Action by Certificateholders with. Respect to -------------------------------------------- Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Holders of Certificates (including the unanimous approval of the board of directors of the Seller) unless the Owner Trustee reasonably believes that the Trust is insolvent.
Action by Certificateholders with. Respect to Certain ---------------------------------------------------- Matters. The Owner Trustee shall not have the power, except upon the direction ------- of the Certificateholders in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.1 thereof following payment of the Notes in full or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholders.
Action by Certificateholders with. Respect to Certain ---------------------------------------------------- Matters. The Owner Trustee shall not have the power, except upon the ------- written direction of the Certificateholders (with the consent of the Note Insurer (so long as no Note Insurer Default shall have occurred and be continuing)), to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.02 thereof, (d) amend the Sale and Servicing Agreement pursuant to Section 10.01(b) of such document, or (e) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.
Action by Certificateholders with. Respect to Certain ---------------------------------------------------- Matters. The Owner Trustee shall not have the power, except upon the ------- direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 7(c) and 7(d) thereof, (b) appoint a successor Administrator pursuant to Section 7(e) of the Administration Agreement, or (c) except as expressly provided in the Basic Documents, sell the Underlying Securities or Eligible Investments after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.
Action by Certificateholders with. Respect to -------------------------------------------- Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary ---------- proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) the Insurer, if no Insurer Default shall have occurred and be continuing, or, if an Insurer Default shall have occurred and be continuing, each Certificateholder approves of such commencement in writing in advance and delivers to the Owner Trustee a certificate certifying that such Person reasonably believes that the Trust is insolvent.
Action by Certificateholders with. Respect to -------------------------------------------- Bankruptcy . Until one year and one day following the day on which the Notes ---------- have been paid in full, the Owner Trustee shall not have the power to, and shall not, commence any proceeding or other actions contemplated by Section 2.12(b) relating to the Trust without the prior written consent of the Credit Enhancer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Credit Enhancer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Credit Enhancer, the Owner Trustee shall not have the power to, and shall not, commence any proceeding or other actions contemplated by Section 2.12(b) relating to the Trust without the prior written consent of all of the Certificateholders and the delivery to the Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent.
Action by Certificateholders with. Respect to Certain ---------------------------------------------------- Matters. ------- The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, and with the consent of the Bond Insurer, (a) to remove or replace the Servicer under the Servicing Agreement pursuant to Sections 6.01 and 6.02 thereof or to remove or replace the Bond Administrator or the Indenture Trustee under the Indenture pursuant to Section 6.08 thereof, (b) except as expressly provided in the Basic Documents, sell the Mortgage Loans after the termination of the Indenture, (c) institute proceedings to have the Trust declared or adjudicated to be bankrupt or insolvent, (d) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (e) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (f) consent to the appointment of a receiver, liquidate, assignee, trustee, sequestrate (or any similar official) of the Trust or a substantial portion of the property of the Trust, (g) make any assignment for the benefit of the Trust's creditors, (h) cause the Trust to admit in writing its inability to pay its debts generally as they become due, (i) take any action or cause the Trust to take any action, in furtherance of any of the foregoing clauses (c) through (i) (any of such clauses, a "Bankruptcy Action"). So long as the Indenture and the Insurance Agreement remain in effect and no Bond Insurer Default exists, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or the Company or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust or the Company. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders and with the consent of the Bond Insurer.
Action by Certificateholders with. Respect to -------------------------------------------- Bankruptcy. To the fullest extent permitted by applicable law, the Owner ---------- Trustee shall not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated a bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust's creditors, (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a "Bankruptcy Action"). So long as the Indenture remains in effect, no ----------------- Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust.
Action by Certificateholders with. Respect to Certain ----------------------------------------------------
Action by Certificateholders with. Respect to Certain ---------------------------------------------------- Matters. The Owner Trustee may not, except upon the occurrence of a Master ------- Servicer Termination Event or a Subservicer Termination Event, subsequent to the payment in full of the Notes and in accordance with, so long as no Insurer Default shall have occurred and be continuing, the written direction of the Insurer, or, if an Insurer Default shall have occurred and be continuing, in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the Certificate Balance, (i) remove the Master Servicer or Subservicer pursuant to Article Seven of the Sale and Servicing Agreement, (ii) appoint a Successor Master Servicer or Successor Subservicer pursuant to Article Seven of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 1.09 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Basic Documents.
