Affected Underlying Master Agreement

Affected Underlying Master Agreement. Means, from and after the occurrence of a Default, (i) if the Defaulting Party is a Rescap Obligor, all of the Underlying Master Agreements, or (ii) if the Defaulting Party is GMAC IM, all of the Underlying Master Agreements between GMAC IM and any Rescap Party or Rescap Parties that are parties to an Underlying Master Agreement with respect to which a Default has occurred and is continuing.