Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 77 contracts
Samples: Trust Agreement (Toyota Auto Receivables 2021-a Owner Trust), Trust Agreement (Toyota Auto Receivables 2021-a Owner Trust), Trust Agreement (Toyota Auto Receivables 2020-D Owner Trust)
Restrictions on the Certificateholders’ Power. The Certificateholders Neither the Certificateholder nor any other person shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligations obligation of the Trust or of the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.03 and Section 4.01 or would require the consent of any party that has not been given, nor shall the Owner Trustee be obligated to follow any such direction, if given. The Certificateholder shall not guarantee any obligations of the Trust.
Appears in 61 contracts
Samples: Trust Agreement, Trust Agreement, Trust Agreement
Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 24 contracts
Samples: Trust Agreement (Toyota Auto Receivables 2024-B Owner Trust), Trust Agreement (Toyota Auto Receivables 2024-a Owner Trust), Trust Agreement (Toyota Auto Receivables 2024-a Owner Trust)
Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust Issuer or of the Owner Trustee under any of the Basic Transaction Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 16 contracts
Samples: Trust Agreement (Verizon Owner Trust 2020-C), Trust Agreement (Verizon Owner Trust 2020-C), Trust Agreement (Verizon Owner Trust 2020-B)
Restrictions on the Certificateholders’ Power. The Certificateholders Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 8 contracts
Samples: Trust Agreement (Toyota Motor Credit Receivables Corp), Trust Agreement (Toyota Auto Finance Receivables LLC), Trust Agreement (Toyota Motor Credit Corp)
Restrictions on the Certificateholders’ Power. The Certificateholders Certificateholder shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligations obligation of the Trust or of the Owner Trustee under this Owner Trust Agreement or any of the Basic Documents or would be contrary to Section 2.03 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 6 contracts
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligations obligation of the Trust or of the Owner Trustee under this Agreement or any of the Basic Transaction Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 5 contracts
Samples: Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H2), Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-H1), Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H4)
Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Transaction Documents or would be contrary to Section 2.03 other Series Related Documents nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 4 contracts
Samples: Trust Agreement (Verizon Master Trust), Trust Agreement (Verizon Master Trust), Trust Agreement (Verizon Master Trust)
Restrictions on the Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 or which could result in the Trust being treated as an entity separate from the Depositor, association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 2 contracts
Samples: Trust Agreement (Toyota Lease Trust), Trust Agreement (Toyota Lease Trust)
Restrictions on the Certificateholders’ Power. The Certificateholders Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.to
Appears in 1 contract
Restrictions on the Certificateholders’ Power. The Certificateholders Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 of this Agreement nor shall the Owner Trustee be obligated to follow any such direction, if given.
Appears in 1 contract
Samples: Trust Agreement (Toyota Auto Finance Receivables LLC)
Restrictions on the Certificateholders’ Power. The Certificateholders Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.. ARTICLE V
Appears in 1 contract
