Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee has received a certified copy of an order of the appropriate court that any scheduled payment of principal of or interest on a Note has been voided in whole or in part as a preference payment under applicable bankruptcy law, the Indenture Trustee shall so [notify the Securities Insurer, shall comply with the provisions of the Guaranty Policy to obtain payment by the Securities Insurer of such voided scheduled payment, and shall, at the time it provides notice to the Securities Insurer,] notify, by mail to Holders of the Notes that, in the event that any Holder's scheduled payment is so recovered, such Holder will be entitled to payment pursuant to the terms of the Policy, a copy of which shall be made available through the Indenture Trustee[, the Securities Insurer]or the Fiscal Agent, if any, and the Indenture Trustee shall furnish to the [Securities Insurer or its] Fiscal Agent, if any, its records evidencing the payments of principal of and interest on the Notes, if any, which have been made by the Indenture Trustee and subsequently recovered from Holders, and the dates on which such payments were made.
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of the appropriate court that any distribution of the Noteholders' Distribution Amount has been voided in whole or in part as a preference payment under applicable bankruptcy or insolvency law, the Indenture Trustee shall comply with the terms of the Insurance Policy relating to Preference Amounts (as defined in the Insurance Policy).
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee or the Owner Trustee, as applicable, has received a certified copy of a final, nonappealable order of the appropriate court that any Guaranteed Payment has been voided in whole or in part as a preference payment under applicable bankruptcy or insolvency law, the Indenture Trustee or the Owner Trustee, as applicable, shall (i) deliver to the Security Insurer a certified copy of such court order, an irrevocable assignment to the Security Insurer of the Securityholders' rights with respect to any such recovered payment and an instrument appointing the Security Insurer as agent of the Securityholders with respect to any such recovered payments and (ii) notify the Securityholders by mail that, in the event that any Guaranteed Payment distributed to a Securityholder is so recovered, such Securityholder will be entitled to payment of such recovered amounts pursuant to the applicable Policy.
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of the appropriate court that any Guaranteed Payment has been voided in whole or in part as a preference payment under applicable bankruptcy or insolvency law, the Indenture Trustee shall (i) deliver to the Note Insurer a certified copy of such court order, an irrevocable assignment to the Note Insurer of the Noteholders' rights with respect to any such recovered payment and an instrument appointing the Note Insurer as agent of the Noteholders with respect to any such recovered payments and (ii) notify the Noteholders by mail that, in the event that any Guaranteed Payment distributed to a Noteholder is so recovered, such Noteholder will be entitled to payment of such recovered amounts pursuant to the Policy.
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee or the Owner Trustee has received a certified copy of a final, nonappealable order of the appropriate court that any distribution of the Note Distribution Amount or the Certificate Distribution Amount has been voided in whole or in part as a preference payment in connection with any proceeding by or against CIT, the Selling Trust, the Seller, the Servicer or the Trust commenced under the United States Bankruptcy Code or any other applicable United States federal or state bankruptcy, insolvency, receivership, rehabilitation, or similar law (an "Insolvency Proceeding") the Indenture Trustee or the Owner Trustee, as the case may be, shall comply with the terms of the Policies relating to
Rights in Respect of Insolvency Proceedings. Until all Notes have been paid in full, all amounts owed to the Credit Enhancer have been paid in full, the Insurance and Indemnity Agreement has terminated and the Credit Enhancement Instrument has been returned to the Credit Enhancer for cancellation, the following provisions shall apply:
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of the appropriate court that any Guaranteed Payment has been voided in whole or in part as a preference payment under applicable bankruptcy or insolvency law, the Indenture Trustee shall (i) deliver to the Security Insurer a certified copy of such court order, an irrevocable assignment to the Security Insurer of the Noteholders' rights with respect to any such recovered payment and an instrument appointing the Security Insurer as agent of the Noteholders with respect to any such recovered payments and (ii) notify the Noteholders by mail that, in the event that any Guaranteed Payment distributed to a Noteholder is so recovered, such Noteholder will be entitled to payment of such recovered amounts pursuant to the Policy. (b) The Indenture Trustee shall promptly notify the Security Insurer of either of the following as to which an applicable Trust Officer has actual knowledge: (i) the commencement of any proceeding by or against the Seller or the Issuer commenced under the United States Bankruptcy Code or any other applicable United States federal or state bankruptcy, insolvency, receivership, rehabilitation, or similar law (an "Insolvency Proceeding") or (ii) the making of any claim in connection with any Insolvency Proceeding seeking the avoidance as a preferential transfer (a "Preference Claim") of any payment of principal of or interest on the Notes. Each Noteholder, by its purchase of a Note, and the Indenture Trustee hereby agree that, so long as a Security Insurer Default shall not have occurred and be continuing, the Security Insurer may at any time during the continuation of an Insolvency Proceeding direct all matters relating to such Insolvency Proceeding, including (i) all matters relating to any Preference Claim, (ii) the direction of any appeal of any order relating to any Preference Claim at the expense of the Security Insurer and (iii) the posting of any surety, supersedeas or performance bond pending any such appeal. In addition, and without limitation of the foregoing, as set forth in Section 5.10, the Security Insurer shall be subrogated to, and each Noteholder and the Indenture Trustee hereby delegate and assign, to the fullest extent permitted by law, the rights of the Indenture Trustee and such Noteholder in the conduct of any Insolvency Proceeding, including all rights of any party to an adversary proceeding action with respect to a...
Rights in Respect of Insolvency Proceedings. (a) In the event that the Indenture Trustee has received a certified copy of an order of the appropriate court that any Scheduled Payment of principal of or interest on a Note has been voided in whole or in part as a preference payment under applicable bankruptcy law, the Indenture Trustee shall so notify the Note Insurer, shall comply with the provisions of the FSA Policy to obtain payment by the Note Insurer of such voided Scheduled Payment, and shall, at the time it provides notice to the Note Insurer, notify, by mail to Holders of the Notes that, in the event that any Holder's Scheduled Payment is so recovered, such Holder will be entitled to payment pursuant to the terms of the FSA Policy, a copy of which shall be made available through the Indenture Trustee, the Note Insurer or the Fiscal Agent, if any, and the Indenture Trustee shall furnish to the Note Insurer or its Fiscal Agent, if any, its records evidencing the payments of principal of and interest on the Notes, if any, which have been made by the Indenture Trustee and subsequently recovered from Holders, and the dates on which such payments were made.
