Control by Majority Noteholders. The Majority Noteholders may direct the time, method and place of conducting any proceeding relating to the Trust or the Notes or for any remedy available to the Indenture Trustee or the Owner Trustee with respect to the Trust or exercising any trust or power conferred on the Indenture Trustee or the Owner Trustee with respect to the Trust provided that:
Appears in 2 contracts
Sources: Sale and Servicing Agreement (First International Bancorp Inc), Sale and Servicing Agreement (First International Bancorp Inc)
Control by Majority Noteholders. The Majority Noteholders may direct the time, method and place of conducting any proceeding relating to the Trust or the Notes or for any remedy available to the Indenture Trustee or the Owner Trustee with respect to the Trust or exercising any trust or power conferred on the Indenture Trustee or the Owner Trustee with respect to the Trust provided that:
(i) such direction shall not be in conflict with any rule of law or with this Agreement;
(ii) the Indenture Trustee shall have been provided with indemnity satisfactory to it; and
Appears in 1 contract
Sources: Sale and Servicing Agreement (First International Bancorp Inc)