Common use of Action by Certificateholders with Respect to Bankruptcy Clause in Contracts

Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to (i) institute proceedings to have the Issuing Entity declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuing Entity, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Issuing Entity under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Issuing Entity or a substantial portion of the property of the Issuing Entity, (v) make any assignment for the benefit of the Issuing Entity’s creditors, (vi) cause the Issuing Entity to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Issuing Entity to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”) without the unanimous prior written consent and approval of all Certificateholders and the Rating Agency Condition shall have been satisfied and the delivery to the Owner Trustee by each such Certificateholder of a certification that such Certificateholder reasonably believes that the Issuing Entity is insolvent. So long as the Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Issuing Entity or direct the Owner Trustee to take any Bankruptcy Action with respect to the Issuing Entity. The terms of this Section 5.02 shall survive for one year and one day following the termination of this Agreement.

Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to (i) institute proceedings to have the Issuing Entity Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuing EntityTrust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Issuing Entity Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Issuing Entity Trust or a substantial portion of the property of the Issuing EntityTrust, (v) make any assignment for the benefit of the Issuing EntityTrust’s creditors, (vi) cause the Issuing Entity Trust to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Issuing Entity Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”) without the unanimous prior written consent and approval of all Certificateholders and the Rating Agency Condition shall have been satisfied and the delivery to the Owner Trustee by each such Certificateholder of a certification that such Certificateholder reasonably believes that the Issuing Entity Trust is insolvent. So long as the Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Issuing Entity Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Issuing EntityTrust. The terms of this Section 5.02 shall survive for one year and one day following the termination of this Agreement.

Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to (i) institute proceedings to have the Issuing Entity declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuing Entity, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Issuing Entity under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Issuing Entity or a substantial portion of the property of the Issuing Entity, (v) make any assignment for the benefit of the Issuing Entity’s creditors, (vi) cause the Issuing Entity to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Issuing Entity to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”) without the unanimous prior written consent and approval of all Certificateholders and the Rating Agency Condition shall have been satisfied prior written consent and approval of the Note Insurer and the delivery to the Owner Trustee by each such Certificateholder of a certification that such Certificateholder reasonably believes that the Issuing Entity is insolvent. So long as the Indenture remains and the Insurance Agreement remain in effecteffect and no Note Insurer Default exists, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Issuing Entity or direct the Owner Trustee to take any Bankruptcy Action with respect to the Issuing Entity. The terms of this Section 5.02 shall survive for one year and one day following the termination of this Agreement.