Common use of Replacement Policy Clause in Contracts

Replacement Policy. If a Credit Enhancer Default occurs, the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current rating, (ii) the new insurance policy will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas. Reg. ss. 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met. Notwithstanding the foregoing, the substitution of new credit enhancement shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts owed to the Credit Enhancer, in each case pursuant to this Indenture and the Insurance Agreement.

Replacement Policy. If a Credit Enhancer Default occurs, occurs the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current rating, (ii) the new insurance policy will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas. Reg. ss. 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met. Notwithstanding the foregoing, the substitution of new credit enhancement shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts owed to the Credit Enhancer, in each case pursuant to this Indenture and the Insurance Agreement.

Replacement Policy. If a Credit Enhancer Default occurs, the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current rating, (ii) the new insurance policy will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas. Reg. ss. 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default or downgrade if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met3. Notwithstanding the foregoing, the substitution of new credit enhancement shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts owed to the Credit Enhancer, in each case pursuant to this Indenture and the Insurance Agreement. Section 8.07.

Replacement Policy. If a Credit Enhancer Default occurs, the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current ratingrating or equal to the rating assigned to the Notes on the Closing Date, (ii) the new insurance policy will qualify as a "“similar commercially available credit enhancement contract" ” within the meaning of Treas. Reg. ss. § 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. § 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met. Notwithstanding the foregoing, the substitution of new credit enhancement the Credit Enhancer shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts amount previously owed to the Credit Enhancer, in each case pursuant to and subject to this Indenture and the Insurance Agreement.

Replacement Policy. If a Credit Enhancer Default occurs, occurs the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current rating, (ii) the new insurance policy will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas. Reg. ss. Section 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. Section 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met. Notwithstanding the foregoing, the substitution of new credit enhancement shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts owed to the Credit Enhancer, in each case pursuant to this Indenture and the Insurance Agreement.

Replacement Policy. If a Credit Enhancer Default occurs, the Depositor may substitute a new insurance policy for the existing Policy so long as (i) the new rating of the Insured Notes would be an improvement over their then current rating, (ii) the new insurance policy will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas. Reg. ss. 1.1001-3(e)(4)(iv)(B), (iii) the Credit Enhancer shall have failed to cure such Credit Enhancer Default within 10 Business Days following its receipt of written notice of such Credit Enhancer Default, and (iv) the Rating Agency Condition is satisfied. No new credit enhancement may be substituted, however, unless the Indenture Trustee receives a legal opinion, acceptable in form and substance to the Indenture Trustee, from counsel to the provider of the new credit enhancement with respect to its enforceability and any other matters the Indenture Trustee reasonably requires. Within five Business Days after the Indenture Trustee takes physical possession of the new credit enhancement and the opinion of counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default if the new rating of the Insured Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas. Reg. ss. 1.1001-3 and provided that the requirements of clauses (iii) and (iv) of this Section 8.06 are met. Notwithstanding the foregoing, the substitution of new credit enhancement shall not affect the rights of the Credit Enhancer to receive payments of any amounts due to it or reimbursement for any draws made on the Policy or any other amounts owed to the Credit Enhancer, in each case pursuant to this Indenture and the Insurance Agreement.Trustee