Prohibited Actions. The Administrator will not be obligated to, and will not (i) make any payments to the Noteholders under the Transaction Documents, (ii) sell the Collateral under Section 5.6 of the Indenture or (iii) take any other action that the Owner Trustee or the Indenture Trustee directs the Administrator not to take on its behalf or that would result in a breach by the Issuer under a Transaction Document.
Appears in 102 contracts
Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-B), Transfer and Servicing Agreement (Verizon Owner Trust 2020-A), Transfer and Servicing Agreement (Verizon Owner Trust 2020-C)
Prohibited Actions. The Administrator will not be obligated to, and will not (i) make any payments to the Noteholders Creditors under the Transaction DocumentsDocuments or any other Series Related Document, (ii) sell the Collateral under Section 5.6 6.1 of the Indenture Master Collateral Agreement or (iii) take any other action that the Owner Trustee or the Indenture Trustee Master Collateral Agent directs the Administrator not to take on its behalf or that would result in a breach by the Issuer Trust under a Transaction Document or any other Series Related Document.
Appears in 3 contracts
Samples: Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust)
