Agenda - 03-02-2006-8bTA - Laserfiche WebLink

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property and, unless prohibited by law or applicable regulations, may vote on behalf of the Owners in any election of a trustee in bankruptcy or other person performing similar functions. (b) If the Trustee incurs expenses or renders services in any proceedings which result from an Event of Default, or from any event or occurrence which, with the passage of time, v~Tould become an Event of Default, the expenses so incurred and compensation far services so rendered are intended to constitute expenses of admiiustration under the United States Bankruptcy Cade or equi~Talent lau~•. Section 8.10. Insurer's Control. Notwithstanding any provision of this .Article VIII to the contrary, neither the Trustee nor the Owners may declare any acceleration pursuant to Section 8.02, pursue any remedy, waive an}r E~Tent of Default or otherujise control or direct any proceedings on default without the Insurer's consent, except that an Owner shall in all cases have the rights provided in Section 8.07. The Trustee must take any such action as the Insurer may direct. Section 8.11. Priorities. If the Trustee collects any money pursuant to this Article, it will deposit the same in a special account in the Payment Fund and pay out such money in the fo1lo~Ting order: (a) If the principal with respect to all Certificates has not become or will not have been declared due and payable, all such moneys in the Payment Fund will be applied: First, Costs and Expenses: to the payment of the costs and expenses of the Trustee and of the Owners in declaring such Event of Default, including reasonable compensation to its or their agents, attorneys and counsel; Second, Interest: to the payment to the persons entitled thereto of all installments of interest then due in the order of the matL~rity of such installments, and, if the amount available is not sufficient to pay u1 full any installment or installments maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the persons entitled thereto, without any discrimination or preference; and Third, Principal: to the payment to the persons entitled thereto of the unpaid principal with respect to any Certificates which have become due, whether at maturity or by call for prepayment, in the order of their due dates, with interest on the overdue principal at a rate equal to the rate paid uTith respect to the Certificates, and, if the amount available uJill not be sufficient to pay in full all of the amounts due with respect to the Certificates on any date, together with such interest, then to 93862v2 25