The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder, including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners during any period in which there exists a Certificate Insurer Default; provided, that the right of the Certificate Insurer to receive the Premium Amount shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp), Pooling and Servicing Agreement (Chec Asset Receivables Corp)
The Certificate Insurer. Any right conferred to the Certificate Insurer hereunder, including but not limited to consent rights, shall be suspended and shall run to the benefit of the Owners during any period in which there exists a Certificate Insurer Default; providedPROVIDED, that the right of the Certificate Insurer to receive the Premium Amount shall not be suspended if such Certificate Insurer Default was a default other than a default under clause (a) of the definition thereof. If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has received all Reimbursement Amounts, the Certificate Insurer's rights hereunder shall terminate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)
