Common use of Rights of NIM Insurer Clause in Contracts

Rights of NIM Insurer. (a) The rights of the NIM Insurer under this Agreement shall exist only so long as either: (i) the notes certain payments on which are guaranteed by the NIM Insurer remain outstanding or (ii) the NIM Insurer is owed amounts paid by it with respect to that guaranty. (b) The rights of the NIM Insurer under this Agreement are exercisable by the NIM Insurer only so long as no default by the NIM Insurer under its guaranty of certain payments under notes backed or secured by the Class X or Class P Certificates has occurred and is continuing. If the NIM Insurer is the subject of any insolvency proceeding, the rights of the NIM Insurer under this Agreement will be exercisable by the NIM Insurer only so long as: (i) the obligations of the NIM Insurer under its guaranty of notes backed or secured by the Class X or Class P Certificates have not been disavowed and (ii) the Depositor, the Trustee and the Securities Administrator have received reasonable assurances that the NIM Insurer will be able to satisfy its obligations under its guaranty of notes backed or secured by the Class X or Class P Certificates. (c) The NIM Insurer is a third party beneficiary of this Agreement to the same extent as if it were a party to this Agreement and may enforce any of those rights under this Agreement.

Rights of NIM Insurer. (a) The rights of the NIM Insurer under this Agreement shall exist only so long as either: (i) the notes notes, certain payments on which are guaranteed by the NIM Insurer Insurer, remain outstanding outstanding; or (ii) the NIM Insurer is owed amounts paid by it with respect to that guaranty. (b) The rights of the NIM Insurer under this Agreement are exercisable by the NIM Insurer only so long as no default by the NIM Insurer under its guaranty of certain payments under notes backed or secured by the Class X or Class P Certificates has occurred and is continuing. If the NIM Insurer is the subject of any insolvency proceeding, the rights of the NIM Insurer under this Agreement will be exercisable by the NIM Insurer only so long as: (i) the obligations of the NIM Insurer under its guaranty of notes backed or secured by the Class X or Class P Certificates have not been disavowed and (ii) the Depositor, the Trustee and the Securities Administrator have received reasonable assurances that the NIM Insurer will be able to satisfy its obligations under its guaranty of notes backed or secured by the Class X or Class P Certificates. (c) The NIM Insurer is a third party beneficiary of this Agreement to the same extent as if it were a party to this Agreement and may enforce any of those its rights under this Agreement.

Rights of NIM Insurer. (a) The rights of the NIM Insurer under this Agreement shall exist only so long as either: (i) the notes notes, certain payments on which are guaranteed by the NIM Insurer Insurer, remain outstanding outstanding; or (ii) the NIM Insurer is owed amounts paid by it with respect to that guaranty. (b) The rights of the NIM Insurer under this Agreement are exercisable by the NIM Insurer only so long as no default by the NIM Insurer under its guaranty of certain payments under notes backed or secured by the Class X or Class P Certificates has occurred and is continuing. If the NIM Insurer is the subject of any insolvency proceeding, the rights of the NIM Insurer under this Agreement will be exercisable by the NIM Insurer only so long as: (i) the obligations of the NIM Insurer under its guaranty of notes backed or secured by the Class X or Class P Certificates have not been disavowed and (ii) the Depositor, the Trustee and the Securities Administrator have received reasonable assurances that the NIM Insurer will be able to satisfy its obligations under its guaranty of notes backed or secured by the Class X or Class P Certificates. (c) The NIM Insurer is a third party beneficiary of this Agreement to the same extent as if it were a party to this Agreement and may enforce any of those its rights under this Agreement.

Rights of NIM Insurer. (a) The rights of the NIM Insurer under this Agreement shall exist only so long as either: (i1) the notes certain payments on which are guaranteed by the NIM Insurer remain outstanding or (ii2) the NIM Insurer is owed amounts paid by it with respect to that guaranty. (b) The rights of the NIM Insurer under this Agreement are exercisable by the NIM Insurer only so long as no default by the NIM Insurer under its guaranty of certain payments under notes backed or secured by the Class X C or Class P Certificates has occurred and is continuing. If the NIM Insurer is the subject of any insolvency proceeding, the rights of the NIM Insurer under this Agreement will be exercisable by the NIM Insurer only so long as: (i1) the obligations of the NIM Insurer under its guaranty of notes backed or secured by the Class X C or Class P Certificates have not been disavowed and (ii2) the Depositor, CHL and the Trustee and the Securities Administrator have received reasonable assurances that the NIM Insurer will be able to satisfy its obligations under its guaranty of notes backed or secured by the Class X C or Class P Certificates. (c) The NIM Insurer is a third party beneficiary of this Agreement to the same extent as if it were a party to this Agreement and may enforce any of those rights under this Agreement.