Restrictions on Residual Certificateholders' Power. (a) Neither the Residual Certificateholders nor the Insurer shall direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 or otherwise contrary to law nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 12 contracts
Samples: Deposit Trust Agreement (Sequoia Residential Funding Inc), Trust Agreement (Greenpoint Mortgage Securities LLC), Trust Agreement (GreenPoint Home Equity Loan Trust 2004-3)
Restrictions on Residual Certificateholders' Power. (a) Neither the Residual Certificateholders nor the Insurer Controlling Party shall direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 or otherwise contrary to law nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 1 contract
Samples: Trust Agreement (Greenpoint Mortgage Securities Inc/)
