The Note Insurer. Any right conferred to the Note Insurer hereunder shall be suspended and shall run to the benefit of the Owners during any period in which there exists a Note Insurer Default; provided, that the right of the Note Insurer to receive the Premium Amount shall not be suspended if such Note Insurer Default was a default other than a default under clause (a) of the definition thereof. At such time as the Notes are no longer Outstanding hereunder and the Note Insurer has received all Reimbursement Amounts, the Note Insurer's rights hereunder shall terminate.
Appears in 9 contracts
Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1998-7), Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1998-6)
The Note Insurer. Any right conferred to the Note Insurer hereunder shall be suspended and shall run to the benefit of the Owners during any period in which there exists a Note Insurer Default; provided, that . During any period of suspension the right Note Insurer's rights hereunder shall vest in the Owners of the Note Insurer to receive Notes and shall be exercisable by the Premium Amount shall not be suspended if such Note Insurer Default was Owners of at least a default other than a default under clause (a) majority in Percentage Interest of the definition thereofNotes then Outstanding. At such time as the Notes are no longer Outstanding outstanding hereunder and the Note Insurer has received been reimbursed for all Reimbursement AmountsInsured Payments to which it is entitled hereunder, the Note Insurer's rights hereunder shall terminate.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1a), Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1f), Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-2)
The Note Insurer. Any right conferred to the Note Insurer hereunder shall be suspended and shall run to the benefit of the Owners Class A Noteholders during any period in which there exists a Note Insurer Default; provided, that the right of the Note Insurer to receive the Premium Amount shall not be suspended if such Note Insurer Default was a default other than a default under clause (a) of the definition thereof. At such time as the Notes are no longer Outstanding outstanding hereunder and the Note Insurer has received all Reimbursement Amounts, the Note Insurer's rights hereunder shall terminate.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Green Tree Financial Corp), Sale and Servicing Agreement (Green Tree Financial Corp)
