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, the Owner Trustee shall not have the power, except upon the direction of the Owners and the Owner Trustee has received the prior written consent of the Insurer (prior to the Policy Expiration Date and so long as no Insurer Default shall have occurred and be continuing), to (i) remove the Administrator pursuant to Section 8 of the Administration Agreement, (ii) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (iii) remove the Master Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (v) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (vi) authorize the merger, consolidation or conversion of the Trust with or into any other business trust or entity (other than in accordance with Section 3.10 of the Indenture) or (vii) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Owners.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the Owners and the Owner Trustee has received the prior written consent of the Insurer (prior to the Policy Expiration Date and so long as no Insurer Default shall have occurred and be continuing), to (i) remove the Administrator pursuant to Section 8 of the Administration Agreement, (ii) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (iii) remove the Master Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (v) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (vi) authorize the merger, consolidation or conversion 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 (vii) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Owners.

Action by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the Owners and the Owner Trustee has received the prior written consent Holders of Trust Certificates evidencing at least a majority of the Insurer (prior to the Policy Expiration Date and so long as no Insurer Default shall have occurred and be continuing)aggregate Certificate Percentage Interest, to (i) remove the Administrator pursuant to Section 8 of the Administration Agreement, (ii) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (iii) remove the Master Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic Documents, sell the Contracts after the termination of the Indenture, (v) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (vi) authorize the merger, consolidation or conversion 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 (vii) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Ownerssuch Holders.