Common use of Exercise of Rights of Holder of the Insured Certificates Clause in Contracts

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer and the Trustee, and, by accepting its Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v); and (vii) the right to remove the Trustee pursuant to Section 8.07 hereof. In addition, each Insured Certificateholder agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Insured Certificateholders only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Trust Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.018.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer an Event of Default pursuant to Sections 7.01 and 7.02Section 8.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.02(a)(v); and (vii) the right to remove the Trustee and the Trust Administrator pursuant to Section 8.07 Sections 9.07 and 10.07 hereof, respectively. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Securities Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Group I Senior Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Group I Loans upon failure of the Master Servicer or related Servicers to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Group I Loans pursuant to Section 2.032.3; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.018.1; (iv) the right to direct the actions of the Trustee upon the occurrence and during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02Section 8.1; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.4; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.2(a)(v); and (vii) the right to remove the Trustee and the Securities Administrator pursuant to Section 8.07 9.7 hereof. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Group I Senior Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer and the Trustee, and, by accepting its Certificate, each Holder of an Insured CertificateCertificateholder, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates Certificateholders under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured CertificatesCertificateholders, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v); and (vii) the right to remove the Trustee pursuant to Section 8.07 hereof. In addition, each Insured Certificateholder agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Insured Certificateholders only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Securities Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.032.3; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.017.1; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02Section 7.1; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.047.4; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v8.2(a)(v); and (vii) the right to remove the Trustee and the Securities Administrator pursuant to Section 8.07 8.7 hereof. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Securities Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer or Servicers to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02Section 7.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v); and (vii) the right to remove the Trustee and the Securities Administrator pursuant to Section 8.07 hereof. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Trust Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) set forth herein without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.018.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer an Event of Default pursuant to Sections 7.01 and 7.02Section 8.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.02(a)(v); and (vii) the right to remove the Trustee and the Trust Administrator pursuant to Section 8.07 Sections 9.07 and 10.07 hereof, respectively. 139 In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Securities Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer or Servicers to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02Section 7.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v); and (vii) the right to remove the Trustee and the Securities Administrator pursuant to Section 8.07 hereof. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Trust Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.018.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer an Event of Default pursuant to Sections 7.01 and 7.02Section 8.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.02(a)(v); and (vii) the right to remove the Trustee and the Trust Administrator pursuant to Section 8.07 9.07 hereof. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Securities Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate an Insurer Default has occurred and is continuing, the Certificate Insurer shall have the rights set forth in this Article XIII, which rights include the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided Agreement. The Insurer shall, in clause (i) of the second paragraph of Section 11.01) its sole discretion, without any further consent or approval of the Holders of the Insured Certificates, includingthe Trustee or the Securities Administrator, without limitation: have (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master related Servicer to do so; (ii) the right to require the Seller Sponsor to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of a Servicer or the Master Servicer pursuant to Section 7.018.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02Section 8.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.02 (a)(v); and (vii) the right to remove the Trustee and the Securities Administrator pursuant to Section 8.07 hereof9.07. However, nothing in this Article XIII shall be deemed to obligate the Insurer to exercise any of the rights provided herein. The rights set forth in Article XIII are in addition to any rights of the Insurer pursuant to other provisions of the Transaction Documents In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate an Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer Servicer, the Trust Administrator and the Trustee, and, by accepting its Insured Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except and certain other control or consent rights as provided in clause (i) of the second paragraph of Section 11.01) set forth herein without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.018.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer an Event of Default pursuant to Sections 7.01 and 7.02Section 8.01; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.048.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v9.02(a)(v); and (vii) the right to remove the Trustee and the Trust Administrator pursuant to Section 8.07 Sections 9.07 and 10.07 hereof, respectively. In addition, each Holder of an Insured Certificateholder Certificate agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Holder of an Insured Certificateholders Certificate only with the prior written consent of the Certificate Insurer.

Exercise of Rights of Holder of the Insured Certificates. Each of the Depositor, the Master Servicer and the Trustee, and, by accepting its Certificate, each Holder of an Insured Certificate, agrees that unless a Certificate Insurer Default has occurred and is continuing, the Certificate Insurer shall have the right to exercise all rights of the Holders of the Insured Certificates under this Agreement (except as provided in clause (i) of the second paragraph of Section 11.01) without any further consent of the Holders of the Insured Certificates, including, without limitation: (i) the right to direct foreclosures upon Mortgage Loans upon failure of the Master Servicer to do so; (ii) the right to require the Seller to repurchase or substitute for Mortgage Loans pursuant to Section 2.03; (iii) the right to give notices of breach or to terminate the rights and obligations of the Master Servicer pursuant to Section 7.01; (iv) the right to direct the actions of the Trustee during the continuance of a Master Servicer Event of Default pursuant to Sections 7.01 and 7.02; (v) the right to consent to or direct any waivers of Master Servicer Events of Default pursuant to Section 7.04; (vi) the right to direct the Trustee to investigate certain matters pursuant to Section 8.02(a)(v); and (vii) the right to remove the Trustee pursuant to Section 8.07 hereof. In addition, each Insured Certificateholder agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Insured Certificateholders only with the prior written consent of the Certificate Insurer.. 176