Notice and Sale by Trustee. If at any time there has been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor to sell or to hold or to take any other action in connection with such Security, the Trustee shall sell such Security forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security sold and the proceeds received therefrom.
Appears in 4 contracts
Samples: Trust Indenture and Agreement (National Equity Trust Low Five Portfolio Series 31), Trust Indenture and Agreement (National Equity Tr Short Term Low 5 Cover Write Opt Tr Ser 1), Trust Indenture and Agreement (National Equity Tr Short Term Low 5 Cover Write Opt Tr Ser 1)
Notice and Sale by Trustee. If at any time there has been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 3 contracts
Samples: Trust Indenture and Agreement (Patriot Trust, Diversified Income Trust, 2007 Series A), Trust Indenture and Agreement (Morgan Stanley Dean Wit Sel Equity Tr 5 Industrial 2000-2), Trust Indenture and Agreement (Equity Securities Trust Series 6)
Notice and Sale by Trustee. If at any time there has -------------------------- been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor Depositors thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor Depositors to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the DepositorDepositors. The Trustee shall promptly notify the Depositor Depositors of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 3 contracts
Samples: Trust Indenture and Agreement (Schwab Trusts Schwab Ten Trusts 2001 Series B), Trust Indenture and Agreement (Schwab Trusts Schwab Ten Trust 2000 Series B), Trust Indenture and Agreement (Pinnacle Family of Trusts Internet Trust Series I)
Notice and Sale by Trustee. If at any time there has been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor Depositors thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor Depositors to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the DepositorDepositors. The Trustee shall promptly notify the Depositor Depositors of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 2 contracts
Samples: Trust Indenture and Agreement (McLaughlin Piven Vogel Family of Trusts Pinncacle Trust), Trust Indenture and Agreement (Schwab Strategic Ten Trust 1997 Series A)
Notice and Sale by Trustee. If at any time there -------------------------- has been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor Depositors thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor Depositors to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the DepositorDepositors. The Trustee shall promptly notify the Depositor Depositors of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture and Agreement (Pinnacle Family of Trust Dogs of Tech Tr Se I & Fin Tr Se Ii)
Notice and Sale by Trustee. If Except as set forth in Section 3.15 hereof, if at any time there has been a failure by the issuer of any of the Securities Security to pay a dividend that is due and payable, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor to sell or to hold or to take any other action in connection with such Security, the Trustee shall sell such Security forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture (National Equity Trust Forbes Semiconductor Index Trust)
Notice and Sale by Trustee. If at any time there has been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture and Agreement (Morgan Stanley Dean Wit Sel Equity Tr 10 Industrial 2000-2)
Notice and Sale by Trustee. If at any time there has -------------------------- been a failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture and Agreement (Equity Securities Trust Series 26 Equits Ii)
Notice and Sale by Trustee. If at any time there has been a -------------------------- failure by the issuer of any of the Securities to pay a dividend that is due and payable, the Trustee shall notify the Depositor Depositors thereof. If within thirty days after such notification the Trustee has not received any instruction from the Depositor Depositors to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the DepositorDepositors. The Trustee shall promptly notify the Depositor Depositors of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture and Agreement (Schwab Trusts Schwab Ten Trust 2003 Sereis B)
Notice and Sale by Trustee. If at any time there has been a failure by the issuer of any of the Securities to pay a dividend that is due and payabledeclared dividend, the Trustee shall notify the Depositor thereof. If within thirty days after such notification the Trustee has not received any instruction instructions from the Depositor to sell or to hold or to take any other action in connection with such SecuritySecurities, the Trustee shall sell such Security Securities forthwith, and the Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of such sale or by reason of any action or inaction in accordance with such written instructions of the Depositor. The Trustee shall promptly notify the Depositor of such action in writing and shall set forth therein the Security Securities sold and the proceeds received therefrom.
Appears in 1 contract
Samples: Trust Indenture and Agreement (Quilts Equity Strategic Ten Series 1)
