Common use of Effect of Termination Date Clause in Contracts

Effect of Termination Date. Notwithstanding anything to the contrary set forth herein, all references to any right of the Insurer to direct, appoint, consent to, accept, approve of, take or omit to take any action under this Indenture or any other Basic Document shall be inapplicable at all times after the Termination Date or Insurer Default, and (i) if such reference provides for another party or parties to take or omit to take such action following an Insurer Default, such party or parties shall also be entitled to take or omit to take such action following the Termination Date or Insurer Default and (ii) if such reference does not provide for another party or parties to take or omit to take such action following an Insurer Default, then the Indenture Trustee acting at the direction of the Majority Noteholders shall have the right to take or omit to take any such action following the Termination Date or Insurer Default. In addition, any other provision of this Indenture or any other Basic Document which is operative based in whole or in part on whether an Insurer Default has or has not occurred shall, at all times on or after the Termination Date or Insurer Default, be deemed to refer to whether or not the Termination Date has occurred.

Effect of Termination Date. Notwithstanding anything to the contrary set forth herein, all references to any right of the Note Insurer to direct, appoint, consent to, accept, approve of, take or omit to take any action under this Indenture or any other Basic Document shall be inapplicable at all times after the earlier of the Termination Date or the date on which the Class A Notes are no longer Outstanding and the Note Insurer Defaulthas received full payment and performance of all Insurer Secured Obligations, and (i) if such reference provides for another party or parties to take or omit to take such action following an Insurer Default, such party or parties shall also be entitled to take or omit to take such action following the Termination Date or Insurer Default such date and (ii) if such reference does not provide for another party or parties to take or omit to take such action following an Insurer Default, then the Indenture Trustee acting at the direction of the Majority Noteholders shall have the right to take or omit to take any such action following the Termination Date or Insurer Defaultsuch date. In addition, any other provision of this Indenture or any other Basic Document which is operative based in whole or in part on whether an Insurer Default has or has not occurred shall, at all times on or after the Termination Date or Insurer Defaultsuch date, be deemed to refer to whether or not the Termination Date such date has occurred.