Actions by Certificateholders. No Certificateholder may institute any Proceeding with respect to the Series Trust Agreement unless (a) such Certificateholder previously has given to the Trustee written notice of a continuing breach of the Series Trust Agreement or an Event of Default, (b) Certificateholders evidencing the Required Percentage - Remedies have requested in writing that the Trustee institute such proceeding in its own name as Trustee, (c) the Trustee has been offered reasonable indemnity for its costs, expenses and liabilities, (e) the Trustee has for 15 days failed to institute such proceeding, and (f) no direction inconsistent with such written request has been given to the Trustee during such 15-day period by Certificateholders evidencing the Required Percentage - Remedies.
Appears in 7 contracts
Samples: Series Trust Agreement (Corporate Asset Backed Corp), Series Trust Agreement (Corporate Asset Backed Corp), Series Trust Agreement (Corporate Asset Backed Corp)
