Common use of Effect of Payments by the Clause in Contracts

Effect of Payments by the. Class A-2 Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class A-2 Certificates which is made with moneys received pursuant to the terms of the Class A-2 Certificate Insurance Policy shall not be considered payment of the Class A-2 Certificates from the Trust Fund. The Depositor, the Servicer and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 Certificate agrees, that without the need for any further action on the part of the Class A-2 Certificate Insurer, the Depositor, the Servicer, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 Certificates to the Holders of such Class A-2 Certificates, the Class A-2 Certificate Insurer will be fully subrogated to, and each Class A-2 Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 Certificates, and (b) the Class A-2 Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 Certificate Insurer for action to preserve or enforce the Class A-2 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. Class A-2 A-3b Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class A-2 A-3b Certificates which is made with moneys received pursuant to the terms of the Class A-2 A-3b Certificate Insurance Policy shall not be considered payment of the Class A-2 A-3b Certificates from the Trust Fund. The Depositor, the Servicer and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 A-3b Certificate agrees, that without the need for any further action on the part of the Class A-2 A-3b Certificate Insurer, the Depositor, the Servicer, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 A-3b Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 A-3b Certificates to the Holders of such Class A-2 A-3b Certificates, the Class A-2 A-3b Certificate Insurer will be fully subrogated to, and each Class A-2 A-3b Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 A-3b Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 A-3b Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 A-3b Certificates, and (b) the Class A-2 A-3b Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 A-3b Certificate Insurer for action to preserve or enforce the Class A-2 A-3b 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. Class A-2 Certificate Bond Insurer; Subrogation. Subrogation --------------------------------------------------- (a) Anything herein to the contrary notwithstanding, any payment with respect to the principal of or interest on the Class A-2 Certificates A Bonds which is made with moneys received pursuant to the terms of the Class A-2 Certificate Bond Insurance Policy shall not be considered payment by the Issuer of the Class A-2 Certificates from A Bonds, shall not discharge the Trust FundIssuer 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 Class A Bonds within the meaning of Section 4.10 hereof. The Depositor, the Servicer Issuer and the Indenture Trustee acknowledge, and each Holder by its acceptance of a Class A-2 Certificate agrees, acknowledge that without the need for any further action on the part of the Class A-2 Certificate Bond Insurer, the DepositorIssuer, the Servicer, the Indenture Trustee or the Certificate Bond Registrar (ai) to the extent the Class A-2 Certificate Bond Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 Certificates A Bonds to the Holders of such Class A-2 CertificatesA Bonds, the Class A-2 Certificate Bond Insurer will be fully subrogated to, and each Class A-2 Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 CertificatesIssuer, and (bii) the Class A-2 Certificate Bond Insurer shall be paid such amounts principal and interest in its capacity as a Holder of Class A Bonds but only from the sources and in the manner provided herein for the payment of such amounts principal and interest in each case only after the Holders of the Class A Bonds have received payment of all scheduled payments of principal and interest due thereon. (b) Without limiting the provisions of Article V hereof or the rights or interests of the Holders as provided in this Agreement. The otherwise set forth herein, so long as no Bond Insurer Default exists, the Indenture Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 Certificate Bond Insurer for action to preserve or enforce the Class A-2 Certificate Bond Insurer's rights or interests under this Agreement Indenture, including, without limiting limitation, upon the occurrence and continuance of an Event of Default, a request to take any one or more of the following actions: (i) institute proceedings for the collection of all amounts then payable on the Bonds, or under this Indenture in respect to the Bonds, enforce any judgment obtained and collect from the Issuer moneys adjudged due; (ii) institute proceedings from time to time for the complete or partial foreclosure of this Indenture; and (iii) exercise remedies of a secured party under the Uniform Commercial Code and take any other appropriate action to protect and enforce the rights or affecting the interests and remedies of the Holders as otherwise set forth hereinBond Insurer hereunder.

Effect of Payments by the. Class A-2 A-1 Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class A-2 A-1 Certificates which is made with moneys received pursuant to the terms of the Class A-2 A-1 Certificate Insurance Policy shall not be considered payment of the Class A-2 A-1 Certificates from the Trust FundFund (other than for federal income tax purposes). The Depositor, the Servicer Servicer, the Responsible Party and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 A-1 Certificate agrees, that without the need for any further action on the part of the Class A-2 A-1 Certificate Insurer, the Depositor, the Servicer, the Responsible Party, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 A-1 Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 A-1 Certificates to the Holders of such Class A-2 A-1 Certificates, the Class A-2 A-1 Certificate Insurer will be fully subrogated to, and each Class A-2 A-1 Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 A-1 Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 A-1 Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 A-1 Certificates, and (b) the Class A-2 A-1 Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 A-1 Certificate Insurer for action to preserve or enforce the Class A-2 A-1 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. Class A-2 A-1 Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class A-2 A-1 Certificates which is made with moneys received pursuant to the terms of the Class A-2 A-1 Certificate Insurance Policy shall not be considered payment of the Class A-2 A-1 Certificates from the Trust Fund. The Depositor, the Servicer and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 A-1 Certificate agrees, that without the need for any further action on the part of the Class A-2 A-1 Certificate Insurer, the Depositor, the Servicer, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 A-1 Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 A-1 Certificates to the Holders of such Class A-2 A-1 Certificates, the Class A-2 A-1 Certificate Insurer will be fully subrogated to, and each Class A-2 A-1 Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 A-1 Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 A-1 Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 A-1 Certificates, and (b) the Class A-2 A-1 Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 A-1 Certificate Insurer for action to preserve or enforce the Class A-2 A-1 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. Class A-2 Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, solely for purposes of determining the Class A-2 Insurer's rights as subrogee for payments distributed pursuant to Section 4.02, any payment with respect to principal of or interest on the Class A-2 Certificates which is made with moneys received pursuant to the terms of the Class A-2 Certificate Insurance Policy shall not be considered payment of the Class A-2 Certificates from the Trust Fund. The Depositor, the Servicer and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 Certificate agrees, that without the need for any further action on the part of the Class A-2 Certificate Insurer, the Depositor, the Servicer, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 Certificates to the Holders of such Class A-2 Certificates, the Class A-2 Certificate Insurer will be fully subrogated to, and each Class A-2 Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 Certificates, and (b) the Class A-2 Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 Certificate Insurer for action to preserve or enforce the Class A-2 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. Class A-2 A-2b Certificate Insurer; Subrogation. Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class A-2 A-2b Certificates which is made with moneys received pursuant to the terms of the Class A-2 A-2b Certificate Insurance Policy shall not be considered payment of the Class A-2 A-2b Certificates from the Trust Fund. The Depositor, the Servicer and the Trustee acknowledge, and each Holder by its acceptance of a Class A-2 A-2b Certificate agrees, that without the need for any further action on the part of the Class A-2 A-2b Certificate Insurer, the Depositor, the Servicer, the Trustee or the Certificate Registrar (a) to the extent the Class A-2 A-2b Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class A-2 A-2b Certificates to the Holders of such Class A-2 A-2b Certificates, the Class A-2 A-2b Certificate Insurer will be fully subrogated to, and each Class A-2 A-2b Certificateholder, the Servicer and the Trustee hereby delegate and assign to the Class A-2 A-2b Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Class A-2 A-2b Certificateholders in respect of securities law violations arising from the offer and sale of the Class A-2 A-2b Certificates, and (b) the Class A-2 A-2b Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee and the Servicer shall cooperate in all respects with any reasonable request by the Class A-2 A-2b Certificate Insurer for action to preserve or enforce the Class A-2 A-2b 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.