Common use of Realization upon Defaulted Underlying Securities Clause in Contracts

Realization upon Defaulted Underlying Securities. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under each applicable Credit Support Instrument, and shall take such reasonable steps as are necessary to receive payment or to permit recovery thereunder with respect to any defaulted Underlying Securities, subject in all cases to the provisions of Article VII hereof. (b) Unless otherwise provided in the related Series Supplement, if the Trustee is unable to obtain full recovery in respect of a defaulted Underlying Security and any related Credit Support Instrument pursuant to Section 3.07(a), the Trustee shall follow or cause to be followed such normal practices and procedures as it deems necessary or advisable to realize upon such defaulted Underlying Security and such Credit Support Instrument, subject in all cases to the provisions of Article VII hereof. (c) If the Liquidation Proceeds of a defaulted Underlying Security are less than the sum of (i) the outstanding principal balance of the defaulted Underlying Security, (ii) interest accrued but unpaid thereon at the applicable interest rate and (iii) the aggregate amount of expenses incurred by the Trustee in connection with the practices and procedures referred to in paragraph (b) of this Section 3.07 to the extent reimbursable under these Standard Terms and the related Series Supplement, the Trust for the applicable Series shall recognize a Realized Loss equal to the amount of such difference. Unless otherwise specified in the applicable Series Supplement, any such Realized Loss shall be allocated pursuant to Section 4.04 among the Certificateholders of such Series, pro rata, based on their entitlement to the principal payments on such Underlying Securities. (d) Unless otherwise specified in the applicable Series Supplement, with respect to any related Underlying Securities, if any related document or instrument is found to be missing or defective in any material respect, neither the Trustee nor the Depositor shall be obligated to repurchase or provide a substitute for such Underlying Securities.

Realization upon Defaulted Underlying Securities. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under each applicable Credit Support Instrument, and shall take such reasonable steps as are necessary to receive payment or to permit recovery thereunder with respect to any defaulted Underlying Securities, subject in all cases to the provisions of Article VII hereof. (b) Unless otherwise provided in the related Series Supplement, if the Trustee Trustee, is unable to obtain full recovery in respect of a defaulted Underlying Security and any related Credit Support Instrument pursuant to Section 3.07(a), the Trustee shall follow or cause to be followed such normal practices and procedures as it deems necessary or advisable to realize upon such defaulted Underlying Security and such Credit Support Instrument, subject in all cases to the provisions of Article VII hereof. (c) If the Liquidation Proceeds of a defaulted Underlying Security are less than the sum of (i) the outstanding principal balance of the defaulted Underlying Security, (ii) interest accrued but unpaid thereon at the applicable interest rate and (iii) the aggregate amount of expenses incurred by the Trustee in connection with the practices and procedures referred to in paragraph (b) of this Section 3.07 to the extent reimbursable under these Standard Terms and the related Series Supplement, the Trust for the applicable Series shall recognize a Realized Loss equal to the amount of such difference. Unless otherwise specified in the applicable Series Supplement, any Any such reimbursed Realized Loss shall be allocated pursuant to Section 4.04 4.05 among the Certificateholders of such Series, pro rata, based on their entitlement to Series in the principal payments on such Underlying Securitiesmanner and priority set forth in the related Series Supplement. (d) Unless otherwise specified in the applicable Series Supplement, with With respect to any related Underlying Securities, if specified in a related Series Supplement, if any related document or instrument is found to be missing or defective in any material respect, neither the Trustee shall immediately notify the Depositor and the Underlying Securities Issuer who sold the applicable Underlying Securities to the Depositor. If and to the extent specified in the related Series Supplement, if the Underlying Securities Issuer cannot cure such omission or defect within 60 days after receipt of such notice, the Underlying Securities Issuer will be obligated, within 90 days of receipt of such notice, to repurchase the related Underlying Securities from the Trustee at the Purchase Price or provide a substitute for such Underlying Securities. Neither the Trustee nor the Depositor shall be obligated to repurchase or provide a substitute for such Underlying SecuritiesSecurities if the Underlying Securities Issuer defaults on its obligations. Unless otherwise specified in the related Series Supplement, if applicable, the Underlying Securities Issuer's repurchase or substitution obligation constitutes the sole remedy available to the Certificateholders or the Trustee for omission of, or a material defect in, or failure to provide, a constituent document.

Realization upon Defaulted Underlying Securities. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under each applicable Credit Support Instrument, and shall take such reasonable steps as are necessary to receive payment or to permit recovery thereunder with respect to any defaulted Underlying Securities, subject in all cases to the provisions of Article VII hereof. (b) Unless otherwise provided in the related Series Supplement, if the Trustee is unable to obtain full recovery in respect of a defaulted Underlying Security and any related Credit Support Instrument pursuant to Section 3.07(a), the Trustee shall follow or cause to be followed such normal practices and procedures as it deems necessary or advisable to realize upon such defaulted Underlying Security and such Credit Support Instrument, subject in all cases to the provisions of Article VII hereof. (c) If the Liquidation Proceeds of a defaulted Underlying Security are less than the sum of (i) the outstanding principal balance of the defaulted Underlying Security, (ii) interest accrued but unpaid thereon at the applicable interest rate and (iii) the aggregate amount of expenses incurred by the Trustee in connection with the practices and procedures referred to in paragraph (b) of this Section 3.07 to the extent reimbursable under these Standard Terms and the related Series Supplement, the Trust for the applicable Series shall recognize a Realized Loss equal to the amount of such difference. Unless otherwise specified in the applicable Series Supplement, any Any such reimbursed Realized Loss shall be allocated pursuant to Section 4.04 4.05 among the Certificateholders of such Series, pro rata, based on their entitlement to Series in the principal payments on such Underlying Securitiesmanner and priority set forth in the related Series Supplement. (d) Unless otherwise specified in the applicable Series Supplement, with With respect to any related Underlying Securities, if specified in a related Series Supplement, if any related document or instrument is found to be missing or defective in any material respect, neither the Trustee shall immediately notify the Depositor and the Underlying Securities Issuer who sold the applicable Underlying Securities to the Depositor. If and to the extent specified in the related Series Supplement, if the Underlying Securities Issuer cannot cure such omission or defect within 60 days after receipt of such notice, the Underlying Securities Issuer will be obligated, within 90 days of receipt of such notice, to repurchase the related Underlying Securities from the Trustee at the Purchase Price or provide a substitute for such Underlying Securities. Neither the Trustee nor the Depositor shall be obligated to repurchase or provide a substitute for such Underlying SecuritiesSecurities if the Underlying Securities Issuer defaults on its obligations. Unless otherwise specified in the related Series Supplement, if applicable, the Underlying Securities Issuer's repurchase or substitution obligation constitutes the sole remedy available to the Certificateholders or the Trustee for omission of, or a material defect in, or failure to provide, a constituent document.

Realization upon Defaulted Underlying Securities. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under each applicable Credit Support Instrument, and shall take such reasonable steps as are necessary to receive payment or to permit recovery thereunder with respect to any defaulted Underlying Securities, subject in all cases to the provisions of Article VII hereof. (b) Unless otherwise provided in the related Series Supplement, if the Trustee Trustee, is unable to obtain full recovery in respect of a defaulted Underlying Security and any related Credit Support Instrument pursuant to Section 3.07(a), the Trustee shall follow or cause to be followed such normal practices and procedures as it deems necessary or advisable to realize upon such defaulted Underlying Security and such Credit Support Instrument, subject in all cases to the provisions of Article VII hereof. (c) If the Liquidation Proceeds of a defaulted Underlying Security are less than the sum of (i) the outstanding principal balance of the defaulted Underlying Security, (ii) interest accrued but unpaid thereon at the applicable interest rate and (iii) the aggregate amount of expenses incurred by the Trustee in connection with the practices and procedures referred to in paragraph (b) of this Section 3.07 to the extent reimbursable under these Standard Terms and the related Series Supplement, the Trust for the applicable Series shall recognize a Realized Loss equal to the amount of such difference. Unless otherwise specified in the applicable Series Supplement, any Any such reimbursed Realized Loss shall be allocated pursuant to Section 4.04 4.05 among the Certificateholders of such Series, pro rata, based on their entitlement to Series in the principal payments on such Underlying Securitiesmanner and priority set forth in the related Series Supplement. (d) Unless otherwise specified If there is an event of default (as defined in the applicable Series Supplement, indenture or other document pursuant to which the Underlying Securities were issued) with respect to any related Underlying SecuritiesSecurity and such default is known to the Trustee, if any related document or instrument is found to be missing or defective in any material respect, neither the Trustee nor shall promptly give notice to the Depositor shall be obligated Unitholders thereof as promptly as practicable as provided in Section 12.05 hereof, and in the manner and to repurchase or provide a substitute for the extent provided in [TIA Section 313(c))] within 90 days after such Underlying Securitiesevent of default occurs.