Common use of Default of Note Insurer Clause in Contracts

Default of Note Insurer. Except as set forth in Section 11.07, notwithstanding anything in this Indenture to the contrary, if a Note Insurer Default has occurred and is continuing, all rights and benefits conferred on it by this Indenture shall be suspended until, in the case of default in payment, such time as the Note Insurer has fully cured such payment default, and none of the consents or approvals of the Note Insurer otherwise required hereunder shall be required during such time period; provided, however, that upon such cure, the Note Insurer's rights shall be immediately reinstated in full. Upon the occurrence of a Note Insurer Default and until the Note Insurer Default has been fully cured, all rights and benefits conferred on the Note Insurer pursuant to this Indenture, the Servicing Agreement, the Contribution Agreement, the Transfer and Assignment Agreement or otherwise shall, unless otherwise specified herein or therein, be vested in the Indenture Trustee.

Default of Note Insurer. Except as set forth in Section 11.07, notwithstanding anything in this Indenture to the contrary, if a Note Insurer Default has occurred and is continuing, all rights and benefits conferred on it by this Indenture shall be suspended until, in the case of default in payment, such time as the Note Insurer has fully cured such payment default, and none of the consents or approvals of the Note Insurer otherwise required hereunder shall be required during such time period; provided, however, that upon such cure, the Note Insurer's rights shall be immediately reinstated in full. Upon the occurrence of a Note Insurer Default and until the Note Insurer Default has been fully cured, all rights and benefits conferred on the Note Insurer pursuant to this Indenture, the Servicing Agreement, the 118 2003-A Indenture Contribution Agreement, the Transfer and Assignment Agreement or otherwise shall, unless otherwise specified herein or therein, be vested in the Indenture Trustee.