Common use of Judicial Proceedings Instituted by Certificate Trustee; Certificate Trustee May Bring Suit Clause in Contracts

Judicial Proceedings Instituted by Certificate Trustee; Certificate Trustee May Bring Suit. (a) If there shall be a failure to make payment of the principal of or interest on any Note, then the Certificate Trustee in its own name, and as trustee of an express trust, as holder of such Note, if directed in writing by the Holders of a majority of the Outstanding Amount of the Certificates but subject to the provisions of Article VI, shall, to the extent permitted by and in accordance with the terms of the Notes, be entitled and empowered to institute any suits, actions or proceedings at law, in equity or otherwise, including the power to make a demand on the Note Trustee to take action under the Note Indenture to enforce the Notes, for the collection of the sums so due and unpaid on the Note and may prosecute any such claim or proceeding to judgment or final decree with respect to the whole amount of any such sums so due and unpaid.

Judicial Proceedings Instituted by Certificate Trustee; Certificate Trustee May Bring Suit. (a) If there shall be a failure to make payment of the principal of or interest on any Note, then the Certificate Trustee in its own name, and as trustee of an express trust, as holder of such Note, if directed in writing by the Holders of a majority of the Outstanding Amount of the Certificates but subject to the provisions of Article VI, shallshall be, to the extent permitted by and in accordance with the terms of the Notes, be entitled and empowered to institute any suits, actions or proceedings at law, in equity or otherwise, including the power to make a demand on the Note Trustee to take action under the Note Indenture to enforce the Notes, for the collection of the sums so due and unpaid on the such Note and may prosecute any such claim or proceeding to judgment or final decree with respect to the whole amount of any such sums so due and unpaid.