Common use of Secured Party and Pledgor Clause in Contracts

Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A; provided, however, that if Other Posted Support is held by Party B, all references herein to the Secured Party with respect to that Other Posted Support will be to Party B as the beneficiary thereof and will not subject that support or Party B as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.” (iii) Notwithstanding anything to the contrary in the Agreement, for purposes of Section 5(a)(iii)(1) of the Agreement, an Event of Default will exist with respect to the Secured Party in the event that it fails (or fails to cause its Custodian) to make, when due, any Transfer of Posted Collateral required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to the Secured Party. (iv) Only Party A makes the representations contained in Paragraph 9 of this Annex. (v) Notwithstanding anything to the contrary in Paragraph 10(a) of this Annex, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in the maintenance of and any Transfer of Eligible Collateral. (vi) The parties hereto agree that, with respect to any provisions of this Annex that relate solely to the criteria or requirements, as applicable, of S&P, this Annex may be amended by a written agreement of the parties, together with either the consent of S&P or confirmation from S&P that the rating on the applicable Trust Certificates will not be negatively effected. (vii) Paragraph 12 of this Annex is amended by deleting the definitions of “Cash”, “Pledgor”, “Secured Party” and “Value” and replacing them with the following: