Rights of the NIMS Insurer. Each of the rights of the NIMs Insurer set forth in this Agreement shall exist so long as the NIM Notes issued pursuant to the Indenture remain outstanding or the NIMs Insurer is owed amounts in respect of its guarantee of payment on such NIM Notes; provided, however, the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 in the case of clause (ii) below) during the period of time, if any, that (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes.
Appears in 6 contracts
Samples: Custodial Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A3), Custodial Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A6), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar4)
Rights of the NIMS Insurer. Each of the rights of the NIMs NIMS Insurer set forth in this Agreement shall exist so long as (i) the NIM Notes NIMS Insurer has undertaken to guarantee certain payments of notes issued pursuant to the Indenture an indenture and (ii) any series of notes issued pursuant to one or more indentures remain outstanding or the NIMs NIMS Insurer is owed amounts in respect of its guarantee of payment on such NIM Notesnotes; provided, however, that the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 in the case of clause (ii) below) during the period of time, if any, that so long as (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-WMC-1), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2)
Rights of the NIMS Insurer. Each of the rights of the NIMs NIMS Insurer set forth in this Agreement shall exist so long as (i) the NIM Notes NIMS Insurer has undertaken to guarantee certain payments of notes issued pursuant to the Indenture and (ii) the notes issued pursuant to the Indenture remain outstanding or the NIMs NIMS Insurer is owed amounts in respect of its guarantee of payment on such NIM Notesnotes; provided, however, the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 11.01 in the case of clause (ii) below) during the period of time, if any, that so long as (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Accept Corp Asset-Backed Cert Se 2002-6), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4)
Rights of the NIMS Insurer. Each of the rights of the NIMs NIMS Insurer set forth in this Agreement shall exist so long as (i) the NIM Notes NIMS Insurer has undertaken to guarantee certain payments of notes issued pursuant to an Indenture and (ii) the notes issued pursuant to such Indenture remain outstanding or the NIMs Insurer is owed amounts in respect of its guarantee of payment on such NIM Notes; provided, however, the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 11.10 and any rights of indemnification hereunder in the case of clause (ii) below) during the period of time, if any, that so long as (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He5)
Rights of the NIMS Insurer. Each of the rights of the NIMs Insurer set forth in this Agreement shall exist so long as the NIM Notes issued pursuant to the Indenture remain outstanding or the NIMs Insurer is owed amounts in respect of its guarantee of payment on such NIM Notes; provided, however, the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 in the case of clause (ii) below) during the period of time, if any, that (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes.
Appears in 1 contract
Samples: Custodial Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A3)
Rights of the NIMS Insurer. Each of the rights of the NIMs Insurer set forth in this Agreement shall exist so long as the NIM Notes issued pursuant to the NIM Indenture are insured by a NIMs Insurer and (x) remain outstanding or (y) the NIMs Insurer is owed amounts in respect of its guarantee of payment on such NIM Notes; provided, however, the NIMS Insurer shall not have any rights hereunder (except pursuant to Section 10.14 in the case of clause (ii) below) during the period of time, if any, that (i) the NIMS Insurer has not undertaken to guarantee certain payments of notes issued pursuant to the Indenture or (ii) any default has occurred and is continuing under the insurance policy issued by the NIMS Insurer with respect to such notes. The Owner Trustee may fully rely upon a certificate of the Depositor or NIMs Insurer as to the foregoing.
Appears in 1 contract
Samples: Trust Agreement (Merrill Lynch Mortgage Investors Trust, Series 2007-Sl1)
