Common use of Rights of the Insurer Clause in Contracts

Rights of the Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Insurer so long as it is the Controlling Party, prior to the Termination Date, neither the Owner Trustee nor any Residual Interestholder shall (i) 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 Contract or any rights of the Issuer thereunder, (ii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity or convey or transfer all or substantially all of the Trust Estate to any other entity, (iii) amend the Certificate of Trust or (iv) amend this Agreement.

Rights of the Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Insurer so long as it is the Controlling Party, prior to the Termination Date, neither the Owner Trustee nor any Residual Interestholder shall (i) 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 Contract or any rights of the Issuer thereunder, (ii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity or convey or transfer all or substantially all of the Trust Estate to any other entity, (iii) amend the Certificate of Trust or (iv) amend this Agreement.]