Common use of Action by Owners with Respect to Certain Matters Clause in Contracts

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, neither the Owner Trustee nor the Trust Agent shall have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of Trust. The Owner Trustee and the Trust Agent may only take the actions referred to in the preceding sentence upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the Insurer.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.044.04 and Section 4.06, neither the Owner Trustee nor the Trust Agent shall have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business statutory trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of TrustTrust (unless such amendment is required to be filed under the Statutory Trust Statute). The Owner Trustee and the Trust Agent may only take the actions referred to in the preceding sentence upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the Insurer.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.044.04 and Section 4.06, neither the Owner Trustee nor the Trust Agent shall have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of Trust. The Owner Trustee and the Trust Agent may only take the actions referred to in the preceding sentence upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the Insurer.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, neither the Owner Trustee nor the Trust Agent shall not have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Master Servicer pursuant to Section 7.01 8.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of Trust. The Owner Trustee and the Trust Agent may only shall take the actions referred to in the preceding sentence only upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the InsurerOwners.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.044.04 and Section 4.06, neither the Owner Trustee nor the Trust Agent shall have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of TrustTrust (unless such amendment is required to be filed under the Business Trust Statute). The Owner Trustee and the Trust Agent may only take the actions referred to in the preceding sentence upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the Insurer.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, neither the Owner Trustee nor the Trust Agent Co-Owner Trustee shall have the power, except upon the direction of the Owners and with the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing), to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (d) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (e) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (f) authorize the merger or consolidation of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (g) amend the Certificate of Trust. The Owner Trustee and the Trust Agent Co-Owner Trustee may only take the actions referred to in the preceding sentence upon written instructions signed by the Owners and, to the extent required by the preceding sentence, with the prior written consent of the InsurerOwners.