff17), Master Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
First Rating Trigger Collateral. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Document and either (A) the Second Rating Trigger Requirements do not apply or (B) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements (as defined below) did not apply. Party A shall be the sole Affected Party with respect to this Additional Termination Event.
Appears in 13 contracts
Samples: Master Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar6), Master Agreement (PHH Alternative Mortgage Trust, Series 2007-2), Master Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2)
First Rating Trigger Collateral. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Document Annex and either (A1) the Second Rating Trigger Requirements do not apply or (B2) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements (as defined below) did not apply. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions.
Appears in 8 contracts
Samples: Isda Master Agreement (CarMax Auto Owner Trust 2008-1), Master Agreement (WDS Receivables LLC), Master Agreement (Santander Drive Auto Receivables Trust 2007-1)
First Rating Trigger Collateral. Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Document Annex and such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A and either (A) the Second Rating Trigger Requirements do not apply and the First Rating Trigger Requirements apply or (B) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements (as defined below) did not apply.
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