Common use of Defaults by the Underlying Trust Clause in Contracts

Defaults by the Underlying Trust. In connection with its receipt of any distribution on the Deposited Underlying Certificates on any Distribution Date, if (i) the amount of any distribution varies from the amount due thereon pursuant to the terms of the Underlying Agreement, (ii) the Trustee shall not have received a distribution by the close of business on such Distribution Date, or (iii) a Responsible Officer of the Trustee shall gain actual knowledge of any default under the Underlying Agreement, the Trustee shall promptly notify the Depositor, the Underlying Certificate Seller and the Certificateholders, and shall, subject to the provisions of Article V hereof, pursue such remedies as may be available to it as holder of such Deposited Underlying Certificates in accordance with the terms of the Underlying Agreement.

Defaults by the Underlying Trust. In connection with its receipt of any distribution on the Deposited Underlying Certificates on any Distribution Date, if (i) the amount of any distribution varies from the amount due thereon pursuant to the terms of the Underlying Agreement, (ii) the Trustee shall not have received a distribution by the close of business on such Distribution Date, or (iii) a Responsible Officer of the Trustee shall gain actual knowledge of any default under the Underlying Agreement, the Trustee shall promptly notify the Depositor, the Underlying Certificate Seller and the Certificateholders, and shall, subject to the provisions of Article V hereofSections 5.01 and 5.02, pursue such remedies as may be available to it as holder of such Deposited Underlying Certificates in accordance with the terms of the Underlying Agreement.

Defaults by the Underlying Trust. In connection with its receipt of any distribution on the Deposited Underlying Certificates on any Distribution Date, if (i) the amount of any distribution varies from the amount due thereon pursuant to the terms of the Underlying Agreement, (ii) the Trustee shall not have received a distribution by the close of business on such Distribution Date, or (iii) a Responsible Officer of the Trustee shall gain actual knowledge of any default under the Underlying Agreement, the Trustee shall promptly notify the Depositor, the Underlying Certificate Seller and the Certificateholders, and shall, subject to the provisions of Sections 5.01 and 5.02 of Article V hereof, pursue such remedies as may be available to it as holder of such Deposited Underlying Certificates in accordance with the terms of the Underlying Agreement.

Defaults by the Underlying Trust. In connection with its receipt of any distribution on the Deposited Underlying Certificates Certificate on any Distribution Date, if (i) the amount of any distribution varies from the amount due thereon pursuant to the terms of the Underlying Agreement, (ii) the Trustee shall not have received a distribution by the close of business on such Distribution Date, or (iii) a Responsible Officer of the Trustee shall gain actual knowledge of any default under the Underlying Agreement, the Trustee shall promptly notify the Depositor, the Underlying Certificate Seller and the Certificateholders, and shall, subject to the provisions of Article V hereof, pursue such remedies as may be available to it as holder of such Deposited Underlying Certificates Certificate in accordance with the terms of the Underlying Agreement.