Common use of Additional Contingent Counterparty Clause in Contracts

Additional Contingent Counterparty. If GMAC has acceded to the rights and obligations of Citibank under the Primary Swap Agreement in accordance with the provisions of this Article II, GMAC shall have the option to find a Person with the Requisite Rating that will either (i) enter into an assignment agreement that is substantially similar to this Agreement pursuant to which such Person will become the Additional Contingent Counterparty or (ii) enter into a swap transaction substantially similar to the Primary Swap Transactions and a contingent assignment agreement that is substantially similar to this Agreement under which such Person would accede to the rights and obligations of GMAC under the Primary Swap Agreement and GMAC will become the Additional Contingent Counterparty. Citibank shall reimburse GMAC for any costs associated with finding a party to serve as the Additional Contingent Counterparty. Any delay or inability in finding a party to serve as the Additional Contingent Counterparty will not result in the occurrence of a Termination Event, an Event of Default or otherwise lead to the designation of an Early Termination Date under the Operative Swap Agreement.

Additional Contingent Counterparty. If GMAC has acceded to the rights and obligations of Citibank MSCS under the Primary Swap Agreement in accordance with the provisions of this Article II, GMAC shall have the option to find a Person with the Requisite Rating that will either (i) enter into an assignment agreement that is substantially similar to this Agreement pursuant to which such Person will become the Additional Contingent Counterparty or (ii) enter into a swap transaction substantially similar to the Primary Swap Transactions Transaction and a contingent assignment agreement that is substantially similar to this Agreement under which such Person would accede to the rights and obligations of GMAC under the Primary Swap Agreement and GMAC will become the Additional Contingent Counterparty. Citibank MSCS shall reimburse GMAC for any costs associated with finding a party to serve as the Additional Contingent Counterparty. Any delay or inability in finding a party to serve as the Additional Contingent Counterparty will not result in the occurrence of a Termination Event, an Event of Default or otherwise lead to the designation of an Early Termination Date under the Operative Swap Agreement.

Additional Contingent Counterparty. If GMAC has acceded to the rights and obligations of Citibank the Primary Swap Counterparty under the Primary Swap Agreement in accordance with the provisions of this Article II, GMAC shall have the option to find a Person with the Requisite Rating that will either (i) enter into an assignment agreement that is substantially similar to this Agreement pursuant to which such Person will become the Additional Contingent Counterparty or (ii) enter into a swap transaction substantially similar to the Primary Swap Transactions and a contingent assignment agreement that is substantially similar to this Agreement under which such Person would accede to the rights and obligations of GMAC under the Primary Swap Agreement and GMAC will become the Additional Contingent Counterparty. Citibank The Primary Swap Counterparty shall reimburse GMAC for any costs associated with finding a party to serve as the Additional Contingent Counterparty. Any delay or inability in finding a party to serve as the Additional Contingent Counterparty will not result in the occurrence of a Termination Event, an Event of Default or otherwise lead to the designation of an Early Termination Date under the Operative Swap Agreement.

Additional Contingent Counterparty. If GMAC has acceded to the rights and obligations of Citibank DBAG under the Primary Swap Agreement in accordance with the provisions of this Article II, GMAC shall have the option to find a Person with the Requisite Rating that will either (i) enter into an assignment agreement that is substantially similar to this Agreement pursuant to which such Person will become the Additional Contingent Counterparty or (ii) enter into a swap transaction substantially similar to the Primary Swap Transactions Transaction and a contingent assignment agreement that is substantially similar to this Agreement under which such Person would accede to the rights and obligations of GMAC under the Primary Swap Agreement and GMAC will become the Additional Contingent Counterparty. Citibank DBAG shall reimburse GMAC for any costs associated with finding a party to serve as the Additional Contingent Counterparty. Any delay or inability in finding a party to serve as the Additional Contingent Counterparty will not result in the occurrence of a Termination Event, an Event of Default or otherwise lead to the designation of an Early Termination Date under the Operative Swap Agreement.