Common use of Action upon Instruction by Certificateholders Clause in Contracts

Action upon Instruction by Certificateholders. (a) Subject to Section 4.4, the Grantor Trust Certificateholder may by written instruction direct the Grantor Trust Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Grantor Trust Certificateholder pursuant to Section 4.5. The Grantor Trust Trustee shall not be required to take any discretionary action to investigate or review any matter without direction from the Grantor Trust Certificateholder. Further, with respect to provisions hereunder that provide for instruction by the Grantor Trust Certificateholder, if the Grantor Trust Trustee shall have notified the Grantor Trust Certificateholder in writing of a proposed action and within 15 Business Days of such notice (or within such shorter time as may be required under the circumstances and noted in the request for instruction) the Grantor Trust Certificateholder shall have not notified the Grantor Trust Trustee in writing that the Grantor Trust Certificateholder has withheld consent or provided alternative instruction, the Grantor Trust Trustee, in the place of Grantor Trust Certificateholder instruction hereunder, may accept and rely on written instruction of the Administrator. If subsequently the Grantor Trust Trustee receives alternative written instruction from the Grantor Trust Certificateholder, such subsequent instruction shall control unless the Grantor Trust Trustee has already acted at the instruction of the Administrator with respect to such matter.