Common use of Surety Bond Clause in Contracts

Surety Bond. (a) If a Required Surety Payment is payable pursuant to the Surety Bond with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety Bond Issuer as a claim for a required surety. The Purchaser shall execute such notice if requested by the Additional Collateral Servicer. (b) In the event that the Servicer receives a Required Surety Payment from the Surety Bond Issuer on behalf of the Purchaser, the Servicer shall deposit such Required Surety Payment in the Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance Proceeds. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into an Indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.

Surety Bond. (a) If the Additional Collateral Servicer informs the Trustee that a Required Surety Payment is payable pursuant to the Surety Bond Bond, with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit return such notice to the Additional Collateral Servicer for submission to the Surety Bond Issuer. Anything to the contrary notwithstanding, in the event that the Surety Bond Issuer as a claim for a required suretyor the express terms of the Surety Bond requires such notice to be submitted directly by the Trustee, the Trustee shall submit such notice directly to the Surety Bond Issuer. The Purchaser shall execute such notice if requested Trustee hereby agrees to cooperate with the Additional Collateral Servicer in taking all necessary action to realize on the Surety Bond, including, without limitation, executing any documents or notices prepared by the Additional Collateral Servicer. (b) In the event that the Servicer receives a , necessary to collect any Required Surety Payment. Any Required Surety Payment from received by the Surety Bond Issuer on behalf of Trustee shall be remitted to the Purchaser, the Master Servicer. The Master Servicer shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance ProceedsSection 4. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into an Indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.

Surety Bond. (a) If a Required Surety Payment is payable pursuant to the Surety Bond with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety Bond Issuer as a claim for a required surety. The Purchaser shall execute such notice if requested by the Additional Collateral Servicer. (b) In the event that the Servicer receives a Required Surety Payment from the Surety Bond Issuer on behalf of the Purchaser, the Servicer shall deposit such Required Surety Payment in the Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance Proceeds. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into has signed an Indemnification agreement Agreement, dated ________, 2001 with Surety Bond Issuer pursuant to which Purchaser will Indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.

Surety Bond. (a) If a Required Surety Payment is payable pursuant to the Surety Bond with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety Bond Issuer as a claim for a required surety. The Purchaser shall execute such notice if requested by the Additional Collateral Servicer. (b) In the event that the Servicer receives a Required Surety Payment from the Surety Bond Issuer on behalf of the Purchaser, the Servicer shall deposit such Required Surety Payment in the Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance Proceeds. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into an Indemnification indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.

Surety Bond. (a) If the Additional Collateral Servicer informs the Trustee that a Required Surety Payment is payable pursuant to the Surety Bond Bond, with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit return such notice to the Additional Collateral Servicer for submission to the Surety Bond Issuer. Anything to the contrary notwithstanding, in the event that the Surety Bond Issuer as a claim for a required suretyor the express terms of the Surety Bond requires such notice to be submitted directly by the Trustee, the Trustee shall submit such notice directly to the Surety Bond Issuer. The Purchaser shall execute such notice if requested Trustee hereby agrees to cooperate with the Additional Collateral Servicer in taking all necessary action to realize on the Surety Bond, including, without limitation, executing any documents or notices prepared by the Additional Collateral Servicer. (b) In the event that the Servicer receives a , necessary to collect any Required Surety Payment. Any Required Surety Payment from received by the Surety Bond Issuer on behalf of Trustee shall be remitted to the Purchaser, the Master Servicer. The Master Servicer shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.03. The Trustee shall incur no liability in connection with the Purchase and Servicing Agreement applicable to Insurance Proceeds. (c) Purchaser shall, to presentment of any notices or claims on the extent required by Surety Bond Issuer, enter into an Indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization made by it at the direction of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage LoansServicer.

Surety Bond. (a) If a Required Surety Payment is payable pursuant to the Surety Bond with respect to any Additional Collateral Mortgage Loan, as determined by the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer shall promptly complete the notice in the form form. of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety Bond Issuer as a claim for a required surety. The Purchaser shall execute such notice if requested by the Additional Collateral Servicer. (b) In the event that the Servicer receives a Required Surety Payment from the Surety Bond Issuer on behalf of the Purchaser, the Servicer shall deposit such Required Surety Payment in the Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance Proceeds. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into an Indemnification indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.

Surety Bond. At all times during the Term of the Operating Agreements Old Dominion shall, subject to the second and third sentences of this Section 7.8, maintain a Qualifying Surety Bond supporting Old Dominion's obligations under the Operating Agreements and the Special Equity Remedy. Old Dominion shall be permitted, from time to time, to replace any Qualifying Surety Bond with a replacement Qualifying Surety Bond or a Qualifying Letter of Credit having a maximum drawing amount from time to time equal to the Equity Exposure Amount, so long as there shall be no interruption in the coverage provided by the Qualifying Surety Bond or such Qualifying Letter of Credit in consequence of any such optional replacement; PROVIDED that Old Dominion delivers a favorable opinion of counsel (asuch counsel and the form and substance of such opinion to be reasonably satisfactory to the Owner Participant) regarding the validity and enforceability of the replacement Qualifying Surety Bond or Qualifying Letter of Credit. If any Qualifying Surety Bond (or any Qualifying Letter of Credit maintained pursuant to this Section 7.8) shall cease to be a Required Qualifying Surety Payment is payable Bond (or a Qualifying Letter of Credit), Old Dominion shall, within 90 days of the earlier of (i) having Actual Knowledge of such fact or (ii) receiving notice from the Owner Participant of such fact, provide (w) a replacement Qualifying Surety Bond supporting Old Dominion's obligations under the Operating Agreements and the Special Equity Remedy, (x) a Qualifying Letter of Credit supporting Old Dominion's obligations under the Operating Agreements and the Special Equity Remedy having a maximum drawing amount from time to time equal to the Equity Exposure Amount, (y) other credit enhancement acceptable to the Owner Participant in its sole discretion or (z) a combination of the credit enhancements set forth in clause (w), (x) or (y). The provider of any replacement Qualifying Surety Bond or Qualifying Letter of Credit provided pursuant to the Surety Bond with respect to any Additional Collateral Mortgage Loan, as determined by preceding sentence will meet the Additional Collateral Servicer, the Additional Collateral Servicer shall so notify the Purchaser as soon as reasonably practicable. The Additional Collateral Servicer shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety Bond Issuer as a claim for a required surety. The Purchaser shall execute such notice if requested by the Additional Collateral Servicer. (b) In the event that the Servicer receives a Required Surety Payment from the Surety Bond Issuer on behalf then existing credit exposure policies of the Purchaser, the Servicer shall deposit such Required Surety Payment in the Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of the Purchase and Servicing Agreement applicable to Insurance ProceedsOwner Participant. (c) Purchaser shall, to the extent required by Surety Bond Issuer, enter into an Indemnification agreement with Surety Bond Issuer pursuant to which Purchaser will Indemnify Surety Bond Issuer in respect of Additional Collateral Mortgage Loans as to certain matters, including but not limited to any securitization of the Additional Collateral Mortgage Loans. Purchaser will cooperate with Servicer to transfer to Purchaser the coverage of the Surety Bond in respect of the Additional Collateral Mortgage Loans.