Qualifying Novations. I. The Counterparty shall determine in it sole discretion, acting in a commercially reasonable manner, whether or not a transfer is a Qualifying Novation. 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, take any reasonable steps required to be taken by it to effect such transfer. 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.
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Samples: Isda Master Agreement (C-Bass 2007-Cb1 Trust), Master Agreement (Jpmac 2006-Ch2), Isda Master Agreement (C-Bass 2007-Cb1 Trust)
Qualifying Novations. I. The Counterparty shall determine in it sole discretion, acting in a commercially reasonable manner, whether or not a transfer is a Qualifying Novation.
II. If an entity Eligible Replacement 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, take any reasonable steps required to be taken by it to effect such transfer.
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.
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