Common use of Remedies; Priorities Clause in Contracts

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a), the Indenture Trustee may, or at the written direction of the majority of the Holders of the Notes of the Controlling Class, shall do one or more of the following (subject to Sections 5.3 and 5.5):

Appears in 13 contracts

Samples: Indenture (Carvana Auto Receivables Trust 2022-P1), Indenture (Carvana Auto Receivables Trust 2022-P1), Indenture (Carvana Auto Receivables Trust 2021-P4)

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Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or at the written direction of the Noteholders of Notes evidencing not less than a majority of the Holders of the Notes principal amount of the Controlling ClassClass shall, shall do one or more of the following (subject to Sections 5.3 and Section 5.5):

Appears in 8 contracts

Samples: Indenture (USAA Auto Owner Trust 2007-2), Indenture (USAA Auto Owner Trust 2007-1), Indenture (USAA Auto Owner Trust 2008-1)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing continuing, and the Notes have been accelerated under Section 5.2(a)5.03, the Indenture Trustee mayshall, or at upon the written direction of the majority of the Holders of the Notes of the Controlling ClassRequired Noteholders (subject to Section 5.06), shall do one or more of the following (subject to Sections 5.3 and 5.5):following:

Appears in 6 contracts

Samples: Note Purchase Agreement (Conns Inc), Note Purchase Agreement (Conns Inc), Indenture (Springleaf Finance Corp)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or and at the written direction of the Noteholders representing a majority of the Holders Note Balance of the Outstanding Notes of the Controlling ClassClass shall, shall do one or more of the following (subject to Sections 5.3 5.02 and 5.55.05):

Appears in 4 contracts

Samples: Trust Agreement (California Republic Auto Receivables Trust 2015-2), Trust Agreement (California Republic Funding LLC), Indenture (California Republic Funding LLC)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or may and at the written direction of the majority of the Holders outstanding Controlling Class of the Notes of the Controlling Classshall, shall do one or more of the following (subject to Sections 5.3 and 5.5Section 5.05):

Appears in 4 contracts

Samples: Hyundai Abs Funding Corp, Indenture (Hyundai Abs Funding Corp), Indenture (Hyundai Abs Funding Corp)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or at the written direction of the Noteholders of Notes evidencing not less than a majority of the Holders of the Notes Outstanding Amount of the Controlling Class, shall shall, do one or more of the following (subject to Sections 5.3 Section 5.5 and 5.56.2(f)):

Appears in 3 contracts

Samples: Indenture (Bear Stearns Asset Backed Whole Auto Loan Trust 2003-1), Gmac Servicing Agreement (Bear Stearns Asset Backed Whole Auto Loan Trust 2004-1), Indenture (Merrill Auto Trust Securitization 2005-1)

Remedies; Priorities. (a) If an Indenture Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or and at the written direction of the Noteholders representing a majority of the Holders of the then-outstanding Notes of the Controlling Classby aggregate Class Principal Amount, shall do one or more of the following (subject to Sections 5.3 and Section 5.5):

Appears in 2 contracts

Samples: Indenture (FBR Securitization, Inc.), First NLC Trust 2005-3 Mortgate-Backed Notes, Series 2005-3

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)5.03, the Indenture Trustee mayshall, or at upon the written direction of the majority of the Holders of the Notes of the Controlling ClassRequired Noteholders (subject to Section 5.06), shall do one or more of the following (subject to Sections 5.3 and 5.5):following:

Appears in 2 contracts

Samples: Indenture (OneMain Financial Holdings, Inc.), Indenture (OneMain Financial Holdings, Inc.)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)become due and payable, the Indenture Trustee may, or and shall, at the written direction of the a majority of the Holders outstanding principal amount of the Notes of comprising the Controlling Class, shall do one or more of the following (subject to Sections 5.3 and 5.5Section 5.05):

Appears in 1 contract

Samples: Indenture (Uici)

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Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a), the -------------- Indenture Trustee may, or at the written direction of the majority of the Holders of the Notes of the Controlling Class, may (but shall not be required to) do one or more of the following (subject to Sections 5.3 and Section 5.5):): -----------

Appears in 1 contract

Samples: Indenture (Volkswagen Dealer Finance LLC)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have if an acceleration has been accelerated under declared and not rescinded pursuant to Section 5.2(a)5.02 hereof, the Indenture Trustee Trustee, subject to the provisions of Section 10.14 hereof, may, or and at the written direction of the majority Holders of more than 66 2/3% Percentage Interest of the Holders of the Notes of the Controlling ClassClass A Notes, shall do one or more of the following (subject to Sections 5.3 and 5.5Section 5.05 hereof):

Appears in 1 contract

Samples: New York Mortgage Trust Inc

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or and at the written direction of the Noteholders representing a majority of the Holders Note Balance of the Outstanding Notes of the Controlling ClassClass shall, shall do one or more of the following (subject to Sections 5.3 and 5.5Section 5.05):

Appears in 1 contract

Samples: Indenture (California Republic Funding LLC)

Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a)continuing, the Indenture Trustee may, or at the written direction of the Noteholders of Notes evidencing not less than a majority of the Holders of the Notes principal amount of the Controlling ClassClass Outstanding shall, shall do one or more of the following (subject to Sections 5.3 and Section 5.5):

Appears in 1 contract

Samples: Usaa Acceptance LLC

Remedies; Priorities. (ag) If an Event of Default shall have occurred and be continuing continuing, and the Notes have been accelerated under Section 5.2(a)5.03, the Indenture Trustee mayshall, or at upon the written direction of the majority of the Holders of the Notes of the Controlling ClassRequired Noteholders (subject to Section 5.06), shall do one or more of the following (subject to Sections 5.3 and 5.5):following:

Appears in 1 contract

Samples: Indenture (New Residential Investment Corp.)

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