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Layman's opinion: Said sponsor can:
1) File a DMCA against you for copyright infringement, since they have recended said rights to distribute/publish said banner.
2) They can terminate you because their new TOS states you are now inviolation of their policies concerning promotion of their sites.
It's a business decision, not a legal decision, in this situation. If you are using "their" banners then you play by their rules. If you wanna build your own banners with hardcore content then I don't think they can really justify axing you - as long as your marketing is within the confins of their TOS and the bounds of said site's genre.
It's akin to building sites/galleries for Lightspeed (at least a while back) with marketing text saying "Watch Tawny Stone Gag on Big Mongolian Cocks Now!" - false advertising and mis-representation of the sponsor program == you're axed.
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