Common use of Limitation on Notice Requirement Clause in Contracts

Limitation on Notice Requirement. The Trustee shall not be responsible for terminating the Swap Agreement (or any individual Affected Transaction thereunder) or giving notice of a Trust Wind-up Event unless and until (i) the Trustee fails to receive funds due on the Securities or under the Swap Agreement when due and such funds are not received within any applicable grace period, (ii) receipt by the Trustee of notice from the Swap Counterparty of the occurrence of a Swap Default or Termination Event or upon actual knowledge of a Swap Default or Termination Event by a Responsible Officer of the Trustee; provided, however, that the Trustee is responsible for making due inquiry as to whether a Trust Wind-up Event occurred if it has reason to believe that such a Trust Wind-up Event has occurred or (iii) receipt of notice from the Security Issuer of an event constituting a Security Default.

Limitation on Notice Requirement. The Trustee shall not be responsible for terminating the Swap Agreement (or any individual Affected Transaction thereunder) or giving notice of a Trust Wind-up Event unless and until (i) the Trustee fails to receive funds due on the Underlying Securities or under the Swap Agreement when due and such funds are not received within any applicable grace period, (ii) receipt by the Trustee of notice from the Swap Counterparty of the occurrence of a Swap Default or Termination Event or upon actual knowledge of a Swap Default or Termination Event by a Responsible Officer of the Trustee; provided, however, that the Trustee is responsible for making due inquiry as to whether a Trust Wind-up Event occurred if it has reason to believe that such a Trust Wind-up Event has occurred or (iii) receipt of notice from the Underlying Security Issuer of an event constituting a an Underlying Security Default.

Limitation on Notice Requirement. The Trustee shall not be responsible for terminating the Swap Agreement (or any individual Affected Transaction thereunder) or giving notice of a Trust Wind-up Event unless and until (i) the Trustee fails to receive funds due on the Debt Securities or under the Swap Agreement when due and such funds are not received within any applicable grace period, (ii) receipt by the Trustee of notice from the Swap Counterparty of the occurrence of a Swap Default or Termination Event or upon actual knowledge of a Swap Default or Termination Event by a Responsible Officer of the Trustee; provided, however, that the Trustee is responsible for making due inquiry as to whether a Trust Wind-up Event occurred if it has reason to believe that such a Trust Wind-up Event has occurred or (iii) receipt of notice from the Debt Security Issuer of an event constituting a Debt Security Default.