Actions by Owner Trustee or Certificateholders Clause Samples

Actions by Owner Trustee or Certificateholders. SECTION 4.01 PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided alternative direction: (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Business Trust Statute); (c) the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is required; (d) the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is not required but such amendment materially adversely affects the interest of the Certificateholders; (e) the amendment, change or modification of the Administration Agreement, other than to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or (f) the appointment (i) pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee, (ii) pursuant to this Agreement of a successor Certificate Registrar or (iii) any consent by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar to the assignment of its respective obligations under the Indenture or this Agreement, as applicable.

Actions by Owner Trustee or Certificateholders. SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters 13 SECTION 4.02 Action by Certificateholders with Respect to Certain Matters 14 SECTION 4.03 Action with Respect to Bankruptcy 14 SECTION 4.04 Restrictions on Certificateholders’ Power 14 TABLE OF CONTENTS (continued) SECTION 4.05 Majority of the Certificates Control 14

Actions by Owner Trustee or Certificateholders. SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters 13 SECTION 4.02 Action by Certificateholders with Respect to Certain Matters 14 SECTION 4.03 Action with Respect to Bankruptcy 14 SECTION 4.04 Restrictions on Certificateholders’ Power 14 SECTION 4.05 Majority of the Certificates Control 14 TABLE OF CONTENTS (continued) SECTION 5.01 Establishment of Accounts 14 SECTION 5.02 APPLICATION OF AMOUNTS IN TRUST ACCOUNTS 16 SECTION 5.03 Method of Payment 17 SECTION 5.04 Accounting and Reports to the Noteholders, Certificateholders, the Internal Revenue Service and Others 17 SECTION 5.05 Signature on Returns; Tax Matter Partner 17

Actions by Owner Trustee or Certificateholders. SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided alternative direction: (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act);

Actions by Owner Trustee or Certificateholders. SECTION 4.01 (Nissan 2003-A Amended & Restated Trust Agreement) TABLE OF CONTENTS (CONTINUED) ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Actions by Owner Trustee or Certificateholders