External Marks. At such time as the long-term senior debt rating of Party A’s Credit Support Provider is BBB or lower from S&P, Party A in its capacity as Valuation Agent shall get external verification of its calculation of Exposure on a monthly basis. This verification shall be at Party A’s expense and may not be verified by the same entity more than four (4) times in any twelve (12)-month period. The external xxxx should reflect the higher of two (2) bids from counterparties that would be willing and eligible to provide the swap in the absence of the current provider. Such bids and any external marks received by the Valuation Agent shall be provided to S&P. The calculation of Exposure should be based on the greater of the internal and external marks.
Appears in 14 contracts
Samples: Isda Master Agreement (Novastar Mortgage Funding Trust, Series 2007-1), Isda Master Agreement (Sasco 2006-Bc4), Isda Master Agreement (Sasco 2006-S4)
External Marks. At such time as the long-term senior debt rating of Party A’s Credit Support Provider is BBB or lower from S&P, Party A in its capacity as Valuation Agent shall get external verification of its calculation of Exposure on a monthly basis. This verification shall be at Party A’s expense and may not be verified by the same entity more than four (4) times in any twelve (12)-month period. The external xxxx mxxx should reflect the higher of two (2) bids from counterparties that would be willing and eligible to provide the swap in the absence of the current provider. Such bids and any external marks received by the Valuation Agent shall be provided to S&P. The calculation of Exposure should be based on the greater of the internal and external marks.
Appears in 4 contracts
Samples: Isda Master Agreement (First Franklin Mortgage Loan Trust 2006-Ff17), Credit Support Annex (Greenpoint Mortgage Funding Trust 2007-Ar2), Credit Support Annex (Lehman XS Trust Series 2007-7n)
External Marks. At such time as the long-term senior debt rating of Party A’s 's Credit Support Provider is BBB or lower from S&P, Party A in its capacity as Valuation Agent shall get external verification of its calculation of Exposure on a monthly basis. This verification shall be at Party A’s 's expense and may not be verified by the same entity more than four (4) times in any twelve (12)-month period. The external xxxx should reflect the higher of two (2) bids from counterparties that would be willing and eligible to provide the swap in the absence of the current provider. Such bids and any external marks received by the Valuation Agent shall be provided to S&P. The calculation of Exposure should be based on the greater of the internal and external marks.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SURF Mortgage Loan Asset-Backed Certificates, Series 2007-Bc1)
