Trustee May Enforce Claims Without Possession of Certificates. (a) In all Proceedings brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Agreement to which the Trustee shall be a party), the Trustee shall be held to represent all of the Certificateholders, and it shall not be necessary to make any Certificateholder a party to any such Proceedings. (b) All rights of actions and claims under this Agreement or any of the Certificates may be prosecuted and enforced by the Trustee without the possession of any of the Certificates or the production thereof in any Proceeding relating thereto, and any such Proceedings instituted by the Trustee shall be brought in its own name as Trustee of an express trust, and any recovery whether by judgment, settlement or otherwise shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for MBIA and the ratable benefit of the Holders of the Certificates.
Appears in 3 contracts
Sources: Trust and Security Agreement (Granite Financial Inc), Trust and Security Agreement (Granite Financial Inc), Trust and Security Agreement (Granite Financial Inc)