Common use of Amendments and Waivers Under Swap Agreement and Guarantee Clause in Contracts

Amendments and Waivers Under Swap Agreement and Guarantee. (a) Without the need for consent of any Unitholder, the Trustee shall enter into any amendment, modification, waiver, or other change of the Swap Agreement or the Guarantee to cure any ambiguity or manifest error in, or to correct or supplement or otherwise change any provision of, the Swap Agreement or the Guarantee, if such change will not materially and adversely affect any Unitholder. Section 7.02(a) shall not be construed to require the consent of a Class of Units not materially and adversely affected by any amendment to the Swap Agreement in connection with an amendment pursuant to Section 7.02(b). (b) The Trustee shall enter into any other amendment, or agree to a waiver or other modification or other change, of the Swap Agreement or Guarantee if directed or consented to by the Specified Percentage of Unitholders materially and adversely affected thereby. (c) Notwithstanding subsection (b) above, the Trustee shall not enter into any amendment, or agree to a waiver or other modification, of the Swap Agreement or Guarantee that would have the effect of changing the principal amount, interest rate, maturity, or other terms specified in the related Trust Agreement, of any Class or Series of Units without the consent of 100% of the outstanding Unit Principal Balance of each Class of Units affected thereby.

Appears in 4 contracts

Samples: Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp), Trust Agreement (MS Structured Asset Corp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!