Subrogation and Cooperation Clause Samples
The Subrogation and Cooperation clause establishes the insurer's right to pursue recovery from third parties after compensating the insured for a loss, and requires the insured to assist in this process. In practice, this means that if an insurer pays out a claim, the insured must not take actions that would impair the insurer’s ability to recover those funds from responsible parties, and must provide necessary information or support. This clause ensures that the insurer can recoup losses where possible, ultimately helping to control insurance costs and prevent double recovery by the insured.
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Subrogation and Cooperation. (a) The Issuer and the Indenture Trustee acknowledge that (i) to the extent the Credit Enhancer makes payments under the Credit Enhancement Instrument on account of principal of or interest on the Notes, the Credit Enhancer will be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuer, and (ii) the Credit Enhancer shall be paid such principal and interest but only from the sources and in the manner provided herein and in the Insurance Agreement for the payment of such principal and interest. The Indenture Trustee shall cooperate in all respects with any reasonable request by the Credit Enhancer for action to preserve or enforce the Credit Enhancer's rights or interest under this Indenture or the Insurance Agreement without limiting the rights of the Noteholders as otherwise set forth in the Indenture, including, without limitation, upon the occurrence and continuance of a default under the Insurance Agreement, a request to take any one or more of the following actions:
(i) institute Proceedings for the collection of all amounts then payable on the Notes, or under this Indenture in respect to the Notes and all amounts payable under the Insurance Agreement enforce any judgment obtained and collect from the Issuer monies adjudged due;
(ii) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private Sales called and conducted in any manner permitted by law;
(iii) file or record all Assignments that have not previously been recorded;
(iv) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture; and
(v) exercise any remedies of a secured party under the Uniform Commercial Code and take any other appropriate action to protect and enforce the rights and remedies of the Credit Enhancer hereunder.
Subrogation and Cooperation. 23 Section 4.13 Repayment of Monies Held by Paying Agent.........................24 Section 4.14 Temporary Notes..................................................24
Subrogation and Cooperation. 22 Section 4.04. Release of Collateral........................................................22
Subrogation and Cooperation. (a) The Issuer and the Indenture Trustee acknowledge (and each Bondholder by acceptance of its Bond hereby agrees) that (i) to the extent the Bond Insurer makes payments under the Bond Insurance Policy on account of principal of or interest on the Bonds, the Bond Insurer will be fully subrogated to the rights of such Holders to receive such principal and interest from the Issuer, and (ii) the Bond Insurer shall be paid such principal and interest but only from the sources and in the manner provided herein and in the Insurance Agreement for the payment of such principal and interest. Insured Payments disbursed by the Indenture Trustee from proceeds of the Bond Insurance Policy shall not be considered payment by the Issuer with respect to the Bonds, nor shall such disbursement of such Insured Payments discharge the obligations of the Issuer with respect to the amounts thereof, and the Bond Insurer shall become the owner of such amounts as the deemed subrogee of such Bondholders. So long as no Bond Insurer Default exists, the Indenture Trustee shall cooperate in all respects with any reasonable request by the Bond Insurer for action to preserve or enforce the Bond Insurer's rights or interest under this Indenture or the Insurance Agreement, consistent with this Indenture and without limiting the rights of the Bondholders as otherwise set forth in the Indenture, including, without limitation, upon the occurrence and continuance of a default under the Insurance Agreement, a request to take any one or more of the following actions:
(i) institute Proceedings for the collection of all amounts then payable on the Bonds, or under this Indenture in respect to the Bonds and all amounts payable under the Insurance Agreement, enforce any judgment obtained and collect from the Issuer monies adjudged due;
(ii) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private Sales called and conducted in any manner permitted by law;
(iii) file or record all Assignments of Mortgage that have not previously been recorded;
(iv) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture; and
(v) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Bond Insurer hereunder; provided, however, action shall be taken pursuant to this Section 4.12 by the Indenture Trustee to preserve the Bond Insurer's rights ...
Subrogation and Cooperation. 23 Section 4.04. Release of Collateral...............................................................24 ARTICLE V Remedies
Subrogation and Cooperation. 22 4.13. REPAYMENT OF MONIES HELD BY PAYING AGENT................................................. 23 4.14. TEMPORARY NOTES.......................................................................... 23 ARTICLE V DEFAULT AND REMEDIES
Subrogation and Cooperation. 29 Section 4.13 Repayment of Moneys Held by Paying Agent.........................................29 ARTICLE V Remedies..................................................................................30 Section 5.01
Subrogation and Cooperation. 24 Section 4.13 REPAYMENT OF MONIES HELD BY PAYING AGENT..............................................24 Section 4.14 TEMPORARY NOTES.......................................................................25 ARTICLE V
Subrogation and Cooperation. 25 4.13. REPAYMENT OF MONIES HELD BY PAYING AGENT..................................................26 4.14. TEMPORARY BONDS...........................................................................26
Subrogation and Cooperation. (a) The Owner Trustee acknowledges that (i) to the extent the Credit Enhancer makes payments under the Credit Enhancement Instrument on account of principal of or interest on the Class A Ownership Interest, the Credit Enhancer will be fully subrogated to the rights of the holder of the Class A Ownership Interest to receive such principal and interest from the 1996-RHS4 LLC, and (ii) the Credit Enhancer shall be paid such principal and interest but only from the sources and in the manner provided herein, in the Operating Agreement and in the Insurance Agreement for the payment of such principal and interest. The Trustee shall cooperate in all respects with any reasonable request by the Credit Enhancer for action to preserve or enforce the Credit Enhancer's rights or interest under this Trust Agreement or the Insurance Agreement, consistent with this Trust Agreement and without limiting the rights of the Certificateholders as otherwise set forth in the Trust Agreement. [NY01:241702.4] 16069-00382 12/19/96 10:59pm 14