Common use of Underlying Securities Reporting Failure Clause in Contracts

Underlying Securities Reporting Failure. In the event that an issuer of an Underlying Security the outstanding principal balance of which exceeds ten percent of the aggregate principal balance of the Underlying Securities (or the issuers of Underlying Securities the combined principal balances of which exceed ten percent of the aggregate principal balance of the Underlying Securities) underlying a Series of Certificates ceases to file periodic reports required under the Exchange Act, the Depositor shall within a reasonable period of time instruct the Trustee to sell such Underlying Securities in order to allow a cash distribution to Certificateholders in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer of an Underlying Security shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer is delayed or temporarily suspended. Accordingly, the requirements of (i) and (ii) above shall not apply unless an Underlying Securities issuer (or combined issuers as aforesaid) either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year.

Underlying Securities Reporting Failure. In the event --------------------------------------- that an issuer of an Underlying Security the outstanding principal balance of which exceeds ten percent of the aggregate principal balance of the Underlying Securities (or the issuers Issuers of Underlying Securities the combined principal balances of which exceed ten percent of the aggregate principal balance of the Underlying Securities) underlying a Series of Certificates ceases to file periodic reports required under the Exchange Act, the Depositor shall within a reasonable period of time instruct the Trustee in writing, to sell such Underlying Securities in order to allow a cash distribution to Certificateholders in accordance with the procedures set forth in the Series Supplement that are applicable to a default on the Underlying Securities. An issuer Issuer of an Underlying Security shall not be deemed to have ceased filing required periodic reports for this purpose merely because reporting by such issuer Issuer is delayed or temporarily suspended. Accordingly, the requirements of (i) and (ii) above shall not apply unless an Underlying Securities issuer Issuer (or combined issuers Issuers as aforesaid) either (x) states in writing that it intends permanently to cease filing reports required under the Exchange Act or (y) fails to file any required reports for one full calendar year.