Common use of Rights of Credit Enhancer to Exercise Rights of Certificateholders Clause in Contracts

Rights of Credit Enhancer to Exercise Rights of Certificateholders. (a) By accepting its Certificate, each Certificateholder agrees that unless a Credit Enhancer Default exists, the Credit Enhancer shall have the right to exercise all rights of the Certificateholders under this Trust Agreement without any further consent of the Certificateholders. Nothing in this Section, however, shall alter or modify in any way, the fiduciary obligations of the Owner Trustee to the Certificateholders pursuant to this Trust Agreement, or create any fiduciary obligation of the Owner Trustee to the Credit Enhancer. The Credit Enhancer is an express third-party beneficiary to this Agreement.