Common use of Grant of Owner Rights to Note Insurer Clause in Contracts

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts owed under the Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Note Insurance Policy.

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 11.21 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts owed under the Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Note Insurance Policy.

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Pool II Note Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts respecting the Notes owed under the Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Note Insurance PolicyPolicy with respect to the Notes.

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Pool I Note Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts respecting the Notes owed under the Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Note Insurance PolicyPolicy with respect to the Notes.

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Adjustable Rate Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Adjustable Rate Note Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts respecting the Notes owed under the Adjustable Rate Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Adjustable Rate Note Insurance Policy.

Grant of Owner Rights to Note Insurer. In consideration for the guarantee of the Notes by the Note Insurer pursuant to the Fixed Rate Note Insurance Policy, the Owners hereby grant to the Note Insurer the right to act as the Owner of 100% of the outstanding Notes for the purpose of exercising the rights of the Owners of the Notes hereunder, including the voting rights of such Owners, but excluding those rights requiring the consent of all such Owners under Section 9.2 and any rights of such Owners to distributions under Section 8.2 hereof; provided that the preceding grant of rights to the Note Insurer by the Owners shall be subject to Section 11.20 hereof. The rights of the Note Insurer to direct certain actions and consent to certain actions of the Owners hereunder will terminate at such time as the Fixed Rate Note Principal Balance has been reduced to zero and the Note Insurer has been reimbursed for all Insured Payments and any other amounts respecting the Notes owed under the Fixed Rate Note Insurance Policy and the Insurance Agreement and the Note Insurer has no further obligation under the Fixed Rate Note Insurance Policy.