Common use of ACTION UNDER UNDERLYING DOCUMENTS Clause in Contracts

ACTION UNDER UNDERLYING DOCUMENTS. In the event that there are any matters arising under the Underlying Operative Documents related to an Underlying Class M Bond which require the vote or direction of holders of the related Underlying Class M Bonds thereunder, the Grantor Trustee, as holder of each Underlying Class M Bond will vote such Underlying Class M Bond in accordance with the written instructions received from holders of the related Certificates evidencing at least 100% of the Fractional Undivided Interest. In the absence of any such instructions, the Grantor Trustee will not vote such Underlying Class M Bond. The Grantor Trustee will forward to each Certificateholder copies of any communications received regarding matters arising that require action by holders of the related Underlying Class M Bonds.