Rights of the Insurer. (a) The Insurer is an express third-party beneficiary of this Agreement.
(b) On each Distribution Date the Trustee shall make available to the Insurer a copy of the reports made available to the Class A Certificateholders and the Depositor on such Distribution Date.
(c) The Trustee shall provide to the Insurer copies of any report, notice, Opinion of counsel, Officers' Certificate, request for consent or request for amendment to any document related hereto promptly upon the Trustee's production or receipt thereof.
(d) Unless an Insurer Default exists, the Trustee and the Depositor shall not agree to any amendment to this Agreement without first having obtained the prior written consent of the Insurer, which consent shall not be unreasonably withheld.
(e) So long as there does not exist a failure by the Insurer to make a required payment under the Policy, the Insurer shall have the right to exercise all rights of the Holders of the Class A Certificates under this Agreement without any consent of such Holders, and such Holders may exercise such rights only with the prior written consent of the Insurer, except as provided herein.
(f) The Insurer shall not be entitled to exercise any of its rights hereunder so long as there exists a failure by the Insurer to make a required payment under the Policy.
Rights of the Insurer. Notwithstanding anything to the contrary in the Operative Agreements, without the prior written consent of the Insurer, the Owner Trustee shall not (i) remove a Servicer, (ii) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, other than with respect to the enforcement of any Mortgage Loan or any rights of the Trust thereunder or confess a judgment against the Trust, (iii) authorize the merger or consolidation of the Trust with or into any other statutory trust or other entity or convey or transfer all or substantially all of the Trust’s assets to any other Person, (iv) amend the Certificate of Trust or (v) amend this Agreement in accordance with Section 10.01 of this Agreement.
Rights of the Insurer. Notwithstanding anything to the contrary in the Basic Documents, without the prior written consent of the Insurer, the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, other than with respect to the enforcement of any Mortgage Loan or any rights of the Trust thereunder, (iii) authorize the merger or consolidation of the Trust with or into any other business trust or other entity, (iv) amend the Certificate of Trust or (v) amend this Agreement in accordance with Section 12.1 of this Agreement.
Rights of the Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Insurer so long as it is the Controlling Party, prior to the Termination Date, neither the Owner Trustee nor any Residual Interestholder shall (i) initiate any claim, suit or proceeding by the Issuer or compromise any claim, suit or proceeding brought by or against the Issuer, other than with respect to the enforcement of any Contract or any rights of the Issuer thereunder, (ii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity or convey or transfer all or substantially all of the Trust Estate to any other entity, (iii) amend the Certificate of Trust or (iv) amend this Agreement.
Rights of the Insurer.
(a) Notwithstanding any provision of this Trust Agreement to the contrary, the rights of the Insurer to direct or consent to City, Trustee or Owner actions under the Trust Agreement shall be suspended during any period in which the Insurer is in default in its payment obligations under its Insurance Policies and shall be of no force or effect in the event its Insurance Policies are no longer in effect or the Insurer asserts that its Insurance Policies are not in effect or the Insurer shall have provided written notice that it waives such rights.
(b) Any provision of this Trust Agreement expressly recognizing or granting rights in or to the Insurer may not be amended in any manner which affects the rights of the Insurer hereunder without the prior written consent of the Insurer.
(c) The Insurer is a third-party beneficiary of this Trust Agreement, the Lease and the Site Lease and may enforce any right, remedy or claim given, conferred or granted hereunder.
(d) Nothing in this Trust Agreement expressed or implied is intended or shall be construed to confer upon, or to give or grant to, any person or entity, other than the City, the Trustee, the Insurer, and the Owners, any right, remedy or claim under or by reason of this Trust Agreement or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in this Trust Agreement contained by and on behalf of the City shall be for the sole and exclusive benefit of the Trustee, the Insurer and the Owners.
(e) Unless other provided in this Section 14.12, the Insurer’s consent shall be required in addition to Owner consent, when required, for the following purposes; (i) execution and delivery of any supplement hereto or any amendment, supplement or change to or modification of the Lease, the Site Lease or the Assignment Agreement, (ii) removal of the Trustee and selection and appointment of any successor trustee, and (iii) initiation or approval of any action not described in (i) or (ii) above which requires Owner consent.
(f) Any reorganization or liquidation plan with respect to the City must be acceptable to the Insurer. In the event of any reorganization or liquidation, the Insurer shall have the right to vote on behalf of all Owners who hold Insurer-insured Certificates absent a default by the Insurer under the applicable Insurance Policy insuring such Certificates.
(g) Notwithstanding any other provision of this Trust Agreement, in determining whether the rights of t...
Rights of the Insurer. (a) The Insurer is an express third-party beneficiary of this Agreement unless an Insurer Default exists.
(b) On each Distribution Date the Trustee shall forward to the Insurer a copy of the reports furnished to the Class A Certificateholders and the Company on such Distribution Date.
(c) The Trustee shall provide to the Insurer copies of any report, notice, Opinion of Counsel, Officer's Certificate, request for consent or request for amendment to any document related hereto promptly upon the Trustee's production or receipt thereof.
Rights of the Insurer. All rights and remedies given in this Article to the Bondowners to pursue legal remedies shall also extend to the Insurer unless an Insurer Default (as defined in the Indenture) has occurred and is continuing.
Rights of the Insurer. 85 SECTION 10.14. NO PARTNERSHIP..........................................................85 SECTION 10.15.
Rights of the Insurer. Notwithstanding anything to the contrary in the Basic Documents, without the prior written consent of the Insurer, the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, other than with respect to the enforcement of any Mortgage Loan or any rights of the Trust thereunder or confess a judgement against the Trust, (iii) authorize the merger or consolidation of the Trust with or into any other statutory trust or other entity or convey or transfer all or substantially all of the Trust’s assets to any other Person, (iv) amend the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute) or (v) amend this Agreement in accordance with Section 12.1 of this Agreement.
