Common use of Certain Rights of the Note Insurer Clause in Contracts

Certain Rights of the Note Insurer. By accepting its Note, each Noteholder agrees that unless a Note Insurer Default exists, the Note Insurer shall have the following rights, without any consent of the Noteholders: (a) the right to direct foreclosure upon Mortgage Loans upon failure of the Master Servicer to do so for any reason; (b) the right to require Pacific or the Seller to repurchase or substitute for, or to require the Master Servicer to purchase, Mortgage Loans; (c) the right to give notice of breach or to terminate the rights and obligations of the Master Servicer; (d) the right to direct the actions of the Indenture Trustee during the continuance of a Servicing Default. In addition, each Noteholder agrees that, unless a Note Insurer Default exists, the right to remove the Indenture Trustee may be exercised by the Majority Noteholders only with the prior written consent of the Note Insurer.