Insurer Default or Insolvency. If a default under the Surety Bond has occurred and is continuing or an Insurer Insolvency has occurred, any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Agreement, shall be inoperative during the period of such default or the period from and after such Insurer Insolvency and such consent or approval shall be deemed to have been given for the purpose of such provisions; provided that the consent of the Insurer shall be required at all times with respect to any amendment of this Agreement pursuant to Section 11.1.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Onyx Acceptance Financial Corp), Pooling and Servicing Agreement (Onyx Acceptance Grantor Trust 1997-3), Pooling and Servicing Agreement (Onyx Acceptance Grantor Trust 1997-4)
