Common use of Restrictions on Certificateholders’ Power Clause in Contracts

Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action (a) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.03, (b) that, for federal, State or local income, single business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this Section 4.05 and the Owner Trustee shall be entitled to conclusively rely on any such certificate.

Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action (a) if such action or inaction would be contrary to any obligation of the Issuer Trust or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.032.3, (b) that, for federal, State state or local income, single business or franchise tax purposes, would cause the Issuer Trust to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this Section 4.05 4.5 and the Owner Trustee shall be entitled to conclusively rely on any such certificate.

Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action (a) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.032.3, (b) that, for federal, State or local income, single business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this Section 4.05 4.5 and the Owner Trustee shall be entitled to conclusively rely on any such certificate.