Common use of Effect of Policy Expiration Date Clause in Contracts

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after the Policy Expiration Date, and (i) if such reference provides for another party or parties to take or omit to take any such action following an Insurer Default, such party or parties shall be entitled to take or omit to take such action following the Policy Expiration Date and (ii) if such reference does not provide for another party or parties to take or omit to take any such action following an Insurer Default, then the Trustee acting at the written direction of the Certificateholders holding in the aggregate more than 51% of the outstanding Certificateholders Note Balance shall have the right to take or omit to take any such action following the Policy Expiration Date. In addition, any other provision of this Sale and Servicing Agreement 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 Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after the Policy Expiration DateDate or when the Insurer is not the Controlling Party, and (i) if such reference provides for another party or parties to take or omit to take any such action following an Insurer Default, such party or parties shall also be entitled to take or omit to take such action action, following the Policy Expiration Date and (ii) if such reference does not provide for another party or parties to take or omit to take any such action following an Insurer Default, then the Indenture Trustee acting at the written direction of the Certificateholders holding in the aggregate more than 51% of the outstanding Certificateholders Note Balance Majority Noteholders shall have the right to take or omit to take any such action action, following the Policy Expiration DateDate or so long as an Insurer Default has occurred and is continuing. In addition, any other provision of this Sale and Servicing Agreement 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 Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after the Policy Expiration Date, and (i) if such reference provides for another party or parties to take or omit to take any such action following an a Note Insurer Default, such party or parties shall be entitled to take or omit to take such action following the Policy Expiration Date and (ii) if such reference does not provide for another party or parties to take or omit to take any such action following an a Note Insurer Default, then the Indenture Trustee acting at the written direction of the Certificateholders Class B Noteholders holding in the aggregate more than 5150% of the outstanding Certificateholders Class B Note Balance shall have the right to take or omit to take any such action following the Policy Expiration Date. In addition, any other provision of this Sale and Servicing Agreement or any other Basic Document which is operative based in whole or in part on whether an a Note Insurer Default has or has not occurred shall, at all times on or after the Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.. 80

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after expiration of the Policy Expiration Dateor so long as an Insurer Default has occurred and is continuing, and (i) if such reference provides for another party or parties to take or omit to take any such action following an Insurer Default, such party or parties shall also be entitled to take or omit to take such action action, following the expiration of the Policy Expiration Date and (ii) if such reference does not provide for another party or parties parities to take or omit to take any such action following an Insurer Default, then the Indenture Trustee acting at the written direction of the Certificateholders holding in the aggregate more than 51% of the outstanding Certificateholders Note Balance Majority Noteholders shall have the right to take or omit to take any such action action, following the expiration of the Policy Expiration Dateor so long as an Insurer Default has occurred and is continuing. In addition, any other provision of this Sale and Servicing Agreement 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 Policy Expiration Dateexpiration of the Policy, be deemed to refer to whether or not the expiration of the Policy Expiration Date has occurred.

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after the Policy Expiration Date, and (i) if such reference provides for another party or parties to take or omit to take any such action following an Insurer Default, such party or parties shall be entitled to take or omit to take such action following the Policy Expiration Date and (ii) if such reference does not provide for another party or parties to take or omit to take any such action following an Insurer Default, then the Trustee acting at the written direction of the Certificateholders holding in the aggregate more than 51___% of the outstanding Certificateholders Note Balance shall have the right to take or omit to take any such action following the Policy Expiration Date. In addition, any other provision of this Sale and Servicing Agreement 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 82 after the Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.

Effect of Policy Expiration 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 Sale and Servicing Agreement or any other Basic Document shall be inapplicable at all times after the Policy Expiration Date, and (i) if such reference provides for another party or parties to take or omit to take any such action following an Insurer Default, such party or parties shall be entitled to take or omit to take such action following the Policy Expiration Date and (ii) if such reference does not provide for another party or parties to take or omit to take any such action following an Insurer Default, then the Indenture Trustee acting at the written direction of Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes, voting together as a single Class, with the consent of Certificateholders holding in the aggregate more not less than 51% a majority of the outstanding Certificateholders Note Balance Certificate Percentage Interest shall have the right to take or omit to take any such action following the Policy Expiration Date. In addition, any other provision of this Sale and Servicing Agreement 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 Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.