Common use of Payment after a Default Clause in Contracts

Payment after a Default. (1) by notice in writing to AMBAC, the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by any applicable law:- (a) to act as Paying Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's liability for the indemnification, remuneration and all other out-of-pocket expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons to the order of the Trustee; or (b) to deliver all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons (save for such documents and records which the Paying Agents are obliged not to release by virtue of any applicable law or regulation or by order of any court of competent jurisdiction) to the Trustee or as the Trustee directs in such notice; and (2) by notice in writing to the Issuer require it to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: (1a) by notice in writing to AMBAC, the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by any applicable law:-law: (ai) to act as Paying Agents agents of the Trustee under this Trust Deed and the Bonds Notes on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's ’s liability for the indemnification, remuneration and all other out-of-pocket expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds Notes on the terms of this Trust DeedDeed which are available for that purpose) and thereafter to hold all Definitive Bonds Notes and Coupons all moneys, documents and records held by them in respect of Notes to the order of the Trustee; or (ii) to deliver all Notes and all moneys, documents and records held by them in respect of the Bonds and Coupons to the order of the Trustee; or (b) to deliver all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons (save for such documents and records which the Paying Agents are obliged not to release by virtue of any applicable law or regulation or by order of any court of competent jurisdiction) Notes to the Trustee or as the Trustee directs in such notice; and (2b) by notice in writing to the Issuer and or any Guarantor, require it to make all subsequent payments in respect of the Bonds and Coupons Notes to or to the order of the Trustee and not to the Principal Paying and Transfer Agent.

Payment after a Default. At any time after an Event of Default has occurred the Trustee may: (1a) by notice in writing to AMBACthe Issuer, the Issuer Agents and the Paying AgentsRegistrar, require the Paying AgentsAgents and the Registrar, until notified by the Trustee to the contrary, so far as permitted by any applicable law:-law: (ai) to act as Paying Agents agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's ’s liability for the indemnification, remuneration and all other out-of-pocket expenses of the Paying Agents and the Registrar will be limited to the amounts for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Definitive Certificates and all moneys, documents and records held by them in respect of Bonds and Coupons to the order of the Trustee; and/or (ii) to deliver all Certificates and all moneys, documents and records held by them in respect of the Bonds and Coupons to the order of the Trustee; or (b) to deliver all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons (save for such documents and records which the Paying Agents are obliged not to release by virtue of any applicable law or regulation or by order of any court of competent jurisdiction) to the Trustee or as the Trustee directs shall direct in such noticenotice or subsequently, provided that this Clause 2.4(a)(ii) shall not apply to any documents or records which the Principal Agent, the Registrar or the relevant Agent is not obliged to release by any law or regulation to which it is subject; and (2b) by notice in writing to the Issuer require it them to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.