No Derivative. Contract shall provide for any payment obligation on the part of the Trust. Each Derivative Contract must (i) contain a non-petition covenant provision from the Derivative Counterparty, (ii) limit payment dates thereunder to Payment Dates and (iii) contain a provision limiting any cash payments due to the Derivative Counterparty on any day under such Derivative Contract solely to funds available therefore in the Collection Account to make payments to the Holder of the Class R Certificates on such Payment Date.
Appears in 7 contracts
Samples: Trust Agreement (Long Beach Acceptance Corp), Trust Agreement (Long Beach Acceptance Auto Receivables Trust 2005-B), Trust Agreement (Long Beach Acceptance Corp. Auto Receivables Trust 2006-A)
