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

Effect of Payments by the Securities Insurer; Subrogation. (a) Anything herein to the contrary notwithstanding, any payment with respect to the principal of or interest on the Notes which is made with moneys received pursuant to the terms of the Policy shall not be considered payment by the Issuer of the Notes, shall not discharge the Issuer in respect of its obligation to make such payment and shall not result in the payment of or the provision for the payment of the principal of or interest on the Notes within the meaning of Section 4.01 hereof. The Issuer and the Indenture Trustee acknowledge that without the need for any further action on the part of the Securities Insurer, the Issuer, the Indenture Trustee or the Note Registrar (i) to the extent the Securities Insurer makes payments, directly or indirectly, on account of principal of or interest on the Notes to the Holders of such Notes, the Securities Insurer will be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuer, and (ii) the Securities Insurer shall be paid such principal and interest in its capacity as a Holder of Notes but only from the sources and in the manner provided herein for the payment of such principal and interest in each case only after the Holders of the Notes have received payment of all scheduled payments of principal and interest due thereon.]

Effect of Payments by the Securities Insurer; Subrogation. (a) Anything herein to the contrary notwithstanding, any payment with respect to the principal of or interest on the any Class of Notes which is made with moneys received pursuant to the terms of the Policy shall not be considered payment by the Issuer of the Notes, shall not discharge the Issuer in respect of its obligation to make such payment and shall not result in the payment of or the provision for the payment of the principal of or interest on the Notes within the meaning of Section 4.01 hereof. The Issuer and the Indenture Trustee acknowledge that without the need for any further action on the part of the Securities Insurer, the Issuer, the Indenture Trustee or the Note Registrar (i) to the extent the Securities Insurer makes payments, directly or indirectly, on account of principal of or interest on the any Class of Notes to the Holders of such Notes, the Securities Insurer will be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuer, and (ii) the Securities Insurer shall be paid such principal and interest in its capacity as a Holder of Notes but only from the sources and in the manner provided herein for the payment of such principal and interest in each case only after the Holders of the Notes have received payment of all scheduled payments of principal and interest due thereon.]

Effect of Payments by the Securities Insurer; Subrogation. (a) Anything herein to the contrary notwithstanding, any payment with respect to the principal of or interest on the Notes which is made with moneys received pursuant to the terms of the Policy shall not be considered payment by the Issuer Issuing Entity of the Notes, shall not discharge the Issuer Issuing Entity in respect of its obligation to make such payment and shall not result in the payment of or the provision for the payment of the principal of or interest on the Notes within the meaning of Section 4.01 hereof. The Issuer Issuing Entity and the Indenture Trustee acknowledge that without the need for any further action on the part of the Securities Insurer, the IssuerIssuing Entity, the Indenture Trustee or the Note Registrar (i) to the extent the Securities Insurer makes payments, directly or indirectly, on account of principal of or interest on the Notes to the Holders of such Notes, the Securities Insurer will be fully subrogated to the rights of such Holders to receive such principal and interest from the IssuerIssuing Entity, and (ii) the Securities Insurer shall be paid such principal and interest in its capacity as a Holder of Notes but only from the sources and in the manner provided herein for the payment of such principal and interest in each case only after the Holders of the Notes have received payment of all scheduled payments of principal and interest due thereon.]

Effect of Payments by the Securities Insurer; Subrogation. (a) Anything herein to the contrary notwithstanding, any payment with respect to the principal of or interest on the Notes which is made with moneys received pursuant to the terms of the Policy shall not be considered payment by the Issuer of the Notes, shall not discharge the Issuer in respect of its obligation to make such payment and shall not result in the payment of or the provision for the payment of the principal of or interest on the Notes within the meaning of Section 4.01 hereof. The Issuer and the Indenture Trustee acknowledge that without the need for any further action on the part of the Securities Insurer, the Issuer, the Indenture Trustee or the Note Registrar (i) to the extent the Securities Insurer makes payments, directly or indirectly, on account of principal of or interest on the Notes to the Holders of such Notes, the Securities Insurer will be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuer, and (ii) the Securities Insurer shall be paid such principal and interest in its capacity as a Holder of Notes but only from the sources and in the manner provided herein for the payment of such principal and interest in each case only after the Holders of the Notes have received payment of all scheduled payments of principal and interest due thereon.]