Common use of THE INSURER Clause in Contracts

THE INSURER. The Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Insurer shall be suspended during any period in which the Insurer is in default in its payment obligations under the Policy except with respect to amendments to this Agreement pursuant to Section 7.13. During any period of suspension the Insurer's rights hereunder shall vest in the Noteholders of the Notes and shall be exercisable by the Noteholders of at least a majority in Percentage Interest of the Notes then Outstanding. At such time as the Notes are no longer Outstanding hereunder and the Insurer has been reimbursed for all payments made pursuant to the Policy to which it is entitled hereunder, the Insurer's rights hereunder shall terminate. Except at such time as an Insurer Default has occurred and is continuing, the Insurer shall be deemed the 100% Noteholder for purposes of all voting rights, consents, directions, notices and waivers hereunder.

THE INSURER. The Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Insurer shall be suspended during any period in which the Insurer is in default in its payment obligations under the Policy except with respect to amendments to this Agreement pursuant to Section 7.13. During any period of suspension the Insurer's rights hereunder shall vest in the Noteholders of the Notes and shall be exercisable by the Noteholders of at least a majority in Percentage Interest holding Notes evidencing more than 50% of the Notes then OutstandingNote Balance. At such time as the Notes are no longer Outstanding hereunder and the Insurer has been reimbursed for all payments made pursuant to the Policy to which it is entitled hereunder, the Insurer's rights hereunder shall terminate. Except at such time as an Insurer Default has occurred and is continuing, the Insurer shall be deemed the 100% Noteholder for purposes of all voting rights, consents, directions, notices and waivers hereunder.