Common use of Optional Preservation of Trust Estate Clause in Contracts

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no Certificates have been declared due and payable, or such declaration and its consequences have been annulled and rescinded, the Trustee shall, at the direction of MBIA, or if an MBIA Default or Termination has occurred, the Trustee may in its sole discretion if it determines it to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 Any such election may be rescinded with respect to any portion of the Trust Estate securing the Certificates remaining at the time of such rescission by written notice to the Trustee and the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. If (i) an Event of Default shall have occurred and be continuing with respect to the Certificates Notes and (ii) no Certificates Notes have been declared due and payable, or such declaration and its consequences have been annulled and rescinded, the Indenture Trustee shall, at the direction of MBIA, or if an MBIA Default or Termination has occurred, the Trustee may in its sole discretion if it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 shallParty, upon request from the Controlling Holders elect, by giving written notice of such election to the TransferorIssuer, to take possession of and retain the Trust Estate securing the Certificates 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 Certificates Notes in accordance with the provisions of Article Twelve of this AgreementIndenture. If the Indenture Trustee is unable to or is stayed from giving such notice to the Transferor 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 Certificates Notes remaining at the time of such rescission by written notice to the Indenture Trustee and the Transferor from MBIA or, if an MBIA Default or Termination has occurred, Issuer from the Controlling HoldersParty.

Optional Preservation of Trust Estate. If (i) an Event of Default shall have occurred and be continuing with respect to the Certificates Notes and (ii) no Certificates 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 MBIAthe Majority Holders, 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 TransferorIssuer, to take possession of and retain the Trust Estate securing the Certificates 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 Certificates Notes in accordance with the provisions of Article Twelve of this AgreementIndenture. If the Indenture Trustee is unable to or is stayed from giving such notice to the Transferor 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 Certificates Notes remaining at the time of such rescission by written notice to the Indenture Trustee and the Transferor from MBIA or, if an MBIA Default or Termination has occurred, Issuer from the Controlling Majority Holders.

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 Bonds have been declared due and payable, payable or such declaration and its consequences have been are to be annulled and rescindedrescinded pursuant to Section 5.02, the Trustee shall, at the direction of MBIA, or if an MBIA Default or Termination has occurred, the Indenture Trustee may in its sole discretion if conclusive reliance on the Servicer's determination that it determines it to be is in the best interests of the Controlling Holders such Holders, and shall, upon request from the Controlling Holders electof more than 50% of the principal balance of the Outstanding Bonds shall, elect (by giving written notice of such election to the Transferor, Issuer) to take possession of refrain from commencing foreclosure or other Proceedings to sell or liquidate the Mortgaged Properties and retain the Trust Estate securing the Certificates Bonds 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 Bonds in accordance with the provisions of Article Twelve of this AgreementArticles Two, Three and Eight. If the Indenture Trustee is unable to give or is stayed from giving such notice to the Transferor 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 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.the