Common use of Right to Receive Instructions Clause in Contracts

Right to Receive Instructions. In the event that the Owner Trustee is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action which the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Depositor requesting instructions and, to the extent that the Owner Trustee shall have acted or refrained from acting in good faith in accordance with any instructions received from the Owners, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Owner Trustee may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, the Eligible Lender Trust Agreement (Issuer) or the Basic Documents, as the Owner Trustee shall deem to be in the best interests of the Owners, and the Owner Trustee shall have no liability to any Person for such action or inaction. Notwithstanding the foregoing, the Depositor shall not provide any instructions to the Owner Trustee that would result in or cause a significant change to the permissible activities of the Trust

Right to Receive Instructions. In the event that the Owner Trustee is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action which the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Depositor requesting instructions and, to the extent that the Owner Trustee shall have acted or refrained from acting in good faith in accordance with any instructions received from the Owners, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Owner Trustee may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, the Eligible Lender Trust Agreement (Issuer) or the Basic Documents, as the Owner Trustee shall deem to be in the best interests of the Owners, and the Owner Trustee shall have no liability to any Person for such action or inaction. Notwithstanding the foregoing, the Depositor shall not provide any instructions to the Owner Trustee that would result in or cause a significant change to the permissible activities of the Trust.

Right to Receive Instructions. In the event that the Owner Trustee is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Document permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action which the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Depositor requesting instructions and, to the extent that the Owner Trustee shall have acted or refrained from acting in good faith in accordance with any instructions received from the Owners, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Owner Trustee may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, the Eligible Lender Trust Agreement (Issuer) or the Basic Documents, as the Owner Trustee shall deem to be in the best interests of the Owners, and the Owner Trustee shall have no liability to any Person for such action or inaction. Notwithstanding the foregoing, the Depositor shall not provide any instructions to the Owner Trustee that would result in or cause a significant change to the permissible activities of the Trust.

Right to Receive Instructions. In the event that the Owner Trustee Servicer is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Transaction Document, or any such provision is is, in the good faith judgment of the Servicer, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement, the Eligible Lender Trust Agreement (Issuer) or any Basic Transaction Document permits any determination by the Owner Trustee Servicer or is silent or is incomplete as to the course of action which the Owner Trustee Servicer is required to take with respect to a particular set of facts, the Owner Trustee Servicer may give notice (in such form as shall be appropriate under the circumstances) to the Depositor Indenture Trustee and the Issuer Trustee requesting instructions in accordance with the Indenture and Trust Agreement and, to the extent that the Owner Trustee Servicer shall have acted or refrained from acting in good faith in accordance with any such instructions received from the OwnersIndenture Trustee and the Issuer Trustee (except where the Servicer is acting for the Issuer Trustee pursuant to Section 2.4 or the Issuer Trustee is acting at the direction of an Affiliate of the Servicer), the Owner Trustee Servicer shall not be liable on account of such action or inaction to any Person. If Subject to the Owner Trustee Servicing Standard, if the Servicer shall not have received appropriate instructions from both the Indenture Trustee and the Issuer Trustee within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Owner Trustee Servicer may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, the Eligible Lender Trust Agreement (Issuer) or the Basic Transaction Documents, as the Owner Trustee Servicer shall deem to be in the best interests of the OwnersIndenture Trustee and the Issuer, and the Owner Trustee Servicer shall have no liability to any Person for such action or inaction. Notwithstanding inaction except for the foregoing, the Depositor shall not provide any instructions to the Owner Trustee that would result in Servicer's own willful misconduct or cause a significant change to the permissible activities of the Trustnegligence.