Remedies; Priorities. (a) If the Notes have been declared immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Section 5.5):
Appears in 90 contracts
Samples: Indenture (CarMax Auto Owner Trust 2024-2), Indenture (Carmax Auto Funding LLC), Indenture (CarMax Auto Owner Trust 2024-1)
Remedies; Priorities. (a) If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, or and at the written direction of the Holders of Notes evidencing Noteholders representing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed action (subject to Section 5.5Sections 5.02 and 5.05):
Appears in 9 contracts
Samples: California Republic (California Republic Auto Receivables Trust 2018-1), California Republic (California Republic Auto Receivables Trust 2018-1), California Republic (California Republic Auto Receivables Trust 2017-1)
Remedies; Priorities. (a) If the Notes have been declared immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, [upon prior notice to the Swap Counterparty,] take one or more of the following actions as so directed (subject to Section 5.5):
Appears in 2 contracts
Remedies; Priorities. (a) If the Notes have been declared immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Section Section 5.5):
Appears in 2 contracts
Samples: Indenture (CarMax Auto Owner Trust 2012-2), Indenture (CarMax Auto Owner Trust 2012-1)