Common use of Credit Enhancer's Remedial Rights Clause in Contracts

Credit Enhancer's Remedial Rights. The Issuer and the Borrower hereby acknowledge and agree that should the Credit Enhancer exercise certain of its remedial rights under the Credit Documents, the Credit Enhancer (or an affiliate or designee thereof) may become successor in interest to the Borrower hereunder. No such exercise of the Credit Enhancer’s rights under the Credit Documents, or succession of the Credit Enhancer (or an affiliate or designee thereof) to the interest of the Borrower hereunder, shall require, as a condition precedent, either (i) the further consent of the Issuer, the Trustee or the Bondowners, or (ii) the acceleration of the Bonds (unless the Credit Enhancer elects such in its sole discretion). [End of Article VII]

Credit Enhancer's Remedial Rights. The Issuer and the Borrower hereby acknowledge and agree that should the Credit Enhancer exercise certain of its remedial rights under the Credit Documents, the Credit Enhancer (or an affiliate or designee thereof) may become successor in interest to the Borrower hereunder. No such exercise of the Credit Enhancer’s 's rights under the Credit Documents, or succession of the Credit Enhancer (or an affiliate or designee thereof) to the interest of the Borrower hereunder, shall require, as a condition precedent, either (i) the further consent of the Issuer, the Trustee or the Bondowners, or (ii) the acceleration of the Bonds (unless the Credit Enhancer elects such in its sole discretion). [End of Article VII]

Credit Enhancer's Remedial Rights. The Issuer and the Borrower Trustee on behalf of the Bondowners hereby acknowledge and agree that should the Credit Enhancer exercise certain of its remedial rights under the Credit Documents, the Credit Enhancer (or an affiliate Affiliate or designee thereof) may become successor in interest to the Borrower hereunderunder the Agreement. No such exercise of the Credit Enhancer’s 's rights under the Credit Documents, or succession of the Credit Enhancer (or an affiliate or designee thereof) to the interest of the Borrower hereunderunder the Agreement, shall require, as a condition precedent, either (i) the further consent of the Issuer, the Trustee or the Bondowners, or (ii) the acceleration of the Bonds (unless the Credit Enhancer elects such in its sole discretion). [End of Article VII].