Common use of Prior Notice to Certificateholder with Respect to Certain Matters Clause in Contracts

Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action, on behalf of the Issuer or as Owner Trustee, unless at least 10 days before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing that the Certificateholder has withheld consent or provided alternative direction:

Appears in 3 contracts

Samples: Trust Agreement (Bank of America Auto Trust 2010-2), Trust Agreement (Bank of America Auto Trust 2010-2), Trust Agreement (Bank of America Auto Receivables Securitization, LLC)

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Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action, on behalf of the Issuer or as Owner Trustee, unless at least 10 days before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the Certificateholder Certificateholders in writing of the proposed action and the Certificateholder Certificateholders shall not have notified the Owner Trustee in writing that the Certificateholder has withheld consent or provided alternative direction:

Appears in 3 contracts

Samples: Trust Agreement (Bank of America Auto Receivables Securitization, LLC), Trust Agreement (Bank of America Auto Trust 2012-1), Trust Agreement (Bank of America Auto Trust 2012-1)

Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action, on behalf of and the Issuer or as Depositor shall not direct the Owner TrusteeTrustee to take any action, unless at least 10 ten (10) days before the taking of such action (or if 10 days’ advance such shorter notice is impracticable, as much advance notice as is practicableacceptable to the Certificateholder), the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the tenth (10th) day (or such shorter notice acceptable to the Certificateholder) after such notice is given that the Certificateholder has withheld consent or provided alternative direction:

Appears in 1 contract

Samples: Trust Agreement (Porsche Auto Funding LLC)

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Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, Neither the Owner Trustee nor the Trust Eligible Lender Trustee shall not take action, on behalf any of the Issuer or as Owner Trusteefollowing actions, unless at least 10 thirty (30) days before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable)action, the Owner Trustee or the Trust Eligible Lender Trustee, as the case may be, shall have notified the other Trustee and the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the thirtieth (30th) day after such notice is given that the such Certificateholder has withheld consent or provided alternative direction:

Appears in 1 contract

Samples: Trust Agreement (Education Capital I LLC)

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