Common use of Effect of Payments by the Insurer; Subrogation Clause in Contracts

Effect of Payments by the Insurer; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 12.03, 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 Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Master 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 the Insurer, the Master Servicer, the Trustee or the Certificate Registrar, to the extent the Insurer makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, the Insurer will be fully subrogated to, and each Insured Certificateholder and the Master Servicer hereby delegate and assign to the Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that the Insurer shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Master Servicer shall cooperate in all respects with any reasonable request by the Insurer for action to preserve or enforce the Insurer'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 the Insurer; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 12.03, any payment with respect to principal of or interest on any of the Insured Certificates Class A Notes which is are made with monies moneys received pursuant to the terms of the Insurance Policy shall not be considered payment of the Insured Certificates such Class A Notes, as applicable, from the Trust Fundand shall not result in the payment of or the provision for the payment of the principal of or interest on such Class A Notes, as applicable, within the meaning of Section 5.01 herein. The Seller, the Master Servicer and the Indenture Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate a Class A Note agrees, that without the need for any further action on the part of the Insurer, the Seller, the Master Servicer, the Indenture Trustee or the Certificate Registrar, Note Registrar (a) to the extent the Insurer makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates any Class A Notes to the Holders of such CertificatesClass A Notes, the Insurer will be fully subrogated to, to and each Insured Certificateholder and Holder, the Master Servicer and the Indenture Trustee hereby delegate and assign to the Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest interest, as applicable, from the Trust Fund; provided that and (b) the Insurer shall be paid such amounts principal and interest but only from the sources and in the manner explicitly provided herein and in the Insurance Agreement for hereinthe payment of such principal and interest. The Indenture Trustee and the Master Servicer shall cooperate in all respects with any reasonable request by the Insurer for action to preserve or enforce the Insurer's ’s rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders of the Class A Notes as otherwise set forth herein.

Effect of Payments by the Insurer; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 12.03, 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 Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Master Servicer and the Trustee acknowledgeacknowledges, and each Holder by its acceptance of an Insured Certificate agrees, that without the need for any further action on the part of the Insurer, the Master Servicer, the Trustee Certificate Insurer or the Certificate RegistrarTrustee, to the extent the Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, the Certificate Insurer will be fully subrogated to, and each Holder of an Insured Certificateholder Certificate and the Master Servicer Trustee hereby delegate and assign to the Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that the Certificate Insurer shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee and the Master Servicer shall cooperate in all respects with any reasonable request by the Certificate Insurer for action to preserve or enforce the Certificate Insurer'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 the Insurer; Subrogation. Anything herein to the contrary notwithstanding, solely for the purposes of this determining the Insurer's reimbursement rights as subrogee pursuant to Section 12.035.01, any payment with respect to principal of or interest on any of the Insured Certificates Notes which is are made with monies moneys received pursuant to the terms of the Policy Note Guaranty Insurance Policy, but only to the extent that such payment has not been reimbursed to the Insurer pursuant to Section 5.01(a)(v), shall not be considered payment of the Insured Certificates such Notes, as applicable, from the Trust Fundand shall not result in the payment of or the provision for the payment of the principal of or interest on such Notes, as applicable, within the meaning of Section 5.01 herein. The Master Servicer and the Indenture Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate a Note agrees, that without the need for any further action on the part of the Insurer, the Depositor, the Master Servicer, the Indenture Trustee or the Certificate Registrar, Note Registrar (a) to the extent the Insurer makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates any Notes to the Holders of such CertificatesNotes, the Insurer will be fully subrogated to, and each Insured Certificateholder and the Master Servicer hereby delegate and assign to the Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest interest, as applicable, from the Trust Fund; provided that in accordance with the priorities of payment set forth in Section 5.01, and (b) the Insurer shall be paid such amounts principal and interest but only from the sources and in the manner explicitly provided herein and in the Insurance and Indemnity Agreement for hereinthe payment of such principal and interest. The So long as no Insurer Default exists and is continuing, the Indenture Trustee and the Master Servicer shall cooperate in all respects with any reasonable request by the Insurer for action to preserve or enforce the Insurer's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders of the Notes as otherwise set forth herein.

Effect of Payments by the Insurer; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 12.03, 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 Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Master 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 the Insurer, the Master Servicer, the Trustee or the Certificate RegistrarSecurities Administrator, to the extent the Insurer makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, the Insurer will be fully subrogated to, and each Insured Certificateholder and the Master Servicer hereby delegate and assign to the Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that the Insurer shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee Trustee, the Securities Administrator and the Master Servicer shall cooperate in all respects with any reasonable request by the Insurer for action to preserve or enforce the Insurer'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 the Insurer; Subrogation. Anything herein to the contrary notwithstanding, for purposes of this Section 12.0312.3, 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 Policy shall not be considered payment of the Insured Certificates from the Trust Fund. The Master Servicer Servicer, the Securities Administrator 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 the InsurerAmbac, the Master Servicer, the Securities Administrator, the Trustee or the Certificate Registrar, to the extent the Insurer Ambac makes payments, directly or indirectly, on account of principal of or interest on the Insured Certificates to the Holders of such Certificates, the Insurer Ambac will be fully subrogated to, and each Holder of an Insured Certificateholder Certificate and the Master Servicer Securities Administrator hereby delegate and assign to the InsurerAmbac, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund; provided that the Insurer Ambac shall be paid such amounts only from the sources and in the manner explicitly provided for herein. The Trustee Trustee, the Securities Administrator and the Master Servicer shall cooperate in all respects with any reasonable request by the Insurer Ambac for action to preserve or enforce the InsurerAmbac's rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.