Common use of The Certificate Insurer; Surety Clause in Contracts

The Certificate Insurer; Surety. The Certificate ------------------------------- Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Certificate Insurer shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy. During any period of suspension the Certi- ficate Insurer's rights thereunder shall vest in the Holders of the Class A Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of the Class A Certificates then Outstanding. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has been reimbursed for all Insured Payments to which it is entitled hereunder and has been paid all Premium Amounts due and owing under the Insurance Agreement, the Certificate Insurer's rights hereunder shall terminate. The Surety is a third-party beneficiary of this Agreement. Any right conferred to the Surety shall be suspended during any period in which the Surety is in default in its payment obligations under the Certificate Guaranty Surety Bond. During any period of suspension the Surety's rights hereunder shall vest in the Holders of the Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of each Class of Certificates then Outstanding. At such time as the Certificates are no longer Outstanding hereunder, the Surety's rights hereunder shall terminate.

The Certificate Insurer; Surety. The Certificate ------------------------------- Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Certificate Insurer shall be suspended during any period in which the there exists a Certificate Insurer is in default in its payment obligations under the Certificate Insurance PolicyDefault. During any period of suspension the Certi- ficate Certificate Insurer's rights thereunder shall vest in the Holders of the Class A Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of the Class A Certificates then Outstandingoutstanding. At such time as the Class A Certificates are no longer Outstanding outstanding hereunder and the Certificate Insurer has been reimbursed for all Insured Payments Reimbursement Amounts to which it is entitled hereunder and has been paid all Premium Amounts due and owing under the Insurance Agreement, the Certificate Insurer's rights hereunder shall terminate. The Surety is a third-party beneficiary of this Agreement. Any right conferred to the Surety shall be suspended during any period in which the Surety is in default in its payment obligations under the Certificate Guaranty Limited Purpose Surety Bond. During any period of suspension the Surety's rights hereunder shall vest in the Holders of the Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of each Class of Certificates then Outstandingoutstanding. At such time as the Certificates are no longer Outstanding outstanding hereunder, the Surety's rights hereunder shall terminate.

The Certificate Insurer; Surety. The Certificate ------------------------------- Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Certificate Insurer shall be suspended during any period in which the there exists a Certificate Insurer is in default in its payment obligations under the Certificate Insurance PolicyDefault. During any period of suspension the Certi- ficate Certificate Insurer's rights thereunder shall vest in the Holders of the Class A Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of the Class A Certificates then Outstandingoutstanding. At such time as the Class A Certificates are no longer Outstanding outstanding hereunder and the Certificate Insurer has been reimbursed for all Insured Payments Reimbursement Amounts to which it is entitled hereunder and has been paid all Premium Amounts due and owing under the Insurance Agreement, the Certificate Insurer's rights hereunder shall terminate. The Surety is a third-party beneficiary of this Agreement. Any right conferred to the Surety shall be suspended during any period in which the Surety is in default in its payment obligations under the Certificate Guaranty Surety Bond. During any period of suspension the Surety's rights hereunder shall vest in the Holders of the Certificates and shall be exercisable by the Holders of at least a majority in Percentage Interest of each Class of Certificates then Outstandingoutstanding. At such time as the Certificates are no longer Outstanding outstanding hereunder, the Surety's rights hereunder shall terminate.