Note Insurer Default. Notwithstanding anything elsewhere in this Indenture or in the Notes to the contrary, if a Note Insurer Default exists, the provisions of this Article V and all other provisions of this Indenture which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note 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 Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Policy) or under applicable law.
Note Insurer Default. Any right conferred to the Note Insurer shall be suspended during any period in which a Note Insurer Default exists. At such time as the Notes are no longer Outstanding under this Indenture, and no amounts owed to the Note Insurer under the Basic Documents remain unpaid, the Note Insurer's rights under this Indenture shall terminate.
Note Insurer Default. During the continuation of a Note Insurer Default, rights granted or reserved to the Note Insurer hereunder shall vest instead in the Noteholders; provided, that the Note Insurer shall be entitled to any distributions of reimbursements as set forth in the Indenture and the Insurance Agreement and the Note Insurer shall retain those rights under Section 10.03 to consent to any amendment of this Agreement. At such time as either (i) the outstanding Note Principal Balance of the Notes has been reduced to zero or (ii) the Note Insurance Policy has been terminated and in either case of (i) or (ii) the Note Insurer has been reimbursed for all amounts owed under the Note Insurance Policy and the Insurance Agreement (and the Note Insurer no longer has any obligation under the Note Insurance Policy, except for breach thereof by the Note Insurer), then the rights and benefits granted or reserved to the Note Insurer hereunder (including the rights to direct certain actions and receive certain notices) shall terminate and the Certificateholders shall be entitled to the exercise of such rights and to receive such benefits of the Note Insurer following such termination to the extent that such rights and benefits are applicable to the Certificateholders.
Note Insurer Default. The existence and continuance of any of the following: (a) a failure by the Note Insurer to make a payment required under the Note Insurance Policy in accordance with its terms; or (b)(i) the Note Insurer (A) files any petition or commences any case or proceeding under any provision or chapter of the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (B) makes a general assignment for the benefit of its creditors, or (C) has an order for relief entered against it under the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or (ii) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority enters a final and nonappealable order, judgment or decree (A) appointing a custodian, trustee, agent or receiver for the Note Insurer or for all or any material portion of its property or (B) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Note Insurer (or the taking of possession of all or any material portion of the property of the Note Insurer).
Note Insurer Default. 63 Section 11.21. Third-Party Beneficiary....................................................................63 Section 11.22. Additional Rights of Note Insurer..........................................................63 APPENDICES, SCHEDULES AND EXHIBITS Appendix I Defined Terms Schedule l Mortgage Loan Schedule Exhibit A Form of Note CROSS-REFERENCE TABLE Cross-reference sheet showing the location in the Indenture of the provisions inserted pursuant to Sections 310 through 318(a) inclusive of the Trust Indenture Act of 1939.1 Trust Indenture Act of 1939 Indenture Section --------------------------- ----------------- Section 310 (a) (1)................................................................ 6.07 (a) (2)................................................................ 6.07, 6.08 (a) (3)................................................................ 6.13 (a) (4)................................................................ Not Applicable (a) (5)................................................................ 6.07 (b).................................................................... 6.07, 6.09 (c).................................................................... Not Applicable Section 311 (a).................................................................... 6.12 (b).................................................................... 6.12 (c).................................................................... Not Applicable Section 312 (a).................................................................... 7.01(a), 7.02(a) (b).................................................................... 7.02(b) (c).................................................................... 7.02(c) (d).................................................................... 7.03(a) Section 313 (a).................................................................... 7.03(a) (b).................................................................... 7.03(a) (c).................................................................... 11.05 (d).................................................................... 7.03(b) Section 314 (a)(1)................................................................. 7.04 (a)(2)................................................................. 7.04 (a)(3)................................................................. 7.04 (a)(4)................................................................. 7.04 (b)(1)............................................
Note Insurer Default. Notwithstanding anything elsewhere in this Agreement or in the Notes to the contrary, if a Note Insurer Default exists and is continuing, the provisions of this Agreement (other than Section 10.3) which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders, the Certificateholder or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee, the Issuer, the Master Servicer, the Securities Administrator, the Certificateholder, the Depositor, the Servicer, the Credit Risk Manager, the Custodian, the Seller or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note 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, 120 shall be of no further force and effect and the Indenture Trustee, the Issuer, the Certificateholder, the Master Servicer, the Securities Administrator, the Depositor, the Servicer, the Credit Risk Manager, the Custodian and the Seller shall administer the Trust Fund and perform its obligations hereunder and under the Operative Agreements solely for the benefit of the Noteholders and the Certificateholder. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law. At such time as the Notes are no longer Outstanding under the Indenture, and no amounts owed to the Note Insurer under the Operative Agreements or the Note Insurance Agreements remain unpaid, the Note Insurer’s rights under this Agreement shall terminate. [Signature Page Follows] 121
Note Insurer Default. 58 Section 11.21. Third-Party Beneficiary....................................................................58 APPENDICES AND EXHIBITS
Note Insurer Default. 43 Article VIII. TERMINATION........................................................................................44
Note Insurer Default. The existence and continuance of any of the following:
Note Insurer Default. 58 Section 11.21. Third-Party Beneficiary....................................................................58 APPENDICES, SCHEDULES AND EXHIBITS Appendix I Defined Terms Schedule l Mortgage Loan Schedule Exhibit A Form of Note CROSS-REFERENCE TABLE
