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MBIA INS. CORP. v. ROYAL INDEM. CO.

Nos. 03-4382, 04-2207.

426 F.3d 204 (2005)

MBIA INSURANCE CORPORATION; Wells Fargo Bank Minnesota, N.A., as Trustee of SFC Grantor Trust, Series 2000-1, SFC Grantor Trust, Series 2000-2, SFC Grantor Trust, Series 2000-3, SFC Grantor Trust, Series 2000-4, SFC Grantor Trust, Series 2001-1, SFC Grantor Trust 2001-2, SFC Owner Trust 2001-I and SFC Grantor Trust, Series 2001-3 v. ROYAL INDEMNITY COMPANY, Appellant, v. Royal Indemnity Company, Third-Party Plaintiff v. PNC Bank, N.A.; Student Loan Servicing LLC; Andrew N. Yao; SFC Acceptance II LLC; SFC Acceptance III LLC; SFC Acceptance IV LLC; SFC Acceptance V LLC; SFC Acceptance VIII LLC; SFC Acceptance IX LLC; SFC Financial I LLC; SFC Financial II LLC; SFC Acceptance VI LLC; SFC Acceptance VII LLC, Third-Party Defendants Wilmington Trust of Pennsylvania v. Royal Indemnity Company, Appellant, v. Royal Indemnity Company, Third-Party Plaintiff v. SFC Financial I, LLC, Third-Party Defendant.

United States Court of Appeals, Third Circuit.

October 3, 2005.

Attorney(s) appearing for the Case

Lawrence C. Ashby, Philip Trainer, Jr., Ashby & Geddes, Wilmington, Delaware, Michael H. Barr (Argued), Kenneth J. Pfaehler, Sonnenschein Nath & Rosenthal LLP, New York, New York, for Appellant.

Ronald S. Rauchberg (Argued), Steven E. Obus, Andre G. Castaybert, Frank Scibilia, Proskauer Rose LLP, New York, New York, David C. McBride, John W. Shaw, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, for Appellees MBIA Insurance Corporation and Wells Fargo Bank Minnesota, N.A.

Kevin R. Shannon, Potter Anderson & Corroon LLP, Wilmington, Delaware, David H. Pittinsky (Argued), Lawrence D. Berger, Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia, Pennsylvania, for Appellee PNC Bank, N.A.

Joseph H. Huston, Jr. (Argued), Thomas G. Whalen, Jr., Stevens & Lee, P.C., Wilmington, Delaware, for Appellee Wilmington Trust of Pennsylvania.

Before ALITO, McKEE, and SMITH, Circuit Judges.

OPINION OF THE COURT

ALITO, Circuit Judge.

In these consolidated appeals, we are called upon to construe a series of contracts. Appellant Royal Indemnity Company ("Royal") agreed in these contracts to insure the repayment of principal and interest on several hundred million dollars of student loans. The named beneficiaries of the policies, Wells Fargo Bank Minnesota, N.A. ("Wells Fargo") and Wilmington Trust of Pennsylvania ("Wilmington Trust"),

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