Common use of Restrictions on Power Clause in Contracts

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 whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner provided in this Agreement and for the equal, ratable, and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 4.4, each and every Certificateholder, the Holder of the Voting Interest and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.

Restrictions on Power. (a) The Holder of the Voting Interest Owner Trustee 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 2.3. (b) None of the Owner Trustee be obligated to determine if Certificateholders, or the Indenture Trustee, acting independently or through the Holder of the Voting Interest's direction violates this Section 4.4 or to follow any such direction, if given. Further, nor the Holder of the Voting Interest 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 Interest, acting pursuant to Section 2.11, 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 of any Class of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner provided in this Agreement and for the equal, ratable, and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 4.4, but subject to the terms of this Agreement, each and every Certificateholder, the Holder of the Voting Interest and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.

Restrictions on Power. (a) The Holder of the Voting Interest Owner Trustee 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 2.3. (b) None of the Owner Certificateholders, the Indenture Trustee be obligated to determine if or the Note Insurer, acting independently or through the Holder of the Voting Interest's direction violates this Section 4.4 or to follow any such direction, if given. Further, nor the Holder of the Voting Interest 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 Interest, acting pursuant to Section 2.11, previously shall have given to the Owner Trustee and the Note Insurer a written notice of default and of the continuance thereof, as provided in this Agreement, and the Note Insurer shall have consented thereto, or unless Certificateholders evidencing not less than 25% of the aggregate Ownership Percentage shall have made with the prior written consent of the Note Insurer, 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 whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner provided in this Agreement and for the equal, ratable, and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 4.4, but subject to the terms of this Agreement, each and every Certificateholder, the Holder of the Voting Interest and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity.