Insurer Default or Insolvency. If a default under either Policy has occurred and is continuing or a Insurer Insolvency has occurred, any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 13 contracts
Samples: Sale and Servicing Agreement (WFS Financial Auto Loans Inc), Sale and Servicing Agreement (WFS Financial Auto Loans Inc), Sale and Servicing Agreement (WFS Financial Auto Loans Inc)
Insurer Default or Insolvency. If a default under either the Note Policy or the Certificate Policy has occurred and is continuing or a Insurer Insolvency has occurred, any provision of this Agreement or any other Basic Document giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 12 contracts
Samples: Trust Agreement (WFS Financial Auto Loans Inc), Trust Agreement (WFS Financial 1997-a Owners Trust), Trust Agreement (WFS Financial 1997-D Owner Trust)
Insurer Default or Insolvency. If a default under either the Note Policy has occurred and is continuing or a an Insurer Insolvency has occurred, any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 5 contracts
Samples: Sale and Servicing Agreement (WFS Receivables Corp), Sale and Servicing Agreement (WFS Receivables Corp), Sale and Servicing Agreement (WFS Receivables Corp)
Insurer Default or Insolvency. If a default under either the Note Policy has occurred and is continuing or a an Insurer Insolvency has occurred, any provision of this Agreement or any other Basic Document giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 5 contracts
Samples: Trust Agreement (WFS Receivables Corp), Trust Agreement (WFS Receivables Corp), Trust Agreement (WFS Receivables Corp)
Insurer Default or Insolvency. If a default under either the Note Policy has occurred and is continuing or a Insurer Insolvency has occurred, any provision of this Agreement or any other Basic Document giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 3 contracts
Samples: Trust Agreement (WFS Receivables Corp), Trust Agreement (WFS Receivables Corp), Trust Agreement (WFS Receivables Corp 2)
Insurer Default or Insolvency. If a default under either the Note Policy has occurred and is continuing or a Insurer Insolvency has occurred, any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (WFS Receivables Corp), Sale and Servicing Agreement (WFS Receivables Corp 2), Sale and Servicing Agreement (WFS Receivables Corp)
