Common use of Limitation on Notice Requirement Clause in Contracts

Limitation on Notice Requirement. The Trustee shall not be responsible for terminating the Swap Agreement (or any Swap Transaction thereunder) or giving notice of a Trust Wind-Up Event unless and until (i) the Trustee does not receive funds due on the Securities or under the Swap Agreement when due or within any applicable grace period, (ii) receipt by the Trustee of notice from the Swap Counterparty of the occurrence of a Swap Default or Swap Termination Event or upon actual knowledge of a Swap Default or Swap Termination Event by a Responsible Officer of the Trustee or (iii) receipt by the Trustee of notice from the Security Issuer of the occurrence of a Security Default.