Common use of Action with Respect to Bankruptcy Clause in Contracts

Action 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 Insurer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, the Insurer in addition to the interests of the Trust and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended.

Action 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 Insurer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, the Insurer in addition to the interests of the Trust and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ ss.ss. 101 et seqET SEQ., as amended.

Action with Respect to Bankruptcy. Until one year and one day following the day on which the Notes Bonds 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 Insurer. Until one year and one day following the day on which the Notes Bonds have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder and the Insurer reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, Bondholders and the Insurer in addition to the interests of the Trust Residual Certificateholders and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended.

Action 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 Insurer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder and the Insurer reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, Noteholders and the Insurer in addition to the interests of the Trust Residual Certificateholders and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ Sections 101 et seq., as amended.

Action 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 Insurer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, the Insurer in addition to the interests of the Trust and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ xx.xx. 101 et seqET SEQ., as amended.

Action 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 Insurer. Until one year and one day following the day on which the Notes have been paid in full, all amounts due to the Insurer under the Insurance Agreement have been paid in full, the Policy has terminated and the Indenture Trustee has surrendered the Policy to the Insurer, 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 Residual Certificateholders and the Insurer, and the delivery to the Owner Trustee by each such Residual Certificateholder and the Insurer, of a certificate certifying that such Residual Certificateholder reasonably believes that the Trust is insolvent. The Owner Trustee in undertaking such proceedings or other actions contemplated by Section 2.12(b) relating to the Trust shall consider the interest of the Noteholders, the Class S Certificateholders and the Insurer in addition to the interests of the Trust and whether the Trust is insolvent. The Owner Trustee shall not commence such proceedings or other actions contemplated by Section 2.12(b) unless the Owner Trustee shall have been furnished (at the expense of the Trust) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The provisions of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Class S Certificateholder, any Residual Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor under the United States Bankruptcy Code, 11 U.S.C. §§ xx.xx. 101 et seq., as amended.