1995-083 - Laserfiche WebLink

Home Browse Search

D. Ccnsent of AMBAC Indemnity Upon Default. Anything in this [Financing Document] to the contrary notwithstanding, upon the occurrence and continuance of an event of default as defined herein, AMBAC Indemnity shall be entitled to control and direct the enforcement of all rights and remedies granted to the Bondholders or the Trustee for the benefit of the Bondholders under this [Financing Document]. [1n transactions for which acceleration is a remedy for an event of default, the following two provisions must be included in the Financing Document in lieu of paragraph D above.] D. Consent of AMBAC Indemnity Upon Default. Anything in this [Financing Document) to the contrary notwithstanding, upon the occurrence and : ontinuance of an e-. ant of default as defined herein, AMBAC Indemnity shall be entitled to control and direct the enforcement of all rights and remedies granted to the Bondholders or the Trustee for the benefit of the Bondholders under this [Financing Document], including, without limitation: (i) the right to accelerate the principal of the Bonds as described in this [Financing Document], and (ii) the right to annul any declaration of acceleration, and AMBAC Indemnity shall also be entitled to approve all waivers of events of default. E. Acceleration Rights Upon the occurrence of an event of default, the Trustee may, with the consent of AMBAC' Indemnity, and shall, at the direction of AMBAC Indemnity or _% of the Bondholders with the consent of AMBAC Indemnity, by written notice to the Issuer and AMBAC Indemnity, declare the principal of the Bonds to be immediately due and payable, whereupon that portion of the principal of the Bonds thereby coming due and the interest thereon accrued to the date of payment shall, without further action, become and be immediately due and payable, anything in this [Financing Document] or in the Bonds to the contrary notwithstanding. 5