Rights Upon Event of Default. (a) So long as no Insurer Default has occurred and is continuing, if an Event of Default shall have occurred and be continuing, then with the consent of the Insurer, the Notes shall become immediately due and payable at par, together with accrued interest thereon. The Trustee will have no discretion with respect to the acceleration of the Notes under the foregoing circumstances. In the event of any such acceleration of the Notes, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to Section 5.18 for Scheduled Payments on the Notes. Payments under the Note Policy following acceleration of the Notes shall be applied by the Trustee:
Appears in 21 contracts
Samples: Indenture (WFS Receivables Corp 2), Indenture (WFS Financial Auto Loans Inc), Indenture (WFS Financial Auto Loans Inc)
