Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, a written notice of a Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 15 contracts
Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-3)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, a written notice of a Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 15 contracts
Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2004-Ap1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the CertificatesCertificates and/or the NIMs Insurer, or to obtain or seek to obtain priority over or preference to any other such Holder and/or the NIMs Insurer or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 14 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Opt1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-He6), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided hereinin Section 10.01) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing of each Class affected thereby evidencing, as to each such Class, Percentage Interests aggregating not less than twenty-five percent (25%) of the Voting Rights evidenced by the Certificates % shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 14 contracts
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder or Pari Passu Companion Loan Holder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s or Pari Passu Companion Loan Holder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding winding-up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. .
(b) No Certificateholder or Pari Passu Companion Loan Holder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders and/or Pari Passu Companion Loan Holders from time to time as partners or members of an association; nor shall any Certificateholder or Pari Passu Companion Loan Holder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder or Pari Passu Companion Loan Holder shall have any right by virtue or by availing itself of any provisions provision of this Agreement or the Certificates to institute any suit, action or proceeding in equity or at law against any party hereto upon or under or with respect to this AgreementAgreement or the Certificates, or any Borrower upon or under or with respect to any Mortgage Loan, unless such Holder Person previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default hereunder, and of the continuance thereof, as hereinbefore provided, and unless also (except in the case of a default by the Trustee) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by (in the Certificates case of a Certificateholder) or the related Pari Passu Companion Loan Holder(s), as the case may be, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the any other Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder (which priority or preference is not otherwise provided for herein), or to enforce any right under this AgreementAgreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Nxs1), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R7), Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided hereinin Section 10.01) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing of each Class affected thereby evidencing, as to each such Class, Percentage Interests aggregating not less than twenty-five percent (25%) of the Voting Rights evidenced by the Certificates % shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and, subject to the priority of payments pursuant to Section 4.01 and the allocation of losses pursuant to Section 4.03, for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (Ge Capital Mort Serv Inc Remic Mort Pa Thro Cert Ser 2000-11), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc 2000-7 Trust), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc 2000-2 Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, hereunder Securities Administrator under the Trust Agreement and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 12 contracts
Sources: Master Servicing and Trust Agreement (Gs Mortgage Securities Corp), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2004-15f), Master Servicing and Trust Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2004-3f)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, the Certificates, any Mortgage Loan or Serviced Whole Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (at least 25%) % of the Voting Rights evidenced by the of any Class of Certificates affected thereby shall also have made written request upon the Trustee (with a copy to the Trustee Certificate Administrator) to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this AgreementAgreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 11 contracts
Sources: Pooling and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2015-Ubs8), Pooling and Servicing Agreement (CSAIL 2015-C3 Commercial Mortgage Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 11 contracts
Sources: Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2006-S4), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-12), Pooling and Servicing Agreement (Cwabs Asset-Backed Certificates Trust 2005-Ab5)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, Trustee that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 9 contracts
Sources: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Whq1), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Wll1), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Whq2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, a written notice of a Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-twenty five percent (25%) of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 9 contracts
Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ap2), Pooling and Servicing Agreement (Nomura Home Equity Loan Trust, Series 2005-He1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custodial Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, hereunder Securities Administrator under the Trust Agreement and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 8 contracts
Sources: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar3), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar2), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2004-14)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 7 contracts
Sources: Trust Agreement (Mortgage Pass-Through Certificates Series 2003-4f), Trust Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2003-3f), Trust Agreement (Gs Mortgage Securities Corp Loan Trust 2003-6f)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the CertificatesCertificates and/or the NIMs Insurer, or to obtain or seek to obtain priority over or preference to any other such Holder and/or the NIMs Insurer or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4), Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3), Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fundtrust created hereby, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fundtrust created hereby, or otherwise affect the rights, rights and obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth in this Agreement or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability liable to any third party by reason because of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action action, or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore herein provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit suit, or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request request, and offer of indemnity shall have neglected or refused to institute any such action, suit suit, or proceeding; it being understood and intended, and being . Each Certificateholder expressly covenanted by each Certificateholder covenants with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each Certificateholder and every Certificateholder or the Trustee shall be entitled to such any relief as that can be given either at law or in equity.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (IndyMac ABS Inc. Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset Backed Trust, SPMD 2004-C)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, Trustee that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (GE-WMC Asset-Backed Pass-Through Trust, Series 2006-1), Pooling and Servicing Agreement (GE-WMC Asset-Backed Pass Through Certificates, Series 2005-1), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Whq4)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement or the Mortgage Loans, unless, with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) representing at least __% of the aggregate Voting Rights evidenced by the allocated to each affected Class of Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) ___ days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.. 155
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, a written notice of a such Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-twenty five percent (25%) of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Fm2), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Fm1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore 171 provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-21), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-22), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-21)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 4 contracts
Sources: Trust Agreement (Salomon Brothers Mortgage Securities Vii Inc), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 2), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 3)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 146 No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2003-W4), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Asset-Backed Pass-Through Certificates Series 2004-Ia1), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc as Bk Pas THR Cers Ser 2004 Fr1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of an Event of Default or a Servicer Company Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.08, each and every Certificateholder or the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder or Pari Passu Companion Loan Holder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s or Pari Passu Companion Loan Holder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding winding-up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. .
(b) No Certificateholder or Pari Passu Companion Loan Holder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders and/or Pari Passu Companion Loan Holders from time to time as partners or members of an association; nor shall any Certificateholder or Pari Passu Companion Loan Holder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder or Pari Passu Companion Loan Holder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law against any party hereto upon or under or with respect to this AgreementAgreement or with respect to the Certificates, or any Borrower upon or under or with respect to any Mortgage Loan, unless such Holder Person previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default hereunder, and of the continuance thereof, as hereinbefore provided, and unless also (except in the case of a default by the Trustee) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by (in the Certificates case of a Certificateholder) or the related Pari Passu Companion Loan Holder(s), as the case may be, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the any other Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder (which priority or preference is not otherwise provided for herein), or to enforce any right under this AgreementAgreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, any Mortgage Loan or Serviced Whole Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (representing Percentage Interests of at least 25%) % of the Voting Rights evidenced by the each affected Class of Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2007-Gg10)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs hens to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 11.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (PHH Mortgage Capital LLC), Pooling and Servicing Agreement (CDMC Mortgage Pass-Through Certificates, Series 2004-4), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, any Mortgage Loan or Whole Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (at least 25%) % of the Voting Rights evidenced by of any Class of Certificates affected thereby (considering each of the Class A-S, Class B and Class C Certificates together with the Class PEZ Component of the same alphabetical designation as a single “Class” for such purpose) shall also have made written request upon the Trustee (with a copy to the Trustee Certificate Administrator) to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2014-Gc19), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc18)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and Insurer a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore providedprovided herein, and such default would not result in a claim under the Policy, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or therebythereby and the Insurer shall have given its written consent, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.07, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custodial Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty fifteen (6015) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Servicing and Trust Agreement (STARM Mortgage Loan Trust 2007-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custodial Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, hereunder Securities Administrator under the Trust Agreement and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Trust Agreement (GSR Mortgage Loan Trust 2004-12), Trust Agreement (GSR Mortgage Loan Trust 2004-12)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundEstate, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundEstate, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided hereinin this Agreement) or in any manner otherwise control the operation and management of the Trust FundEstate, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor nor, to the extent permitted by law, shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. So long as no Certificate Insurer Default has occurred and is continuing, whenever Certificateholder action, consent or approval is required under this Agreement, such action, consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon, all Certificateholders if the Certificate Insurer agrees to take such action or give such consent or approval. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) a Certificate Insurer Default shall have occurred and be continuing and (ii) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates Certificateholders evidencing in the aggregate not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates Percentage Interests shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates Certificateholders shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity. Nothing in this Agreement shall be construed as giving the Certificateholders any right to make a claim under the Certificate Policy.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (National Auto Finance Co Inc), Pooling and Servicing Agreement (National Auto Finance Co Inc)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore providedprovided herein, and such default would not result in a claim under the Policy, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.07, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mor Pass THR Cert Ser 2000-9), Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp M B P T C Se 00 Wm2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust FundTrust, or otherwise affect the rights, rights and obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth in this Agreement or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability liable to any third party by reason because of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore herein provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit suit, or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request request, and offer of indemnity shall have neglected or refused to institute any such action, suit suit, or proceeding; it being understood proceeding and intended, and being the Certificate Insurer (so long as no Certificate Insurer Default exists) has given its prior written consent. Each Certificateholder expressly covenanted by each Certificateholder covenants with every other Certificateholder and the Trustee, Trustee that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each Certificateholder and every Certificateholder or the Trustee shall be entitled to such any relief as that can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-2), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-1)
Limitation on Rights of Certificateholders. The death ------------------------------------------ or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates Trust Fund shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceedingpro- ceeding; it being understood and intended, and being covenanted expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Man Ho Co Se Su Pa Th Ce Se 1998a), Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Pass Throu Cert Ser 1998b)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp), Pooling and Servicing Agreement (Banc of America Funding Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore herein provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 8.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling Agreement (Morgan Stanley ABS Capital I Inc. Trust, Series 2004-Sd2), Pooling Agreement (Morgan Stanley Abs Capital I Inc Trust Series 2004-Sd1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, Agreement or any Mortgage Loan unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (at least 25%) % of the Voting Rights evidenced by the of any Class of Certificates affected thereby shall also have made written request upon the Trustee (with a copy to the Trustee Certificate Administrator) to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2012-Gcj9)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this 1998-C Securitization Trust Agreement or the Trust Fund1998-C Securitization Trust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund1998-C Securitization Trust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto to this 1998-C Securitization Trust Agreement or any of them. .
(b) No Certificateholder shall have any right to vote (except as provided hereinin Section 9.01) or in any manner otherwise control the operation and management of the Trust Fund1998-C Securitization Trust, or the obligations of the parties heretoto this 1998-C Securitization Trust Agreement, nor shall anything herein set forth in this 1998-C Securitization Trust Agreement, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. of this 1998-C Securitization Trust Agreement.
(c) No Certificateholder shall have any right by virtue or by availing itself of any provisions of this 1998-C Securitization Trust Agreement to institute any suit, action action, or proceeding in equity or at law upon or under or with respect to this Agreement1998-C Securitization Trust Agreement or any other Transaction Document, unless such Holder previously shall have given to the Trustee, 1998-C Securitization Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Investor Certificates evidencing not less than twenty-five percent (25%) % of the aggregate Voting Rights evidenced by Interests of the Certificates Certificates, considered as a single Class, shall also have made written request to upon the 1998-C Securitization Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under this 1998-C Securitization Trust Agreement and shall have offered to the 1998-C Securitization Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or 1998-C Securitization Trustee, for sixty (60) 30 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit suit, or proceedingproceeding and during such 30-day period; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the 1998-C Securitization Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this 1998-C Securitization Trust Agreement or any other Transaction Document to affect, disturb disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement1998-C Securitization Trust Agreement or any other Transaction Document, except in the manner herein provided in this 1998-C Securitization Trust Agreement and for the equal, ratable, and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the 1998-C Securitization Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Securitization Trust Agreement (Toyota Lease Trust), 1998 C Securitization Trust Agreement (Toyota Auto Lease Trust 1998 C)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and the Certificate Insurer a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-5), Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2004-A)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee and the Trust Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee and the Trust Administrator to institute such action, suit or proceeding in its own name as Trustee, Trustee or Trust Administrator hereunder and shall have offered to the Trustee or the Trust Administrator, as applicable, such indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or the Trust Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder Certificateholder, the Trustee and the TrusteeTrust Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Trustee and the Trust Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ust1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2003 Ust-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and the Certificate Insurer a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 11.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Assets Sec Corp First Franklin Mort Ln Tr 2002 Ffa)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this AgreementAgreement or any Mortgage Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (representing Percentage Interests of at least 25%) % of the Voting Rights evidenced by the each affected Class of Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, - 146 - 153 suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Amresco Commercial Mortgage Funding I Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as 131 partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Float Rate Mort Pa Th Cer Ser 2001-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided hereinin Section 11.01) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) 51% of the Voting Rights evidenced by aggregate Percentage Interests of the Regular Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Compass Asset Acceptance Co)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, hereunder of the Trustee under the Trust Agreement and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Pass Through Certificates Series 2003-13)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of any of the parties hereto or any of them. hereto.
(b) No Certificateholder shall have any right to vote (except as expressly provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates of any Class evidencing in the aggregate not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates related Percentage Interests of such Class, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or shall have given its written consent and the Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; proceeding it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificatessuch Certificates of such Class or any other Class, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of Certificateholders of such Class or all CertificateholdersClasses, as the case may be. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Phoenix Residential Securities, LLC)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, hereunder Securities Administrator under the Trust Agreement and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (Gs Mortgage Securities Corp Mor Pasthr Cert Ser 2004-4)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given ha▇▇ ▇▇▇en to the Trustee, a written notice of a such Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-twenty five percent (25%) of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc.)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore herein before provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights aggregate Certificate Principal Balance evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of 133 the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.07, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cs First Boston Mortgage Securities Corp /De/)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty fifteen (6015) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not 201 less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-1 Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fundtrust created hereby, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fundtrust created hereby, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Master Servicer Event of Default and of the continuance thereof, as hereinbefore herein provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.12, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Etrade Mortgage Backed Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and the Certificate Insurer a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Certificate Insurer shall have given its written consent (not to be unreasonably withheld), and the Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.. 124
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Ast BCK Sec Inc Madison Ave Trust 2002-A)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 174 No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default hereunder and of the continuance thereof, as hereinbefore providedprovided herein, and (except in the case of any such default on the part of the Trustee) unless the Holders of Certificates evidencing entitled to not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or 130 thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.06, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Southwest Financial Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement Trust Agreement, or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Trust Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default by the Depositor or the Trustee in the performance of any obligation hereunder, and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (Percentage Interests in each Class of Regular Certificates aggregating at least 25%) of the Voting Rights evidenced by the Certificates % shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Trust Agreement, except in the manner herein provided and for the common benefit of all Certificateholdersprovided. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, the Certificates, any Mortgage Loan or Serviced Whole Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (at least 25%) % of the Voting Rights evidenced by the of any Class of Certificates affected thereby shall also have made written request upon the Trustee (with a copy to the Trustee Certificate Administrator) to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not provided for herein, or to enforce any right under this AgreementAgreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement Holders of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.Certificates of
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSAIL 2015-C4 Commercial Mortgage Trust)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of any of the parties hereto or any of them. hereto.
(b) No Certificateholder shall have any right to vote (except as expressly provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates of any Class evidencing in the aggregate not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates related Percentage Interests of such Class, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; proceeding it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificatessuch Certificates of such Class or any other Class, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of Certificateholders of such Class or all CertificateholdersClasses, as the case may be. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Phoenix Residential Securities, LLC)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or 123 under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Securities Corp Mort Pas Thru CRTS Sries 2003-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement or the Mortgage Loans, unless, with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) representing at least ___% of the aggregate Voting Rights evidenced by the allocated to each affected Class of Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 30 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fundtrust created hereby, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fundtrust created hereby, or otherwise affect the rights, rights and obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth in this Agreement or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability liable to any third party by reason because of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore herein provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit suit, or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request request, and offer of indemnity shall have neglected or refused to institute any such action, suit suit, or proceeding; it being understood and intended, and being . Each Certificateholder expressly covenanted by each Certificateholder covenants with every other Certificateholder and the Trustee, Trustee that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each Certificateholder and every Certificateholder or the Trustee shall be entitled to such any relief as that can be given either at law or in equity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners 134 or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset/Pass Thru Cert 2003-Ia1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Sd1)
Limitation on Rights of Certificateholders. The death ------------------------------------------ or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of themsuch party. No Certificateholder shall have any right to vote (except as provided hereinin Section 13.01 (subject in all events to the delegation of such voting rights ------------- described therein)) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by aggregate Certificate Principal Balance of Certificates, with the Certificates consent of the Certificate Insurer, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0813.03, each and every Certificateholder or and the Trustee shall be ------------- entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and Insurer a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore providedprovided herein, and such default would not result in a claim under the Policy, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or therebythereby and the Insurer shall have given its written consent, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.all
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee and the Certificate Insurer a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2004-Res1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders 111 of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bank of America FSB/Ca)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trust Administrator and the Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee or the Trust Administrator to institute such action, suit or proceeding in its own name as Trustee, Trustee or Trust Administrator hereunder and shall have offered to the Trustee or the Trust Administrator, as applicable, such indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or the Trust Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder Certificateholder, the Trustee and the TrusteeTrust Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Trustee and the Trust Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mort Loan Trust Inc Asset Bk Pas THR Ce Se 03 He2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-F Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs hens to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon 126 the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 11.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CDMC Mortgage Pass-Through Certificates, Series 2005-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity (provided that an unsecured letter of indemnity in a form reasonably satisfactory to it the Trustee from a Holder which is an insurance company having long-term unsecured debt which is rated at least investment grade (or having a comparable claim-paying ability rating) and having a minimum net worth of $100,000,000 shall satisfy such requirement) as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any 148 of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2004-R5)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor or entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything and nothing herein set forth forth, or contained in the terms of the Certificates Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor and no Certificateholder shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this AgreementAgreement or any Mortgage Loan, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (representing Percentage Interests of at least 25%) % of the Voting Rights evidenced by the each affected Class of Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates of any Class shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersHolders of Certificates of such Class. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp Series 2000-C1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have obtained written consent of the Certificate Insurer and shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeTrustee and the Certificate Insurer, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Certificate Insurer and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Back Cert Ser 2000-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as 126 partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb2)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder or Non-Pooled Mortgage Loan Noteholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s or Non-Pooled Mortgage Loan Noteholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. .
(b) No Certificateholder or Non-Pooled Mortgage Loan Noteholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders and/or Non-Pooled Mortgage Loan Noteholders from time to time as partners or members of an association; nor shall any Certificateholder or Non-Pooled Mortgage Loan Noteholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder or Non-Pooled Mortgage Loan Noteholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement or any Mortgage Loan, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, unless such Holder Person previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default hereunder, and of the continuance thereof, as hereinbefore provided, and unless also (except in the case of a default by the Trustee) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by (in the Certificates case of a Certificateholder) or the related Non-Pooled Mortgage Loan Noteholder, as the case may be, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the any other Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder (which priority or preference is not otherwise provided for herein), or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.03, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, 108 each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-2 Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also (i) if no Certificate Insurer Default exists and is continuing, the Certificate Insurer so agrees or (ii) if a Certificate Insurer Default exists and is continuing, the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 12.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, a written notice of a the Servicer Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-twenty five percent (25%) of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder and shall have offered to the Trustee such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, each and every Certificateholder or the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust Fund, nor (ii) entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, Fund or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No 148 Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by shall, with the Certificates shall also prior written consent of any NIMS Insurer, have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being proceeding and no direction inconsistent with such written request has been given the Trustee by such Certificateholder or any NIMS Insurer. It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder Certificateholder, any NIMS Insurer and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Certificates or the Certificatesrights of any NIMS Insurer, or to obtain or seek to obtain priority over or preference to any other such Holder or any NIMS Insurer, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0812.03, each and every Certificateholder or Certificateholder, the NIMS Insurer and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HarborView 2007-3)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement, Sale and Servicing Agreement, Custodial Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty fifteen (6015) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer, the Securities Administrator and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (STARM Mortgage Loan Trust 2007-4)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder or Companion Loan Noteholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s Certificateholder or Companion Loan Noteholder's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. .
(b) No Certificateholder or Companion Loan Noteholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders and/or the Companion Loan Noteholders from time to time as partners or members of an association; nor shall any Certificateholder or Companion Loan Noteholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. .
(c) No Certificateholder or Companion Loan Noteholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement or any Mortgage Loan, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, unless such Holder or Companion Loan Noteholder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default hereunder, and of the continuance thereof, as hereinbefore provided, and (except in the case of a default by the Trustee) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03(c), each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certificates Series 2003-1)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or any Sale Agreement, Servicing Agreement, Custody Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Master Servicer and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (Gs Mortgage Securities Corp GSR Mort Loan Tr 2003-7f)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (as Trustee and individually) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator for sixty (60) 15 days after its receipt of such notice, request reque st and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 11.03 each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equityeq uity.
Appears in 1 contract
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. 117 No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trust Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee Trust Administrator to institute such action, suit or proceeding in its own name as the Trust Administrator, on behalf of the Trustee, hereunder and shall have offered to the Trustee and the Trust Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trust Administrator, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeTrustee and the Trust Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or Certificateholder, the Trustee and the Trust Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the CertificatesCertificates and/or the NIMs Insurer, or to obtain or seek to obtain priority over or preference to any other such Holder and/or the NIMs Insurer or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and -158- every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners 153 or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own the name as Trustee, of the Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asst Back Pas THR Certs Ser 2003-9)
Limitation on Rights of Certificateholders. The death ------------------------------------------ or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of themsuch party. No Certificateholder shall have any right to vote (except as provided hereinin Section 13.01 (subject in all events to ------------- the delegation of such voting rights described therein)) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by aggregate Certificate Principal Balance of Certificates, with the Certificates consent of the Certificate Insurer, shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all CertificateholdersCertificate-holders. For the protection and enforcement of the provisions of this Section 11.0813.03, each and ------------- every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by -155- availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Rm4)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust FundTrust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Securities Administrator a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore providedprovided herein, and unless also the Holders of Certificates evidencing Percentage Interests aggregating not less than twenty-five percent (25%) % of the Voting Rights evidenced by the each Class of Certificates affected thereby shall also have made written request to upon the Trustee Securities Administrator to institute such action, suit or proceeding in its own name as Trustee, Securities Administrator hereunder and shall have offered to the Trustee Securities Administrator such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Securities Administrator, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to 132 institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the TrusteeSecurities Administrator, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.03, each and every Certificateholder or and the Trustee Securities Administrator shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2006-J Trust)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore provided, the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee (individually and as trustee) such indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the CertificatesCertificates and/or the NIMs Insurer or the Class A Certificate Insurer, or to obtain or seek to obtain priority over or preference to any other such Holder and/or the NIMs Insurer or the Class A Certificate Insurer or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0810.08, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-FFC)
Limitation on Rights of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this 1998-B Securitization Trust Agreement or the Trust Fund1998-B Securitization Trust, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund1998-B Securitization Trust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto to this 1998-B Securitization Trust Agreement or any of them. .
(b) No Certificateholder shall have any right to vote (except as provided hereinin Section 9.01) or in any manner otherwise control the operation and management of the Trust Fund1998-B Securitization Trust, or the obligations of the parties heretoto this 1998-B Securitization Trust Agreement, nor shall anything herein set forth in this 1998-B Securitization Trust Agreement, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. of this 1998-B Securitization Trust Agreement.
(c) No Certificateholder shall have any right by virtue or by availing itself of any provisions of this 1998-B Securitization Trust Agreement to institute any suit, action action, or proceeding in equity or at law upon or under or with respect to this Agreement1998-B Securitization Trust Agreement or any other Transaction Document, unless such Holder previously shall have given to the Trustee, 1998-B Securitization Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Investor Certificates evidencing not less than twenty-five percent (25%) % of the aggregate Voting Rights evidenced by Interests of the Certificates Certificates, considered as a single Class, shall also have made written request to upon the 1998-B Securitization Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under this 1998-B Securitization Trust Agreement and shall have offered to the 1998-B Securitization Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee or 1998-B Securitization Trustee, for sixty (60) 30 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit suit, or proceedingproceeding and during such 30-day period; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the 1998-B Securitization Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this 1998-B Securitization Trust Agreement or any other Transaction Document to affect, disturb disturb, or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement1998-B Securitization Trust Agreement or any other Transaction Document, except in the manner herein provided in this 1998-B Securitization Trust Agreement and for the equal, ratable, and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the 1998-B Securitization Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: 1998 B Securitization Trust Agreement (Toyota Auto Lease Trust 1998-B)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust FundTrust, nor (ii) entitle such Certificateholder’s 's legal representative representatives or heirs hens to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Except as expressly provided for herein, no Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and 128 shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08, 11.03 each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (PHHMC Mortgage Pass-Through Certificates, Series 2005-2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer an Event of Default and of the continuance thereof, as hereinbefore providedprovided herein, and unless the Holders of Certificates evidencing not less than twenty-five percent (25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, and liabilities to be incurred therein or therebythereby shall have given its written consent, and the Trustee or Trustee, for sixty (60) 60 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.0811.07, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s 's legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the of each Class of Certificates also shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Trust Agreement (CWMBS Inc)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust Fund, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of any of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless (i) such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, (ii) the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, (iii) the Certificate Insurer shall have given its written consent and (iv) the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever whatsoever by virtue or by availing itself or themselves of any provisions provision of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Sl2)
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this the Trust Agreement or the Trust FundTrust, nor entitle such Certificateholder’s legal representative representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a petition partition or winding up of the Trust FundTrust, or nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust FundTrust, or the obligations of the parties hereto, nor shall anything herein set forth forth, or contained in the terms of the Certificates Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholder be under any liability to any third party person by reason of any action taken by the parties to this the Trust Agreement pursuant to any provision hereof. No Certificateholder shall have any right by virtue or by availing itself of any provisions provision of this the Trust Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this the Trust Agreement or the Sale Agreement, Servicing Agreement, Custodial Agreement or Assignment Agreement, unless such Holder previously shall have given to the Trustee, Trustee a written notice of a Servicer Default default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates evidencing not less than twenty-five percent (entitled to at least 25%) % of the Voting Rights evidenced by the Certificates shall also have made written request to upon the Trustee to institute such action, suit or proceeding in its own name as Trustee, hereunder Trustee under the Trust Agreement and shall have offered to the Trustee such reasonable indemnity satisfactory to it as it may require against the costs, expenses, expenses and liabilities to be incurred therein or thereby, and the Trustee or Trustee, for sixty (60) 15 days after its receipt of such notice, request and offer of indemnity indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being . It is understood and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions provision of this the Trust Agreement to affect, disturb or prejudice the rights of the Holders of any other of the such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder Holder, or to enforce any right under this the Trust Agreement, except in the manner herein therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 11.08Section, each and every Certificateholder or and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Securities Corp. Gsaa Trust 2004-Cw1)