Common use of Rights of Note Insurer Clause in Contracts

Rights of Note Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Note Insurer (unless a Note Insurer Default shall have occurred and be continuing or the Notes are no longer outstanding), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Issuer or compromise any claim, suit or proceeding brought by or against the Issuer, other than with respect to the enforcement of any Receivable or any rights of the Issuer thereunder or (iii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity.