Common use of Insurer as Controlling Party Clause in Contracts

Insurer as Controlling Party. Each Noteholder by purchase of Notes and Certificateholder by purchase of a Certificate acknowledges that the Indenture Trustee on behalf of the Noteholders, and the Owner Trustee on behalf of the Certificateholders, as partial consideration for issuance of the Policy, has agreed that the Insurer shall have certain rights hereunder for so long as no Insurer Default shall have occurred and be continuing. Any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement shall be inoperative during the prior of such Insurer Default and shall instead vest in the Servicer, or in the event that Notes remain Outstanding, the Indenture Trustee at the direction of a Note Majority or in the event that no Notes remain Outstanding, the Owner Trustee, at the direction of a Certificate Majority, as applicable.

Insurer as Controlling Party. Each Noteholder by ---------------------------- purchase of Notes and Certificateholder by purchase of a Certificate acknowledges that the Indenture Trustee on behalf of the Noteholders, and the Owner Trustee on behalf of the Certificateholders, as partial consideration for issuance of the Policy, has agreed that the Insurer shall have certain rights hereunder for so long as no Insurer Default shall have occurred and be continuing. Any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement shall be inoperative during the prior of such Insurer Default and shall instead vest in the Servicer, or in the event that Notes remain Outstanding, the Indenture Trustee at the direction of a Note Majority or in the event that no Notes remain Outstanding, the Owner Trustee, at the direction of a Certificate Majority, as applicable.

Insurer as Controlling Party. Each Noteholder by purchase of ---------------------------- Notes and Certificateholder by purchase of a Certificate acknowledges that the Indenture Trustee on behalf of the Noteholders, and the Owner Trustee on behalf of the Certificateholders, as partial consideration for issuance of the Policy, has agreed that the Insurer shall have certain rights hereunder for so long as no Insurer Default shall have occurred and be continuing. Any provision giving the Insurer the right to direct, appoint or consent to, approve of, or take any action under this Agreement shall be inoperative during the prior of such Insurer Default and shall instead vest in the Servicer, or in the event that Notes remain Outstanding, the Indenture Trustee at the direction of a Note Majority or in the event that no Notes remain Outstanding, the Owner Trustee, at the direction of a Certificate Majority, as applicable.