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

Prior Notice to Holders with Respect to Certain Matters. (a) The Owner Trustee shall not take any of the actions set forth below unless (i) the Owner Trustee shall have notified the Certificateholders and, prior to the Class A Termination Date, the Class A Insurer and the Backup Insurer, in writing of the proposed action at least 30 days before the taking of such action, and (ii) the Controlling Party prior to the Class A Termination Date, and thereafter, the Majority Certificateholders, have approved such action in writing, which approval has been received by the Owner Trustee by the 30th day after such notice has been given:

Prior Notice to Holders with Respect to Certain Matters. (a) The Owner Trustee shall not take any of the actions set forth below unless (i) the Owner Trustee shall have notified the Certificateholders and, prior to the Class A Termination Date, the Class A Insurer and the Backup Insurer, in writing of the proposed action at least 30 days before the taking of such action, and (ii) the Controlling Party Class A Insurer prior to the Class A Termination Date, and thereafter, the Majority Certificateholders, have approved such action in writing, which approval has been received by the Owner Trustee by the 30th day after such notice has been given: