Common use of The Certificate Insurer Clause in Contracts

The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder (except for the Certificate Insurer's right of prior approval of amendments to this Agreement that affect the Certificate Insurer's right to receive payments or the priority of such payments to the Certificate Insurer under Section 7.03), including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners and shall be exercisable by a vote of Owners holding Certificates representing at least a 51% Percentage Interest of all Class A Certificates during any period in which there exists a Certificate Insurer Default; PROVIDED, that the right of the Certificate Insurer to receive the Premium Amount or any Reimbursement Amounts shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate.

The Certificate Insurer. The Certificate Insurer is a third-party beneficiary of this Agreement. 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, except for with respect to amendments to this Agreement pursuant to Section 11.14. During the continuance of a Certificate Insurer Default, 104 112 the Certificate Insurer's right of prior approval of amendments to this Agreement that affect rights hereunder shall vest in the Certificate Insurer's right to receive payments or the priority of such payments to the Certificate Insurer under Section 7.03), including but not limited to consent rights, shall be suspended and shall run to the benefit Trustee on behalf of the Owners of the Class A Certificates and shall be exercisable by a vote the Owners of Owners holding Certificates representing at least a 51% majority in Percentage Interest of all the Class A Certificates during then Outstanding or, if there are no Class A Certificates then Outstanding and the Certificate Insurance Policy has expired or a Certificate Insurer Default has occurred and is continuing, or if there are no Class A Certificates outstanding and any period and all amounts due and owing the Certificate Insurer under the Insurance Agreement have been paid in which there exists full, and the Certificate Insurance Policy has expired or is unavailable due to a Certificate Insurer Default; PROVIDED, that the right by at least a majority of the Certificate Insurer to receive the Premium Amount or any Reimbursement Amounts shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restoredClass R Certificates then Outstanding. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received been reimbursed for all Reimbursement AmountsAmounts to which it is entitled hereunder and the Certificate Insurance Policy has expired, the Certificate Insurer's rights hereunder shall terminate.

The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder (except for the Certificate Insurer's right of prior approval of amendments to this Agreement that affect the Certificate Insurer's right to receive payments or the priority of such payments to the Certificate Insurer under Section 7.03), including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners and shall be exercisable by a vote of Owners holding Certificates representing at least a 51% Percentage Interest of all Class A Certificates during any period in which there exists a Certificate Insurer Default; PROVIDEDprovided, that the right of the Certificate Insurer to receive the Premium Amount or any Reimbursement Amounts shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate.

The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder (except for the Certificate Insurer's right of prior approval of amendments to this Agreement that affect the Certificate Insurer's right to receive payments or the priority of such payments to the Certificate Insurer under Section 7.03), including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners and shall be exercisable by a vote of Owners holding Certificates certificates representing at least a 51% Percentage Interest of all Class A Certificates during any period in which there exists a Certificate Insurer Default; PROVIDED, that the right of the Certificate Insurer to receive the Premium Amount or any Reimbursement Amounts shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate.

The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder (except for the Certificate Insurer's right of prior approval of amendments to this Agreement that affect pursuant to Section 12.01 hereof and the Certificate Insurer's right to receive payments or the priority of such payments to the Certificate Insurer under Section 7.03to receive Reimbursement Amounts), including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners and shall be exercisable by a vote of Owners holding Certificates certificates representing at least a 51% Percentage Interest of all Class A Certificates during any period in which there exists a Certificate Insurer Default; PROVIDED, that the right of the Certificate Insurer to receive the Premium Amount or any Reimbursement Amounts shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate. The Trustee, the Master Servicer, the Depositor and the Certificateholders agree that the Certificate Insurer shall be deemed a third-party beneficiary of this Agreement as if it were a party hereto.