The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstanding, and no amounts owed to the Certificate Insurer hereunder remain unpaid and the Certificate Insurance Policy has expired in accordance with its terms, the Certificate Insurer's rights hereunder shall terminate.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1998-3), Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstandingoutstanding under the Pooling and Servicing Agreement, and no amounts owed to the Certificate Insurer hereunder under any Basic Document remain unpaid and the Certificate Insurance Policy has expired in accordance with its termsunpaid, the Certificate Insurer's rights hereunder shall terminate. The Certificate Insurer is an intended third-party beneficiary of this Agreement.
Appears in 4 contracts
Samples: Transfer Agreement (Eqcc Receivables Corp), Transfer Agreement (Eqcc Asset Backed Corp), Transfer Agreement (Eqcc Asset Backed Corp)
The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the any 145 Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstanding, and no amounts owed to the Certificate Insurer hereunder remain unpaid and the Certificate Insurance Policy has Policies have expired in accordance with its their terms, the Certificate Insurer's rights hereunder shall terminate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
The Certificate Insurer. (a) Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the any Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstanding, and no amounts owed to the Certificate Insurer hereunder remain unpaid and the Certificate Insurance Policy has Policies have expired in accordance with its their terms, the Certificate Insurer's rights hereunder shall terminate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstanding, and no amounts owed to the Certificate Insurer hereunder remain unpaid and the Certificate Insurance Policy has expired in accordance accordanc with its terms, the Certificate Insurer's rights hereunder shall terminate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy, and its rights during such period shall vest in the Majority in Aggregate Voting Interest. At such time as the Certificates are no longer outstandingoutstanding under the Pooling and Servicing Agreement, and no amounts owed to the Certificate Insurer hereunder under any Basic Document remain unpaid and the Certificate Insurance Policy has expired in accordance with its termsunpaid, the Certificate Insurer's rights hereunder shall terminate.. The Certificate Insurer is an intended third-party beneficiary of this Agreement. NY1-183394.3 30
Appears in 1 contract
