That sounds an awful lot like armor of light. I think that would be another useless exotic. Besides, you don't really need any other exotic for defenders but saint-14.
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I love my Saint-14. The difference between this exotic and Armor of Light is that you and your teammates would be granted overshield inside and outside of the Ward of Dawn. The overshield would be regenerative at an accelerated rate while inside the Ward of Dawn. I guess it would be more like Armor of Light if you and your teammates were granted Armor of Light outside the Ward of Dawn too.
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The idea is that only one gives you the means to camp out inside a bubble with an overshield. Wouldn't eant to break the game now, would you?