Qualifying Novations. I. The Counterparty shall determine whether or not a transfer is a Qualifying Novation which shall be deemed upon receipt of evidence that the Rating Agency Condition has been met. II. If an entity has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a Qualifying Novation, the Counterparty shall at Xxxxxx’x written request and cost execute any documentation Xxxxxx xxxxx necessary to effect such transfer and take such action as required pursuant to this Agreement. III. No consent from the Counterparty is required for a transfer that is a Qualifying Novation and is required pursuant to Part 6(1) above.
Appears in 9 contracts
Samples: Isda Master Agreement (Jpmac 2007-Ch2), Interest Rate Cap Transaction (Jpmac 2007-Ch1), Master Agreement (J.P. Morgan Alternative Loan Trust 2007-S1)
Qualifying Novations. I. The Counterparty shall determine whether or not a transfer is a Qualifying Novation which shall be deemed upon receipt of evidence that the Rating Agency Condition has been met.
II. If an entity has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a Qualifying Novation, the Counterparty shall at Xxxxxx’x Mxxxxx’x written request and cost execute any documentation Xxxxxx Mxxxxx xxxxx necessary to effect such transfer and take such action as required pursuant to this Agreement.
III. No consent from the Counterparty is required for a transfer that is a Qualifying Novation and is required pursuant to Part 6(1) above.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (ChaseFlex Trust Series 2007-2), Pooling and Servicing Agreement (ChaseFlex Trust Series 2007-3), Pooling and Servicing Agreement (ChaseFlex Trust Series 2007-2)
