Optional Preservation of Trust Estate. (a) If the Securities have been declared due and payable following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, in its sole discretion, refrain from selling the Trust Estate and may apply all amounts received with respect to such Trust Estate to the payment of the principal of and interest on the Securities as and when such principal and interest would have become due pursuant to the terms hereof and of the Securities if there had not been a declaration of acceleration of the maturity of the Securities, provided that:
Optional Preservation of Trust Estate. If (i) an Event of Default shall have occurred and be continuing with respect to the Notes and (ii) no Notes have been declared, or have automatically become, due and payable, or such declaration or automatic acceleration and its consequences have been annulled and rescinded, the Trustee, upon request from the Holders of a majority in principal amount of the Outstanding Notes, may elect, by giving written notice of such election to the Issuer, to take possession of and retain the Trust Estate securing the Notes intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article Twelve of this Indenture. If the Trustee is unable to or is stayed from giving such notice to the Issuer for any reason whatsoever, such election shall be effective as of the time of such determination or request, as the case may be, notwithstanding any failure to give such notice, and the Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Trust Estate securing the Notes remaining at the time of such rescission by written notice to the Trustee and the Issuer from the Holders of a majority in principal amount of the Notes Outstanding of the Controlling Class.
Optional Preservation of Trust Estate. If (i) an Event of Default shall have occurred and be continuing with respect to the Certificates and (ii) no Certificates have been declared due and payable, or such declaration and its consequences have been annulled and rescinded, the Trustee shall, at the direction of MBIA, or if an MBIA Default or Termination has occurred, the Trustee may in its sole discretion if it determines it to be in the best interests of the Controlling Holders and shall, upon request from the Controlling Holders elect, by giving written notice of such election to the Transferor, to take possession of and retain the Trust Estate securing the Certificates intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Certificates in accordance with the provisions of Article Twelve of this Agreement. If the Trustee is unable to or is stayed from giving such notice to the Transferor for any reason whatsoever, such election shall be effective as of the time of such determination or request, as the case may be, notwithstanding any failure to give such notice, and the Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Trust Estate securing the Certificates remaining at the time of such rescission by written notice to the Trustee and the Transferor from MBIA or, if an MBIA Default or Termination has occurred, from the Controlling Holders.
Optional Preservation of Trust Estate. (a) If the Bonds of any Series have been declared to be due and payable under Section 5.02 following an Issuer Event of Default with respect to such Series and such declaration and its consequences have not been rescinded and annulled, then (unless the related Terms Indenture provides otherwise) the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate securing such Series; provided that the Holders of Bonds of such Series shall not have directed the Indenture Trustee in accordance with Section 5.12 to sell the Trust Estate securing such Series. It is the desire of the Issuer, the Indenture Trustee and the Bondholders of each Series that there be at all times, taking into account any Enhancement with respect to such Series, sufficient funds for the payment of all principal of and interest on the Bonds of each Series by their respective Stated Maturities, if any, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate securing any Series declared due and payable. In determining whether to maintain possession of the Trust Estate securing any Series declared due and payable, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such Trust Estate for such purpose. Until the Indenture Trustee has elected or has determined not to elect, in either case subject to the terms of the related Terms Indenture, to retain the Trust Estate securing a Series pursuant to this Section 5.05, and thereafter if the Indenture Trustee has elected, subject to the terms of the related Terms Indenture, to retain the Trust Estate securing a Series pursuant to this Section 5.05, the Indenture Trustee shall continue to apply all payments, collections, distributions and other amounts received on such Trust Estate and/or paid under the Enhancement, if any, for such Series, solely to the payment of principal of, premium, if any, on and interest on the Bonds of such Series, and to the payment of Administrative Expenses and Additional Expenses, as if there had not been such a declaration of acceleration.
Optional Preservation of Trust Estate. (a) If the Bonds have been declared due and payable following an Event of Default and such acceleration has not been rescinded and annulled, the Trustee may, in its sole discretion and to the extent permitted by applicable law, refrain from selling the Trust Estate securing the Bonds and may apply all distributions and other amounts receivable with respect to such Trust Estate to the payment of the principal of, premium, if any, and interest on the Bonds as and when such principal and interest would have become due pursuant to the terms hereof and of the Bonds if there had not been an acceleration of the maturity of such Bonds, provided that:
Optional Preservation of Trust Estate. (a) If the Notes have been declared due and payable following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may apply all Remittances and other amounts receivable with respect to the Trust Estate, first, to the Issuer Expenses and then to the payment of the principal of and interest on the Notes as and when such principal and interest would have become due pursuant to the terms hereof and of the Notes and to such other purposes as are specified in this Indenture, with all such Remittances and other amounts being applied as if there had not been a declaration of acceleration of the Maturity of the Notes, provided that:
Optional Preservation of Trust Estate. If the Notes have been declared to be due and payable following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may take possession of the portion of the Trust Estate collateralizing the Notes, but is not obligated to do so, and, so long as the Trustee determines that the portion of the Trust Estate collateralizing the Notes will continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if there had not been such a declaration or the Trustee determines that the portion of the Trust Estate collateralizing the Notes would maximize funds for the payment of principal of and interest on the Notes, retain the Trust Estate intact for the benefit of the Holders and apply all distributions received on the Trust Estate to the payment of principal of and interest on the Notes as if there had not been such a declaration. In such case, the Trustee may, but need not, obtain and rely upon an opinion of an independent investment banking firm and/or accountants acceptable to the Trustee as to the feasibility of such proposed action and as to the value of the Trust Estate, which opinion shall be conclusive evidence a to such value in any Proceeding seeking to recover a deficiency from the Issuer.
Optional Preservation of Trust Estate. (a) In connection with an Issue of Pass-through Securities if (1) an Event of Termination shall have occurred and be continuing and (2) a Termination Act shall not have been commenced and be continuing or such Termination Act and its consequences have been annulled and rescinded, the Trustee may, in its sole discretion, and shall, upon request from the Determining Party (50.1%), in each case only to the extent permitted by applicable law, elect, by giving written notice of such election to the Company and all Holders, to maintain possession of and retain the Trust Estate intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in accordance with the provisions of the Supplement as if no Event of Termination had occurred and as if no Termination Act had been commenced, provided that:
Optional Preservation of Trust Estate. If (i) an Event of Default shall have occurred and be continuing with respect to the Notes and (ii) no Notes have been declared due and payable, or such declaration and its consequences have been annulled and rescinded, the Indenture Trustee shall, at the direction of MBIA. or if an MBIA Default has occurred, the Indenture Trustee may in its sole discretion if it determines it to be in the best interests of the Holders of the Notes and shall, upon request from the Holders of a majority in Outstanding Principal Amount of all Notes, elect, by giving written notice of such election to the Issuer, to take possession of and retain the Trust Estate securing the Notes intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article Twelve of the Indenture. If the Indenture Trustee is unable to or is stayed from giving such notice to the Issuer for any reason whatsoever, such election shall be effective as of the time of such determination or request, as the case may be, notwithstanding any failure to give such notice, and the Indenture Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Trust Estate securing the Notes remaining at the time of such rescission by written notice to the Indenture Trustee and the Issuer from MBIA or, if an MBIA Default has occurred, from the Holders of a majority in Outstanding Principal Amount of all Notes.
Optional Preservation of Trust Estate. If (i) an Event of Default shall have occurred and be continuing with respect to the Notes and (ii) no Notes have been declared due and payable, or such declaration and its consequences have been annulled and rescinded, the Trustee may in its sole discretion, if it determines it to be in the best interests of the Holders of the Notes or upon request from the Holders of a majority in principal amount of the Outstanding Notes, elect, by giving written notice of such election to the Issuer, to take possession of and retain the Trust Estate securing the Notes intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article Twelve of this Indenture. If the Trustee is unable to or is stayed from giving such notice to the Issuer for any reason whatsoever, such election shall be effective as of the time of such determination or request, as the case may be, notwithstanding any failure to give such notice, and the Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Trust Estate securing the Notes remaining at the time of such rescission by written notice to the Trustee and the Issuer from the Holders of a majority in principal amount of the Outstanding Notes.
