Rights of the Certificate Insurer. (a) The Certificate Insurer is an express third-party beneficiary of this Agreement.
Rights of the Certificate Insurer. By accepting its Senior Certificate, each holder of a Senior Certificate agrees that unless a Certificate Insurer Default exists, the Certificate Insurer shall be deemed to be the holder of the Senior Certificates for all purposes (other than with respect to payment on the Senior Certificates) and shall have the right to exercise all rights of the Certificateholders of the Senior Certificates under this Agreement and under each Class of Senior Certificates without any further consent of the Certificateholders. In addition, each Certificateholder of a Senior Certificate agrees that unless a Certificate Insurer Default exists, the rights specifically enumerated in this Agreement may be exercised by the Certificateholders of a Senior Certificate only with the prior written consent of the Certificate Insurer. The Certificate Insurer may, in writing and in its sole discretion renounce all or any of its rights under Section 8.05 or any requirement for the Certificate Insurer's consent for any period of time.
Rights of the Certificate Insurer. Section 10.15 Rights and Duties of the Swap Provider.
Rights of the Certificate Insurer. The Certificate Insurer is an express third-party beneficiary of this Agreement.
Rights of the Certificate Insurer. (a) Each of the Certificate Insurer and the Pool Insurer is an express third-party beneficiary of this Agreement.
Rights of the Certificate Insurer. (a) On each Distribution Date the Trustee shall forward to the Certificate Insurer a copy of the reports furnished to the Senior Certificateholders and the Depositor on such Distribution Date.
Rights of the Certificate Insurer to Exercise Rights of ------------------------------------------------------- Class A Certificateholders. By accepting its Certificate, each Class A -------------------------- Certificateholder agrees that unless a Certificate Insurer Default exists, the Certificate Insurer shall be deemed to be the Certificateholders for all purposes (other than with respect to payment on the Certificates) and shall have the right to exercise all rights of the Class A Certificateholders under this Agreement and under each Class of Class A Certificates without any further consent of the Class A Certificateholders, including, without limitation:
Rights of the Certificate Insurer. Since the Certificate Insurer is providing the Policy for the exclusive benefit of the Insured Certificates, the rights of the Certificate Insurer under this Agreement shall be limited to the Mortgage Loans and the Insured Certificates. Any action to be taken under this Agreement which requires the consent of the Certificate Insurer shall be limited to any actions which affect or relate to the Mortgage Loans and related REO Properties and the Insured Certificates. Any documents, instruments, certifications or opinions required to be delivered hereunder shall be delivered to the Certificate Insurer only if such documents, instruments, certifications or opinions relate to the Mortgage Loans or the Insured Certificates.
Rights of the Certificate Insurer. Each Senior Certificateholder by purchase of a Senior Certificate held by it acknowledges and agrees that the Certificate Insurer shall have certain rights hereunder for so long as the Senior Certificates are outstanding or any amounts are owed to the Certificate Insurer pursuant to the Certificate Insurance Policy, and the Certificate Insurer is not in default thereunder. Notwithstanding anything to the contrary contained herein, so long as a default by the Certificate Insurer pursuant to the Certificate Insurance Policy has occurred and is continuing, any provision giving the Certificate Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement or the Seller Contract, irrespective of whether such rights have been either granted directly to the Certificate Insurer, to the Certificate Insurer as a third-party beneficiary or exercised on behalf of the Senior Certificateholders, shall be inoperative during the period of such default and such right shall instead vest in the Trustee acting at the written direction of Senior Certificateholders (without regard to Section 11.06). The Certificate Insurer may disclaim any of its rights and powers under this Agreement (but not its duties and obligations under the Certificate Insurance Policy or the Insurance Agreement) upon delivery of a written notice to the Trustee. Unless otherwise specified herein, the Certificate Insurer may give or withhold any consent hereunder in its discretion.
Rights of the Certificate Insurer with Respect to Property Management and Special Servicing. For so long as no Certificate Insurer Default has occurred and is continuing, if the average of the Cashflow Coverage Ratios as of any Payment Date and the two preceding Payment Dates is less than 1.25, the Certificate Insurer shall have the right to direct the Special Servicer as to the disposition of Defaulted Leases or appoint a collateral advisor on behalf of the Certificate Insurer, which collateral advisor shall have the right to direct the Special Servicer as to the disposition of Defaulted Leases. For so long as no Certificate Insurer Default has occurred and is continuing, (i) the Certificate Insurer shall be entitled to receive notice of (a) taking of environmental remediation with respect to any Property and the decision not to take any action where such action has been considered; (b) any substitutions or change in Tenants up to 10% of the Total Appraised Value; and (c) modifications of Leases and (ii) the Seller, the Limited Partners or the Property Manager, as applicable, shall obtain the consent of the Certificate Insurer with respect to (a) any substitutions by the Seller for Defective Properties (as defined in the Contribution Agreement) in connection with a breach of a representation and warranty and (b) any substitutions by the Limited Partners or the Property Manager to the extent that the aggregate Appraised Value of all Released Properties which were substituted for by either the Limited Partners or the Property Manager exceeds 10% of the initial Total Appraised Value of the Properties.
