Common use of Optional Preservation of the Collateral Clause in Contracts

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shall, absent direction to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, maintain possession of the Collateral.

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 hereof following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shallmay, absent direction but need not, unless contrary directions have been given by 66-2/3% of the Noteholders, elect to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, maintain possession of the Collateral.

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Indenture Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shallmay, absent direction but need not, elect to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, maintain possession of the CollateralCollateral and continue to apply the proceeds thereof in accordance with Sections 3.01 and 8.

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shall, absent direction to the contrary from the Insurer or the Noteholders Note Holders pursuant to Section 5.04, maintain possession of the Collateral.

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Indenture Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shallmay, absent direction but need not, elect to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, maintain possession of the Collateral.Collateral and continue to apply the 36 (NALT 20[●]-[●] Indenture)