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

Action by the Certificateholders with Respect to Bankruptcy. The Delaware Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders and the delivery to the Delaware Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent.

Appears in 10 contracts

Samples: Trust Agreement (Collegiate Funding of Delaware LLC), Trust Agreement (Collegiate Funding of Delaware LLC), Trust Agreement (College Loan Corp Trust II)

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