Action by the Certificateholder with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence or consent to a bankruptcy relating to the Trust without the prior approval of the Certificateholder and the delivery to the Owner Trustee by the Certificateholder of a certificate certifying that the Certificateholder reasonably believes that the Trust is insolvent. This paragraph shall survive for one year and one day following termination of this Agreement. So long as the Indenture remains in effect, no Certificateholder shall have the power to institute, and none shall institute, any bankruptcy with respect to the Trust or direct the Owner Trustee to take such action.
Appears in 5 contracts
Samples: Owner Trust Agreement (First NLC Trust 2005-3 Mortgate-Backed Notes, Series 2005-3), Owner Trust Agreement (FBR Securitization Trust 2005-4), Owner Trust Agreement (FBR Securitization, Inc.)
