S&P Second Level Downgrade. If an S&P Required Ratings Downgrade Event has occurred and is continuing and Party A fails to take any action described under Part (5)(d)(i)(2) within the time period specified therein, then an Additional Termination Event shall have occurred with respect to Party A, Party A shall be the sole Affected Party with respect to such Additional Termination Event and all Transactions hereunder shall be Affected Transaction.
Appears in 16 contracts
Sources: Isda Master Agreement (Residential Asset Securitization Trust 2007-A5), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He2), Pooling and Servicing Agreement (SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1)