Common use of Rights of the Securities Insurer Clause in Contracts

Rights of the Securities Insurer. Each Noteholder by purchase of its Class of Notes held by it acknowledges that the Indenture Trustee on behalf of the Trust, as partial consideration of the issuance of the Securities Guaranty Insurance Policy, has agreed that the Securities Insurer shall have certain rights hereunder for so long as no Securities Insurer Default shall have occurred and is continuing. Notwithstanding anything to the contrary contained herein, but subject to the last sentence of this Section 8A.4, so long as a Securities Insurer Default has occurred and is continuing, any provision giving the Securities Insurer the right to direct, appoint or consent to, approve of, or take any action under this Indenture or any of the Basic Documents, irrespective of whether such rights have been either granted directly to the Securities Insurer or exercised on behalf of the Noteholders, shall be inoperative during the period of such Securities Insurer Default and such right shall instead vest in the Indenture Trustee acting at the written direction of Noteholders. The Securities Insurer may disclaim any of its rights and powers under this Indenture (but not its duties and obligations under the Securities Guaranty Insurance Policy or the Insurance Agreement) upon delivery of a written notice to the Indenture Trustee. The Securities Insurer may give or withhold any consent hereunder in its reasonable discretion. In the event that the Administrator substitutes one or more new guaranty insurance policies for the Securities Guaranty Insurance Policy pursuant to Section 8A.5, the new securities insurer shall have all of the rights to direct, appoint or consent to, approve of, or take any action under this Indenture vested in the Securities Insurer immediately prior to the occurrence of a Rating Agency Downgrade as set forth in Section 8A.5.

Rights of the Securities Insurer. Each Group II Noteholder by purchase of its Class of Group II Insured Notes held by it acknowledges that the Indenture Trustee on behalf of the Trust, as partial consideration of the issuance of the Securities Group II Insured Notes Guaranty Insurance Policy, has agreed that the Securities Insurer shall have certain rights hereunder for so long hereunder. Except as no Securities Insurer Default shall have occurred and is continuing. Notwithstanding anything to otherwise provided herein or in the contrary contained herein, but subject to the last sentence of this Section 8A.4other Basic Documents, so long as a Securities Insurer Default has occurred and is continuing, any provision giving the Securities Insurer the right to direct, appoint or consent to, approve of, or take any action under this Indenture or any of the Basic Documents, irrespective of whether such rights have been either granted directly to Documents (except for the Securities Insurer or exercised on behalf of the NoteholdersInsurance Agreement), shall be inoperative during the period of such Securities Insurer Default and such right shall instead vest in the Indenture Trustee acting at the written direction of Group II Controlling Noteholders. The Securities Insurer may disclaim any of its rights and powers under this Indenture (but not its duties and obligations under the Securities Group II Insured Notes Guaranty Insurance Policy or the Insurance Agreement) upon delivery of a written notice to the Indenture Trustee. The Securities Insurer may give or withhold any consent hereunder in its reasonable discretion. In the event that the Administrator substitutes one or more new guaranty insurance policies for the Securities Group II Insured Notes Guaranty Insurance Policy pursuant to Section 8A.5, the new securities insurer shall have all of the rights to direct, appoint or consent to, approve of, or take any action under this Indenture vested in the Securities Insurer immediately prior to the occurrence of a Rating Agency Downgrade as set forth in Section 8A.5.

Rights of the Securities Insurer. Each Group II Noteholder by purchase of its Class of Group II Notes held by it acknowledges that the Indenture Trustee on behalf of the Trust, as partial consideration of the issuance of the Securities Group II Notes Guaranty Insurance Policy, has agreed that the Securities Insurer shall have certain rights hereunder for so long as no Securities Insurer Default shall have occurred and is continuing. Notwithstanding anything to the contrary contained herein, but subject to the last sentence of this Section 8A.4, so long as a Securities Insurer Default has occurred and is continuing, any provision giving the Securities Insurer the right to direct, appoint or consent to, approve of, or take any action under this Indenture or any of the Basic Documents, irrespective of whether such rights have been either granted directly to the Securities Insurer or exercised on behalf of the Group II Noteholders, shall be inoperative during the period of such Securities Insurer Default and such right shall instead vest in the Indenture Trustee acting at the written direction of Group II Controlling Noteholders. The Securities Insurer may disclaim any of its rights and powers under this Indenture (but not its duties and obligations under the Securities Group II Notes Guaranty Insurance Policy or the Insurance Agreement) upon delivery of a written notice to the Indenture Trustee. The Securities Insurer may give or withhold any consent hereunder in its reasonable discretion. In the event that the Administrator substitutes one or more new guaranty insurance policies for the Securities Group II Notes Guaranty Insurance Policy pursuant to Section 8A.5, the new securities insurer shall have all of the rights to direct, appoint or consent to, approve of, or take any action under this Indenture vested in the Securities Insurer immediately prior to the occurrence of a Rating Agency Downgrade as set forth in Section 8A.5.

Rights of the Securities Insurer. Each Group II Noteholder by purchase of its Class of Group II Notes held by it acknowledges that the Indenture Trustee on behalf of the Trust, as partial consideration of the issuance of the Securities Group II Notes Guaranty Insurance Policy, has agreed that the Securities Insurer shall have certain rights hereunder for so long hereunder. Except as no Securities Insurer Default shall have occurred and is continuing. Notwithstanding anything to otherwise provided herein or in the contrary contained herein, but subject to the last sentence of this Section 8A.4other Basic Documents, so long as a Securities Insurer Default has occurred and is continuing, any provision giving the Securities Insurer the right to direct, appoint or consent to, approve of, or take any action under this Indenture or any of the Basic Documents, irrespective of whether such rights have been either granted directly to Documents (except for the Securities Insurer or exercised on behalf of the NoteholdersInsurance Agreement), shall be inoperative during the period of such Securities Insurer Default and such right shall instead vest in the Indenture Trustee acting at the written direction of Group II Controlling Noteholders. The Securities Insurer may disclaim any of its rights and powers under this Indenture (but not its duties and obligations under the Securities Group II Notes Guaranty Insurance Policy or the Insurance Agreement) upon delivery of a written notice to the Indenture Trustee. The Securities Insurer may give or withhold any consent hereunder in its reasonable discretion. In the event that the Administrator substitutes one or more new guaranty insurance policies for the Securities Group II Notes Guaranty Insurance Policy pursuant to Section 8A.5, the new securities insurer shall have all of the rights to direct, appoint or consent to, approve of, or take any action under this Indenture vested in the Securities Insurer immediately prior to the occurrence of a Rating Agency Downgrade as set forth in Section 8A.5.