Common use of Restrictions on Amendments Clause in Contracts

Restrictions on Amendments. The Trust shall not enter into any amendment, modification or supplement to the Indenture or any other Basic Document that would materially adversely affect (i) the Counterparty’s ability to enforce or protect its rights or remedies under this Agreement (including any security interest granted to the Counterparty pursuant to the Indenture), (ii) the ability of the Trust to timely and fully perform its obligations under this Agreement or (iii) any of the Trust’s obligations under this Agreement or any Basic Document (including priority of payments under the Trust Agreement or the Indenture). Any such amendment, modification or supplement without the Counterparty ‘s prior written consent shall not be binding on the Counterparty. No amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed by each party hereto, and (B) the Indenture Trustee has acknowledged its consent thereto in writing, to the extent the consent of the Indenture Trustee is required under the terms of the Indenture. Prior to or simultaneous with the execution of any such amendment, the Trust shall obtain a written acknowledgment, or cause a written acknowledgment to be obtained, from each rating agency then rating the Notes, that their then­ current rating of the Notes will not be reduced or withdrawn as a result of the amendment.

Appears in 1 contract

Samples: Isda Master Agreement

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Restrictions on Amendments. The Trust shall not enter into any amendment, modification or supplement to the Indenture or any other Basic Document that would materially adversely affect (i) the Counterparty’s ability to enforce or protect its rights or remedies under this Agreement (including any security interest granted to the Counterparty pursuant to the Indenture), (ii) the ability of the Trust to timely and fully perform its obligations under this Agreement or (iii) any of the Trust’s obligations under this Agreement or any Basic Document (including priority of payments under the Trust Agreement or the Indenture). Any such amendment, modification or supplement without the Counterparty ‘s 's prior written consent shall not be binding on the Counterparty. No amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed by each party hereto, and (B) the Indenture Trustee has acknowledged its consent thereto in writing, to the extent the consent of the Indenture Trustee is required under the terms of the Indenture. Prior to or simultaneous with the execution of any such amendment, the Trust shall obtain a written acknowledgment, or cause a written acknowledgment to be obtained, from each rating agency then rating the Notes, that their then­ then-current rating of the Notes will not be reduced or withdrawn as a result of the amendment.

Appears in 1 contract

Samples: Isda Master Agreement (SLM Student Loan Trust 2006-10)

Restrictions on Amendments. The Trust shall not enter into any amendment, modification or supplement to the Indenture or any other Basic Document that would materially adversely affect (i) the CounterpartyBarclays’s ability to enforce or protect its rights or remedies under this Agreement (including any security interest granted to the Counterparty Barclays pursuant to the Indenture), (ii) the ability of the Trust to timely and fully perform its obligations under this Agreement or (iii) any of the Trust’s obligations under this Agreement or any Basic Document (including priority of payments under the Trust Agreement or the Indenture). Any such amendment, modification or supplement without the Counterparty ‘s Barclays’s prior written consent shall not be binding on the CounterpartyBarclays. No amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed by each party hereto, and (B) the Indenture Trustee has acknowledged its consent thereto in writing, to the extent the consent of the Indenture Trustee is required under the terms of the Indenture. Prior to or simultaneous with the execution of any such amendment, the Trust shall obtain a written acknowledgment, or cause a written acknowledgment to be obtained, from each rating agency then rating the Notes, that their then­ then-current rating of the Notes will not be reduced or withdrawn as a result of the amendment.

Appears in 1 contract

Samples: Isda Master Agreement (SLM Student Loan Trust 2006-6)

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Restrictions on Amendments. The Trust shall not enter into any amendment, modification or supplement to the Indenture or any other Basic Document that would materially adversely affect (i) the CounterpartyBNP Paribas’s ability to enforce or protect its rights or remedies under this Agreement (including any security interest granted to the Counterparty BNP Paribas pursuant to the Indenture), (ii) the ability of the Trust to timely and fully perform its obligations under this Agreement or (iii) any of the Trust’s obligations under this Agreement or any Basic Document (including priority of payments under the Trust Agreement or the Indenture). Any such amendment, modification or supplement without the Counterparty ‘s BNP Paribas’s prior written consent shall not be binding on the CounterpartyBNP Paribas. No amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a writing executed by each party hereto, and (B) the Indenture Trustee has acknowledged its consent thereto in writing, to the extent the consent of the Indenture Trustee is required under the terms of the Indenture. Prior to or simultaneous with the execution of any such amendment, the Trust shall obtain a written acknowledgment, or cause a written acknowledgment to be obtained, from each rating agency then rating the Notes, that their then­ then-current rating of the Notes will not be reduced or withdrawn as a result of the amendment.

Appears in 1 contract

Samples: Isda Master Agreement (SLM Student Loan Trust 2006-4)

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