Common use of Action by Certificateholders with Respect to Bankruptcy Clause in Contracts

Action by Certificateholders with Respect to Bankruptcy. The Delaware Trustee shall not follow any direction of the Certificateholders to take any Bankruptcy Action. The consent of the Delaware Trustee shall be required prior to the commencement by the Trust of any Bankruptcy Action. To the fullest extent permitted by applicable law, the Delaware Trustee shall not be required to consent to the commencement by the Trust of any Bankruptcy Action unless it has received a certificate signed by a nationally recognized accounting firm (the "Accountant's Certificate") certifying that such accounting firm reasonably believes that the Trust is insolvent. The Delaware Trustee may conclusively rely upon the Accountant's Certificate.

Appears in 20 contracts

Samples: Trust Agreement (Nelnet Student Loan Trust 2005-1), Trust Agreement (Nelnet Student Loan Trust 2008-4), Trust Agreement (Nelnet Student Loan Funding LLC)

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Action by Certificateholders with Respect to Bankruptcy. The Delaware Trustee shall not follow any direction of the Certificateholders to take any Bankruptcy Action. The consent of the Delaware Trustee shall be required prior to the commencement by the Trust of any Bankruptcy Action. To the fullest extent permitted by applicable law, the Delaware Trustee shall not be required to consent to the commencement by the Trust of any Bankruptcy Action unless it has received a certificate signed by a nationally recognized accounting firm (the "Accountant's ’s Certificate") certifying that such accounting firm reasonably believes that the Trust is insolvent. The Delaware Trustee may conclusively rely upon the Accountant's ’s Certificate.

Appears in 3 contracts

Samples: Trust Agreement (Nelnet Student Loan Trust 2009-2), Trust Agreement (Goal Capital Funding, LLC), Trust Agreement (Gmac Elf LLC)

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