Common use of Effect of Payments by MBIA; Subrogation Clause in Contracts

Effect of Payments by MBIA; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Servicer and the Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate agrees, that without the need for any further action on the part of MBIA, the Servicer, the Trustee or the Certificate Registrar, to the extent MBIA makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, MBIA shall be fully subrogated to, and each Insured Certificateholder, the Servicer and the Trustee hereby delegate and assign to MBIA, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that MBIA shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by MBIA for action to preserve or enforce MBIA's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.

Effect of Payments by MBIA; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Servicer and the Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate agrees, that without the need for any further action on the part of MBIA, the Servicer, the Trustee or the Certificate Registrar, to the extent MBIA makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, MBIA shall will be fully subrogated to, and each Insured Certificateholder, the Servicer and the Trustee hereby delegate and assign to MBIA, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that MBIA shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by MBIA for action to preserve or enforce MBIA's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.

Effect of Payments by MBIA; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Servicer and the Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate agrees, that without the need for any further action on the part of MBIA, the Servicer, the Trustee or the Certificate Registrar, to the extent MBIA makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, MBIA shall be fully subrogated to, and each Insured Certificateholder, the Servicer and the Trustee hereby delegate and assign to MBIA, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that MBIA shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by MBIA for action to preserve or enforce MBIA's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.. 117

Effect of Payments by MBIA; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Servicer and the Trustee acknowledge, and each Holder by its 117 acceptance of an Insured Certificate agrees, that without the need for any further action on the part of MBIA, the Servicer, the Trustee or the Certificate Registrar, to the extent MBIA makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, MBIA shall be fully subrogated to, and each Insured Certificateholder, the Servicer and the Trustee hereby delegate and assign to MBIA, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that MBIA shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by MBIA for action to preserve or enforce MBIA's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.