Common use of Rights of the Certificate Insurer Clause in Contracts

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. 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 ’s consent for any period of time.

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 holders 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. 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 Class A Certificates for all purposes (other than with respect to payment on the Senior Class A Certificates) and shall have the right to exercise all rights of the Certificateholders of the Senior Class A Certificates under this Agreement and under each Class of Senior Class A Certificates without any further consent of the Certificateholders. In addition, each Certificateholder of a Senior Class A 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 Class A 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 ’s consent for any period of time.