Common use of Certain Matters Regarding the Insurer Clause in Contracts

Certain Matters Regarding the Insurer. Notwithstanding any provision in this Agreement to the contrary, in the event an Insurer Default shall have occurred and be continuing, the Insurer shall not have the right to take any action under this Agreement or to control or direct the actions of the Issuer, the Administrator, the Indenture Trustee, the Seller, the Owner Trustee or the Trust Agent pursuant to the terms of this Agreement, nor shall the consent of the Insurer be required with respect to any action (or waiver of right to take action) to be taken by the Issuer, the Administrator, the Indenture Trustee, the Seller, the Owner Trustee, the Trust Agent or the holders of the Notes or the Residual Interest Instruments; provided, that the consent of the Insurer shall be required at all times with respect to any amendment of this Agreement.

Certain Matters Regarding the Insurer. Notwithstanding any provision in this Agreement to the contrary, in the event an Insurer Default (as defined in the Sale and Servicing Agreement) shall have occurred and be continuing, the Insurer shall not have the right to take any action under this Agreement or to control or direct the actions of the Issuer, the Administrator, the Indenture Trustee, the Seller, Seller or the Owner Trustee or the Trust Agent pursuant to the terms of this Agreement, nor shall the consent of the Insurer be required with respect to any action (or waiver of right to take action) to be taken by the Issuer, the Administrator, the Indenture Trustee, the Seller, the Owner Trustee, the Trust Agent Trustee or the holders of the Notes or the Residual Interest InstrumentsNotes; provided, provided that the consent of the Insurer shall be required at all times with respect to any amendment of this Agreement.