Common use of Notice and Sale by Trustee Clause in Contracts

Notice and Sale by Trustee. If at any time the principal of or interest on any of the Treasury Obligations shall be in default and not paid or provision for payment thereof shall not have been duly made within thirty days, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Depositor has not given any instruction to sell or to hold or has not taken any other action in connection with such Treasury Obligations, the Trustee may in its discretion sell such Treasury Obligations forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale."

Notice and Sale by Trustee. If at any time a dividend (once due and payable) on any of the Equity Securities shall not have been paid or the principal of or interest on any of the Treasury Obligations Bonds shall be in default and not paid or provision provisions for payment thereof shall not have been duly made made, within thirty 30 days, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Depositor has not given any instruction to sell or to hold or has not taken any other action in connection with such Treasury ObligationsSecurities, the Trustee may in its discretion sell such Treasury Obligations Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale."