Common use of Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee Clause in Contracts

Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. (a) Owner Trustee covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, Owner Trustee will, upon demand of the Indenture Trustee as directed (x) by the Note Insurer, or, if a Note Insurer Default has occurred and is continuing, by Noteholders constituting Class A Noteholder Approval, or (y) if the Aggregate Outstanding Principal Balance of the Class A Notes has been reduced to zero and the Note Insurer has been paid in full the amounts then owing to it, by Noteholders constituting Class B Noteholder Approval, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the rate specified in Section 2.01 and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. (a) Owner Trustee Issuer covenants that if (i) default is made in the payment of any interest on any Class A Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, Owner Trustee Issuer will, upon demand of the Indenture Trustee as directed (x) by the Note Insurer, or, if a Note Insurer Default has occurred and is continuing, by Noteholders constituting Class A Noteholder Approval, or (y) if the Aggregate Outstanding Principal Balance of the Class A Notes has been reduced to zero and the Note Insurer has been paid in full the amounts then owing to it, by Noteholders constituting Class B Noteholder Approval, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the rate specified in Section 2.01 and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.