The Note Insurer Default. Any right conferred to the Note Insurer shall be suspended during any period in which a Note Insurer Default exists. At such time as the Notes are no longer outstanding hereunder, and no amounts owed to the Note Insurer hereunder remain unpaid, the Note Insurer's rights hereunder shall terminate.
Appears in 13 contracts
Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (Prudential Securities Secured Financing Corp), Sale and Servicing Agreement (Prudential Securities Secured Financing Corp)
The Note Insurer Default. Any right conferred to the Note Insurer shall be suspended during any period in which a Note Insurer Default exists. At such time as the Notes are no longer outstanding hereunder, the Note Insurance Policy has terminated in accordance with its terms and no amounts owed to the Note Insurer hereunder and no Reimbursement Amounts remain unpaid, the Note Insurer's rights hereunder shall terminate.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Sale and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
