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 Agreement, shall be inapplicable at all times after the expiration of the Policy, 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 expiration of the Policy 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 expiration of the Policy. In addition, any other provision of this Agreement 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 expiration of the Policy, be deemed to refer to whether or not the expiration of the Policy has occurred.