Common use of Optional Preservation of Trust Estate Clause in Contracts

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 (a) If the Bonds have been declared due and payable following an Event of Default and such acceleration has not been rescinded and annulled, the Trustee may, in its sole discretion and to the extent permitted by applicable law, refrain from selling the Trust Estate securing the Bonds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 (a) If the Bonds have been declared due and payable following an Event of Default and such acceleration has not been rescinded and annulled, the Trustee may, in its sole discretion and to the extent permitted by applicable law, ; refrain from selling the Trust Estate securing the Bonds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 Bonds of a Series have been declared due and payable following an Event of Default and such acceleration has declaration and its consequences have not been rescinded and annulled, the Trustee may, in its sole discretion and to the extent permitted by applicable law, refrain from selling the Trust Estate securing the Bonds such Series and may in such event shall apply all distributions Distributions and other amounts receivable with respect to such Trust Estate to the payment of the principal of, premium, if any, of and 100 interest on the Bonds of such Series as and when such principal and interest would have become due pursuant to the terms hereof and of the such Bonds if there had not been an a declaration of acceleration of the maturity of such Bonds, provided that: