Common use of Optional Preservation of Trust Estate Clause in Contracts

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an Issuer Event of Default with respect to such Series and such declaration and its consequences have not been rescinded and annulled, then (unless the related Terms Indenture provides otherwise) the Indenture Trustee may, but need not, elect to maintain possession of the Trust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 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 Bonds 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 SeriesEstate; 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 SeriesEstate. 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 SeriesEnhancement, 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 SeriesBonds, 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 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.