Common use of Insurer Default Clause in Contracts

Insurer Default. If an Insurer Default has occurred and is continuing with respect to any Insurer, any provision giving such Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Indenture or the applicable Series Supplement, shall be inoperative; provided, however, that upon the cure of any such Insurer Default, such rights shall be reinstated.

Insurer Default. If an Insurer Default has occurred and is continuing with respect to any Insurercontinuing, any provision giving such the Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Indenture or the applicable Series SupplementIndenture, shall be inoperative; provided, however, that upon the cure of any such Insurer Default, such rights shall be reinstated.

Insurer Default. If an Insurer Default has occurred and is continuing or if the Insurance Policy has been terminated in accordance with respect to any Insurerits terms, any provision giving such the Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Indenture or the applicable Series SupplementAgreement, shall be inoperative; provided, however, however that upon the cure of any such Insurer Default, such rights shall be reinstated.