Common use of Effect of Payments by the Note Insurer; Subrogation Clause in Contracts

Effect of Payments by the Note Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on any of the Notes which is made with moneys received pursuant to the terms of the Note Insurance Policy shall not be considered payment of such Notes from the Trust and shall not result in the payment of or the provision for the payment of the principal of or interest on such Notes within the meaning of Section 3.03. The Depositor, the Servicer and the Indenture Trustee acknowledge, and each Owner by its acceptance of a Note agrees, that without the need for any further action on the part of the Note Insurer, the Depositor, the Servicer, the Indenture Trustee or the Registrar (a) to the extent the Note Insurer makes payments, directly or indirectly, on account of principal of or interest on any Notes to the Owners of such Notes, the Note Insurer will be fully subrogated to the rights of such Owners to receive such principal and interest from the Trust and (b) the Note Insurer shall be paid such principal and interest but only from the sources and in the manner provided herein for the payment of such principal and interest. The Indenture Trustee, the Seller, the Depositor and the Servicer shall cooperate in all respects with any reasonable request by the Note Insurer for action to preserve or enforce the Note Insurer's rights or interests under this Agreement without limiting the rights or affecting the interests of the Owners as otherwise set forth therein.

Effect of Payments by the Note Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on any of the Class A Notes which is made with moneys received pursuant to the terms of the Note Insurance Policy shall not be considered payment of such Notes from the Trust and shall not result in the payment of or the provision for the payment of the principal of or interest on such Notes within the meaning of Section 3.036.06. The Depositor, the Servicer and the Indenture Owner Trustee acknowledge, and each Owner Holder by its acceptance of a Class A Note agrees, that without the need for any further action on the part of the Note Insurer, the DepositorSeller, the Servicer, the Indenture Trustee or the Registrar Paying Agent (a) to the extent the Note Insurer makes payments, directly or indirectly, on account of principal of or interest on any Class A Notes to the Owners Holder of such Class A Notes, the Note Insurer will be fully subrogated to the rights of such Owners Noteholders to receive such principal and interest from the Trust and (b) the Note Insurer shall be paid such principal and interest but only from the sources and in the manner provided herein for the payment of such principal and interest. The Indenture Trustee, the Seller, the Depositor and the Servicer shall cooperate in all respects with any reasonable request by the Note Insurer for action to preserve or enforce the Note Insurer's rights or interests under this Agreement without limiting the rights or affecting the interests of the Owners as otherwise set forth therein.and

Effect of Payments by the Note Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on any of the Class A Notes which is made with moneys received pursuant to the terms of the Note Insurance Policy shall not be considered payment of such Notes from the Trust and shall not result in the payment of or the provision for the payment of the principal of or interest on such Notes within the meaning of Section 3.036.06. The Depositor, the Servicer and the Indenture Owner Trustee acknowledge, and each Owner Holder by its acceptance of a Class A Note agrees, that without the need for any further action on the part of the Note Insurer, the DepositorSeller, the Servicer, the Indenture Trustee or the Registrar Paying Agent (a) to the extent the Note Insurer makes payments, directly or indirectly, on account of principal of or interest on any Class A Notes to the Owners Holder of such Class A Notes, the Note Insurer will be fully subrogated to the rights of such Owners Noteholders to receive such principal and interest from the Trust and (b) the Note Insurer shall be paid such principal and interest but only from the sources and in the manner provided herein for the payment of such principal and interest. The Indenture Trustee, the Seller, the Depositor Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Note Insurer for action to preserve or enforce the Note Insurer's rights or interests under this Agreement without limiting the rights or affecting the interests of the Owners Class A Noteholders as otherwise set forth therein.

Effect of Payments by the Note Insurer; Subrogation. Anything herein or in the Indentures to the contrary notwithstanding, any payment with respect to principal of or interest on any of the Notes which is made with moneys received pursuant to the terms of the Note Insurance Policy Policies shall not be considered payment of such Notes from the Trust and shall not result in the payment of or the provision for the payment of the principal of or interest on such Notes within the meaning of Section 3.033.5. The Depositor, the Servicer and the Indenture Trustee acknowledge, and each Owner by its acceptance of a Note agrees, that without the need for any further action on the part of the Note Insurer, the Depositor, the Servicer, the Indenture Trustee or the Registrar (a) to the extent the Note Insurer makes payments, directly or indirectly, on account of principal of or interest on any Notes to the Owners of such Notes, the Note Insurer will be fully subrogated to the rights of such Owners to receive such principal and interest from the Trust and (b) the Note Insurer shall be paid such principal and interest but only from the sources and in the manner provided herein for the payment of such principal and interest. The Indenture Trustee, the Seller, the Depositor and the Servicer shall cooperate in all respects with any reasonable request by the Note Insurer for action to preserve or enforce the Note Insurer's rights or interests under this Agreement without limiting the rights or affecting the interests of the Owners as otherwise set forth therein.