Restrictions on Power. The Owner Trustee shall not be required to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Owner Trust or the Owner Trustee under any of the Transaction Documents or would be contrary to Section 2.03.
Restrictions on Power. The Board of Managers will not have the authority to:
(a) cause the Company to do any acts that violate or breach any Basic Document or other agreement entered into by the Company;
(b) take any action that violates the Act, the Certificate of Formation or this Agreement;
(c) take any action that would make it impossible to carry on the ordinary business of the Company;
(d) admit any Person as a member of the Company;
(e) knowingly perform any act that would subject the Member to loss of limited liability in any jurisdiction; or
(f) except as permitted under Section 9.1, take any action to amend or modify the Certificate of Formation or this Agreement.
Restrictions on Power. (a) The Holder of the Voting Interest shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to determine if the Holder of the Voting Interest's direction violates this Section 4.4 or to follow any such direction, if given. Further, the Holder of the Voting Interest shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would increase or reduce in any manner the amount of, or accelerate or delay the timing of collections of payments on Loans or distributions required to be made for the benefit of Certificateholders, or would adversely affect the Federal or state tax consequences to the Certificateholders, without the consent of all Certificateholders affected thereby.
(b) The Holder of the Voting Interest shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document unless the Holder of the Voting Interest previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, or unless Certificateholders evidencing not less than 25% of the aggregate Ownership Percentage shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section; it being understood and intended, and being expressly covenanted by the Holder of the Voting Interest and each Certificateholder with every other Certificateholder, the Holder of the Voting Interest and the Owner Trustee, that no one or more Holders of Certificates shall have any right in any manner wh...
Restrictions on Power. The Transferor shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
Restrictions on Power. (a) Owner Trustee shall not be required to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or Owner Trustee (as such or in its individual capacity) under any of the Transaction Documents or would be contrary to Section 2.3.
(b) Owner Trustee shall have no power to create, assume or incur indebtedness or other liabilities in the name of the Trust other than as contemplated by the Transaction Documents.
Restrictions on Power. (a) The Transferor or the Administrator shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
(b) The Owner Trustee shall have no power to create, assume or incur indebtedness or other liabilities in the name of the Trust other than as contemplated in this Agreement, the Administration Agreement, the Transfer and Servicing Agreement and the Indenture.
Restrictions on Power. Such powers enumerated in Section 6 hereof are subject to the restrictions upon the manner of exercising power by a Fire Protection District formed and operating pursuant to the provisions of Health and Safety Code Section 13800 et seq. or its successor, pursuant to California Government Code Section 6509.
Restrictions on Power. Such powers enumerated in Section 8 hereof are subject to the restrictions upon the manner of exercising power by the California public agency which is a Member and which is named in the Bylaws, pursuant to California Government Code Section 6509.
Restrictions on Power. (a) The Owner Trustee will not be required to take or refrain from taking any action if such action or inaction is contrary to any obligation of the Owner Trustee under this Agreement or contrary to Section 2.03.
(b) The Certificateholders will not have any right by virtue of or by availing themselves of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document, in the name of the Issuer or the Owner Trustee, unless the Certificateholders previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless the Certificateholders shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.03. For the protection and enforcement of the provisions of this Section, the Certificateholders and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.
Restrictions on Power. Neither the Owner nor the Depositor shall have the right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any other Related Document, unless such Person previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement and such Person shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3.
