Insurer Default. In the event any right of the Note Insurer hereunder is suspended during the continuation of an Insurer Default, such right automatically and forthwith shall be assigned to the Indenture Trustee, and may be exercised by the Indenture Trustee, during the continuation of such Insurer Default. Upon the cessation of such Insurer Default, any such rights shall revert to the Note Insurer and shall be exercisable solely by the Note Insurer.
Appears in 1 contract
Sources: Receivables Purchase Agreement (Paragon Auto Receivables Corp)
Insurer Default. In the event any right of the Note Insurer hereunder is suspended during the continuation of an a Note Insurer Default, unless otherwise specifically provided herein or in the Indenture, such right automatically and forthwith shall be assigned to the Indenture Trustee, and may be exercised by the Indenture Trustee, during the continuation of such Note Insurer Default. Upon the cessation of such Note Insurer Default, any such rights shall revert to the Note Insurer and shall be exercisable solely by the Note Insurer.
Appears in 1 contract
Sources: Sale and Servicing Agreement (First Merchants Acceptance Corp)