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

Judicial Proceedings Instituted by Trustee; Trustee May Bring Suit. If there shall be a failure to make payment of the principal of, premium, if any, or interest on any Equipment Note, or if there shall be any failure to pay Rent (as defined in the relevant Lease) under any Lease when due and payable, then the Trustee, in its own name, and as trustee of an express trust, as holder of such Equipment Notes, to the extent permitted by and in accordance with the terms of the Intercreditor Agreement and the rights of the Controlling Party thereunder, the Note Purchase Agreement and the Note Documents (subject to the rights of the applicable Owner Trustee or Owner Participant to cure any such failure to pay principal of, or premium, if any, or interest on any Equipment Note or to pay Rent under any Lease in accordance with the applicable Indenture), shall be entitled and empowered to institute any suits, actions or proceedings at law, in equity or otherwise, for the collection of the sums so due and unpaid on such Equipment Notes or under such Lease 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 Trustee; Trustee May Bring Suit. If there shall be a failure to make payment of the principal of, premium, if any, or interest on any Equipment NoteNote held in the related Trust, or if there shall be any failure to pay Rent (as defined in the relevant Lease) under any Lease when due and payable, then the Trustee, in its own name, name and as trustee of an express trust, as holder of such Equipment Notes, to the extent permitted by and in accordance with the terms of the any related Intercreditor Agreement and the rights of the Controlling Party thereunder, the Note Purchase Agreement and the any related Note Documents (subject to (i) the rights of the applicable Owner Trustee or Owner Participant to cure any such failure to pay principal of, or premium, if any, or interest on any Equipment Note or to pay Rent under any Lease in accordance with the applicable IndentureIndenture and (ii) the rights of the lessee under any applicable Lease), shall be entitled and empowered to institute any suits, actions or proceedings at law, in equity or otherwise, for the collection of the sums so due and unpaid on such Equipment Notes or under such Lease 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.