Common use of CLASS A CERTIFICATE INSURER DEFAULT Clause in Contracts

CLASS A CERTIFICATE INSURER DEFAULT. Notwithstanding anything elsewhere in this Agreement or in the Certificates to the contrary, if a Class A Certificate Insurer Default exists, or if and to the extent the Class A Certificate Insurer has delivered its written renunciation of all of its rights under this Agreement, all provisions of this Agreement which (a) permit the Class A Certificate Insurer to exercise rights of the Class A Certificateholders, (b) restrict the ability of the Certificateholders, the Servicer or the Trustee to act without the consent or approval of the Class A Certificate Insurer, (c) provide that a particular act or thing must be acceptable to the Class A Certificate Insurer, (d) permit the Class A Certificate Insurer to direct (or otherwise to require) the actions of the Trustee, the Servicer or the Certificateholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Class A Certificate Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Trustee shall administer the Trust Fund and perform its obligations hereunder solely for the benefit of the Holders of the Certificates. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Class A Certificate Insurer from any obligation or liability it may have to any party or to the Class A Certificateholders hereunder, under any other agreement, instrument or document (including, without limitation, the Class A Insurance Policy) or under applicable law.

CLASS A CERTIFICATE INSURER DEFAULT. Notwithstanding anything elsewhere in this Agreement or in the Certificates to the contrary, if a Class A Certificate Insurer Default exists, or if and to the extent the Class A Certificate Insurer has delivered its written renunciation of all of its rights under this Agreement, all provisions of this Agreement which (a) permit the Class A Certificate Insurer to exercise rights of the Class A Certificateholders, (b) restrict the ability of the Certificateholders, the Servicer or the Trustee to act without the consent or approval of the Class A Certificate Insurer, (c) provide that a particular act or thing must be acceptable to the Class A Certificate Insurer, (d) permit the Class A Certificate Insurer to direct (or otherwise to require) the actions of the Trustee, the Servicer or the Certificateholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Class A Certificate Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Trustee shall administer the Trust Fund and perform its obligations hereunder solely for the benefit of the Holders of the Class A Certificates. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Class A Certificate Insurer from any obligation or liability it may have to any party or to the Class A Certificateholders hereunder, under any other agreement, instrument or document (including, without limitation, the Class A Certificate Insurance Policy) or under applicable law. At such time as the Class A Certificates are no longer outstanding hereunder, and no amounts owed to the Class A Certificate Insurer hereunder remain unpaid, the Class A Certificate Insurer's rights hereunder shall terminate.