Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement, if at any time and so long as the Counterparty has satisfied in full all its payment obligations under Section 2(a)(i) of the ISDA Form Master Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless BSFP is required pursuant to appropriate proceedings to return to the Counterparty or otherwise returns to the Counterparty upon demand of the Counterparty any portion of any such payment, (a) the occurrence of an event described in Section 5(a) of the ISDA Form Master Agreement with respect to the Counterparty shall not constitute an Event of Default or Potential Event of Default with respect to the Counterparty as Defaulting Party and (b) BSFP shall be entitled to designate an Early Termination Date pursuant to Section 6 of the ISDA Form Master Agreement only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the ISDA Form Master Agreement with respect to BSFP as the Affected Party, or Section 5(b)(iii) with respect to BSFP as the Burdened Party.
Limitation on Events of Default. Notwithstanding the provisions of Sections 5 and 6, if at any time and so long as Party B has satisfied in full all its payment obligations under Section 2(a)(i) and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless Party A is required pursuant to appropriate proceedings to return to Party B or otherwise returns to Party B upon demand of Party B any portion of any such payment, (a) the occurrence of an event described in Section 5(a) with respect to Party B shall not constitute an Event of Default or Potential Event of Default with respect to Party B as Defaulting Party and (b) Party A shall be entitled to designate an Early Termination Date pursuant to Section 6 only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) with respect to Party A as the Affected Party, or Section 5(b)(iii) with respect to Party A as the Burdened Party. For purposes of the Transaction to which this Agreement relates, Party B’s only obligation under Section 2(a)(i) is to pay the Fixed Amount on the Fixed Amount Payer Payment Date.
Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of this Agreement, if at any time and so long as the Counterparty has satisfied in full all its payment obligations under Section 2(a)(i) of this Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless BSFP is required pursuant to appropriate proceedings to return to the Counterparty or otherwise returns to the Counterparty upon demand of the Counterparty any portion of any such payment, (a) the occurrence of an event described in Section 5(a) of this Agreement with respect to the Counterparty shall not constitute an Event of Default or Potential Event of Default with respect to the Counterparty as Defaulting Party and (b) BSFP shall be entitled to designate an Early Termination Date pursuant to Section 6 of this Agreement only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of this Agreement with respect to BSFP as the Affected Party.
Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of the Master Agreement, if at any time and so long as the Party B has satisfied in full all its payment obligations under Section 2(a)(i) of the Master Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless Party A is required pursuant to appropriate proceedings to return to the Party B or otherwise returns to the Party B upon demand of the Party B any portion of any such payment, (a) the occurrence of an event described in Section 5(a) of the Master Agreement with respect to the Party B shall not constitute an Event of Default or Potential Event of Default with respect to the Party B as Defaulting Party and (b) Party A shall be entitled to designate an Early Termination Date pursuant to Section 6 of the Master Agreement only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the Master Agreement with respect to Party A as the Affected Party, or Section 5(b)(iii) with respect to Party A as the Burdened Party. For purposes of the Transaction to which this Agreement relates, Party B's only obligation under Section 2(a)(i) of the Master Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment Date. Financial Markets 200 Xxxxxxxxxxx Xxxxxx XX0X 0XX Memorandum July 25, 2006 To: HSBC Bank USA, National Association, not in its individual capacity, but solely as Trustee for the ACE Securities Corp. Home Equity Loan Trust, Series 2000-XX0, Xxxxx Backed Pass-Through Certificates ("Party B") 400 Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Attn: Corporate Trust & Loan Agency Tel: 200-000-0000 Fax: 200-000-0000 E-Mail: fxxxxxxx.xxxxxxx@xx.xxxx.xxx Copy To: Wxxxx Fargo Bank, National Association 9000 Xxx Xxxxxxxxx Xxxx Xxxxxxxx, Xxxxxxxx 00000 Tel: 400-000-0000 Attn: Client Manager, ACE 2006-CW1 Fax: 400-000-0000 From: The Royal Bank of Scotland plc ("Party A") c/o RBS Financial Markets Level 7,135 Bxxxxxxxxxx Xxxxxx XX0X 0XX Attn: Head of Legal, Financial Markets Tel: 40 000 000 0000 Fax: 40 000 000 0000 Copy To: Greenwich Capital Markets, Inc. 600 Xxxxxxxxx Xxxx Xxxxxxxxx, XX 00000 Attn: Legal Department - Derivatives Documentation Tel.: 200-000-0000 Fax: 200-000-0000/34 Our Reference Number: IRG16043905 Dear Sir or Madam: The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between Party A and HSBC Bank USA, National Association as trustee ...
Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of this Agreement, if at any time and so long as Party B has satisfied in full all its payment obligations under Section 2(a)(i) of this Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless Party A is required pursuant to appropriate proceedings to return to Party B or otherwise returns to Party B upon demand of Party B any portion of such payment, (a) the occurrence of an event described in Section 5(a) of this Agreement with respect to Party B shall not constitute an Event of Default or Potential Event of Default with respect to Party B as Defaulting Party and (b) Party A shall be entitled to designate an Early Termination Date pursuant to Section 6 of this Agreement only as a result of the occurrence of a Termination Event as set forth in either Section 5(b)(i) or 5(b)(ii) of this Agreement with respect to Party A as the Affected Party or Section 5(b)(iii) of this Agreement with respect to Party A as the Burdened Party.
Limitation on Events of Default. Borrower shall not and shall not permit any Subsidiary of Borrower to take or omit to take any action, which act or omission would constitute (i) a default or an event of default pursuant to, or noncompliance with any of, the terms of any of the Loan Documents or (ii) a material default or an event of default pursuant to, or noncompliance with any other contract, lease, mortgage, deed of trust or instrument to which it is a party or by which it or any of its property is bound, or any document creating a Lien, unless any such default, event of default or non-compliance, individually or in the aggregate, would not have a Material Adverse Effect.
Limitation on Events of Default. Lessee shall not be considered in default as to any provision of this Lease when such default is the result of or pursuant to, any process, order, or decree of any court or regulatory body of competent jurisdiction, or any other circumstances which are physically impossible to cure provided Lessee uses due diligence in pursuing whatever is required to obtain release from or reversal of such process, order, or decree or is attempting to remedy such other circumstances preventing its performance.
Limitation on Events of Default. Notwithstanding the provisions of Sections 5 and 6, with respect to any Transaction, if at any time and so long as Party B has satisfied in full all its payment obligations under Section 2(a)(i) in respect of each Transaction with the reference number FXNEC10023 (the “Cap Transaction”) and has at the time no future payment obligations, whether absolute or contingent, under such Section in respect of such Cap Transaction, then unless Party A is required pursuant to appropriate proceedings to return to Party B or otherwise returns to Party B upon demand of Party B any portion of any such payment in respect of such Cap Transaction, (a) the occurrence of an event described in Section 5(a) with respect to Party B shall not constitute an Event of Default or Potential Event of Default with respect to Party B as Defaulting Party in respect of such Cap Transaction and (b) Party A shall be entitled to designate an Early Termination Date pursuant to Section 6 in respect of such Cap Transaction only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) with respect to Party A as the Affected Party, or Section 5(b)(iii) with respect to Party A as the Burdened Party. Party A acknowledges and agrees that Party B’s only payment obligation under Section 2(a)(i) in respect of the Cap Transaction is to pay the related Fixed Amount on the related Fixed Amount Payer Payment Date.
Limitation on Events of Default. Notwithstanding the provisions of Sections 5 and 6, with respect to any Transaction, if at any time and so long as Party B has satisfied in full all its payment obligations under Section 2(a)(i) in respect such Transaction and has at the time no future payment obligations, whether absolute or contingent, under such Section in respect of such Transaction, then unless Party A is required pursuant to appropriate proceedings to return to Party B or otherwise returns to Party B upon demand of Party B any portion of any such payment in respect of such Transaction, (a) the occurrence of an event described in Section 5(a) with respect to Party B shall not constitute an Event of Default or Potential Event of Default with respect to Party B as Defaulting Party in respect of such Transaction and (b) Party A shall be entitled to designate an Early Termination Date pursuant to Section 6 in respect of such Cap Transaction only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) with respect to Party A as the Affected Party, or Section 5(b)(iii) with respect to Party A as the Burdened Party. Party A acknowledges and agrees that Party B’s only payment obligation under Section 2(a)(i) in respect of each Transaction is to pay the related Fixed Amount on the related Fixed Amount Payer Payment Date.
Limitation on Events of Default. Notwithstanding the terms of Sections 5 and 6 of the New Agreement, if at any time and so long as the Transferee has satisfied in full all its payment obligations under Section 2(a)(i) of the New Agreement and has at the time no future payment obligations, whether absolute or contingent, under such Section, then unless Remaining Party is required pursuant to appropriate proceedings to return to the Transferee or otherwise returns to the Transferee upon demand of the Transferee any portion of any such payment: (i) the occurrence of an event described in Section 5(a) (other than Sections 5(a)(vii)(1), 5(a)(vii)(3), 5(a)(vii)(4), 5(a)(vii)(5), 5(a)(vii)(6), 5(a)(vii)(7) or 5(a)(vii)(8)) of the New Agreement with respect to the Transferee shall not constitute an Event of Default or Potential Event of Default with respect to the Transferee as Defaulting Party; and (ii) Remaining Party shall be entitled to designate an Early Termination Date pursuant to Section 6 of the New Agreement only as a result of the occurrence of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the New Agreement with respect to Remaining Party as the Affected Party or Section 5(b)(iii) of the New Agreement with respect to Remaining Party as the Burdened Party.
