Common use of Conditions Precedent and Secured Party’s Rights and Remedies Clause in Contracts

Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified Condition" for the party specified (that party being the Affected Party if the event occurs with respect to that party): - Illegality X X - Credit Event Upon Merger X X - Additional Termination Event(s): An event which, with the giving of notice or the passage of time, or both, would constitute one or more of the foregoing events X X (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified Condition" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified Condition" shall be deleted in their entirety.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Citicorp Mortgage Securities Inc), Pooling and Servicing Agreement (Citicorp Mortgage Securities Inc), Pooling and Servicing Agreement (Citicorp Mortgage Securities Inc)

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Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified Condition" for the party specified (that party being the Affected Party if the event occurs with respect to that party): - Illegality X X - Credit Event Upon Merger X X - Additional Termination Event(s): An event which, with the giving of notice or the passage of time, or both, would constitute one or more of the foregoing events X events (1) Termination of Trust X (2) Counterparty Rating Agency Downgrade X (3) Regulation AB 10% Disclosure Requirement X (4) Regulation AB 20% Disclosure Requirement X (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified Condition" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified Condition" shall be deleted in their entirety.

Appears in 3 contracts

Samples: Credit Support Annex (TBW Mortgage-Backed Trust Series 2007-2), Isda Master Agreement (TBW Mortgage-Backed Trust Series 2006-4), Isda Master Agreement (TBW Mortgage-Backed Trust Series 2006-4)

Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified Condition" for the party specified (that party being the Affected Party if the event occurs with respect to that party): - Illegality X X x x - Credit Event Upon Merger X X x x - Additional Termination Event(s): x x - An event which, with the giving of notice or the passage of time, or both, would constitute [one or more of of] the foregoing events X Xevent[s] x x (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified Condition" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified Condition" shall be deleted in their entirety.

Appears in 2 contracts

Samples: Credit Support Document (Green Equity Investors V, L.P.), Credit Support Document (Green Equity Investors V, L.P.)

Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified ConditionSPECIFIED CONDITION" for the party specified or parties in respect of which a cross has been placed under such party's name (that party being the Affected Party if the event occurs with respect to that party): Party A Party B - Illegality X X - Credit Event Upon Merger X X - Additional Termination Event(s): An event which, with the giving of notice or the passage of X X time, or both, would constitute one or more of the foregoing events X Xevents (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified ConditionSPECIFIED CONDITION" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified ConditionSPECIFIED CONDITION" shall be deleted in their entirety.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl2 Asset-Backed Certificates)

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Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified Condition" for the party specified (that party being the Affected Party if the event occurs with respect to that party): - Illegality X X - Credit -Illegality x x -Credit Event Upon Merger X X - Additional x x -Additional Termination Event(s): An -An event which, with the giving of notice or the passage of time, or both, would constitute one or more of the foregoing events X Xevent[s] (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified Condition" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified Condition" shall be deleted in their entirety.

Appears in 1 contract

Samples: Credit Support Annex (Cephalon Inc)

Conditions Precedent and Secured Party’s Rights and Remedies. (i) Subject to Paragraphs 13(d)(ii) and 13(d)(iii), for the purposes of this Annex the following events will each be a "Specified Condition" for the party specified (that party being the Affected Party if the event occurs with respect to that party): Party A Party B - Illegality X X - Credit Event Upon Merger X X - Additional Termination Event(s): An event which, with the giving of notice or the passage of time, or X X both, would constitute one or more of the foregoing events X Xevents (ii) For the purposes of sub-Paragraphs 4(a)(ii), 8(a)(2) and 8(b), the words "Specified Condition" shall be deleted and the words "Termination Event" shall be substituted therefor and provided further that for the purposes of Paragraph 8(b) the words "or been designated" shall be deleted in their entirety; (iii) For the purposes of sub-Paragraph 8(a)(1) the words "Specified Condition" shall be deleted in their entirety.

Appears in 1 contract

Samples: Isda Master Agreement (Residential Asset Securitization Trust 2006-A11)

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