The Note Insurer. Any right conferred to the Note Insurer hereunder shall be suspended during any period in which the Note Insurer is in default in its payment obligations under the Debt Service Reserve Surety Bond or the Note Insurance Policy. At such time as the Notes are no longer outstanding hereunder, and no amounts owed to the Note Insurer hereunder, under the Insurance Agreement and under the Financial Guaranty Agreement remain unpaid, the Note Insurer's rights hereunder shall terminate.
Appears in 3 contracts
Samples: Trust Agreement (Nelnet Inc), Trust Agreement (Nelnet Inc), Trust Agreement (Nelnet Student Loan Corp 1)
The Note Insurer. Any right conferred to the Note Insurer ---------------- hereunder shall be suspended during any period in which the Note Insurer is in default in its payment obligations under either of the Debt Service Reserve Surety Bond or the Note Insurance PolicyPolicies. At such time as the Notes are no longer outstanding hereunderoutstanding, and no amounts owed to the Note Insurer hereunder, under the Insurance Agreement and under the Financial Guaranty Agreement remain unpaid, the Note Insurer's rights hereunder shall terminate.
Appears in 1 contract
