Common use of Note Insurer Default Clause in Contracts

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture or in the Notes to the contrary, if a Note Insurer Default exists, the provisions of this Article V and all other provisions of this Indenture which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture Agreement or in the Notes to the contrary, if a Note Insurer Default exists, or if and to the extent the Note Insurer has delivered its written renunciation of all of its rights under this Agreement, the provisions of this Article V VII and all other provisions of this Indenture Agreement which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders Noteholders, the Servicer, the Collateral Agent or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee Trustee, the Collateral Agent, the Servicer or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture or in the Notes to the contrary, if a Note Insurer Default exists, the provisions of this Article V and all other provisions of this Indenture which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture Agreement or in the Notes to the contrary, if a Note Insurer Default exists, or if and to the extent the Note Insurer has delivered its written renunciation of all of its rights under this Agreement, the provisions of this Article V VII and all other provisions of this Indenture Agreement which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders Noteholders, the Servicer, the Collateral Agent or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee Trustee, the Collateral Agent, the Servicer or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture Agreement or in the Notes to the contrary, if a Note Insurer Default exists, or if and to the extent the Note Insurer has delivered its written renunciation of all of its rights under this Agreement, the provisions of this Article V VII and all other provisions of this Indenture Agreement which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders Noteholders, the Servicer, the Collateral Agent, the Back-up Servicer or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee Trustee, the Collateral Agent, the Servicer, the Back-up Servicer or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture or in the Notes to the contrary, if a Note Insurer Default exists, the provisions of this Article V III and all other provisions of this Indenture which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders Noteholders, the Servicer or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee Trustee, the Servicer or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder hereunder, or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law.

Note Insurer Default. Notwithstanding anything elsewhere in this Indenture Agreement or in the Notes to the contrary, if a Note Insurer Default exists, or if and to the extent the Note Insurer has delivered its written renunciation of all of its rights under this Agreement, the provisions of this Article V VII and all other provisions of this Indenture Agreement which (a) permit the Note Insurer to exercise rights of the Noteholders, (b) restrict the ability of the Noteholders Noteholders, the Servicer, the Back-up Servicer, the Collateral Agent or the Indenture Trustee to act without the consent or approval of the Note Insurer, (c) provide that a particular act or thing must be acceptable to the Note Insurer, (d) permit the Note Insurer to direct (or otherwise to require) the actions of the Indenture Trustee Trustee, the Collateral Agent, the Servicer, the Back-up Servicer or the Noteholders, (e) provide that any action or omission taken with the consent, approval or authorization of the Note Insurer shall be authorized hereunder or shall not subject the party taking or omitting to take such action to any liability hereunder or (f) which have a similar effect, shall be of no further force and effect and the Indenture Trustee shall administer the Trust Estate and perform its obligations hereunder solely for the benefit of the Holders of the Notes. Nothing in the foregoing sentence, nor any action taken pursuant thereto or in compliance therewith, shall be deemed to have released the Note Insurer from any obligation or liability it may have to any party or to the Noteholders hereunder, under any other agreement, instrument or document (including, without limitation, the Note Insurance Policy) or under applicable law.