Action by Residual Certificateholders with Respect to Certain Matters Sample Clauses

This clause defines the rights and procedures for residual certificateholders to take action on specific issues related to the trust or securitization structure. It typically outlines the circumstances under which these certificateholders can direct the trustee or other parties to act, such as approving amendments, waiving defaults, or making decisions about the administration of the trust. By establishing a clear process for residual certificateholders to exercise their influence, the clause ensures their interests are represented in key decisions and helps resolve potential disputes or ambiguities regarding their authority.
Action by Residual Certificateholders with Respect to Certain Matters. (a) Upon the written request from time to time of Residual Certificateholder(s) evidencing not less than 51% by Percentage Interest and subject to the prior review by the Insurer, the Owner Trustee shall take appropriate actions to remove Mortgage Loans from any Pool pursuant to Section 2.07 of the Sale and Servicing Agreement. The Owner Trustee shall notify the Insurer of any such proposed removal. The Owner Trustee will take such actions with respect to removal of Mortgage Loans as may from time to time be proposed by the Residual Certificateholders pursuant to Sections 5.2(b) and 5.5. (b) Upon the written request of any Residual Certificateholder (a "Proposer"), the Owner Trustee shall distribute promptly to all Residual Certificateholders any request for action or consent of Residual Certificateholders submitted by such Proposer, with a copy to the Manager. The Owner Trustee shall provide a reasonable method for collecting responses to such request and shall tabulate and report the results thereof to the Residual Certificateholders and the Manager. The Owner Trustee shall have no responsibility or duty to determine if any such proposed action or consent is permitted under the terms of this Agreement or applicable law.
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Action by Residual Certificateholders with Respect to Certain Matters. Upon the written request of any Residual Certificateholder (a “Proposer”), the Owner Trustee shall distribute promptly to all Residual Certificateholders any request for action or consent of Residual Certificateholders submitted by such Proposer, with a copy to the Insurer and the Indenture Trustee. The Owner Trustee shall provide a reasonable method for collecting responses to such request and shall tabulate and report the results thereof to the Residual Certificateholders, the Insurer and the Indenture Trustee. The Owner Trustee shall have no responsibility or duty to determine if any such proposed action or consent is permitted under the terms of this Agreement or applicable law.
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Action by Residual Certificateholders with Respect to Certain Matters. Upon the written request of any Residual Certificateholder (a “Proposer”), the Owner Trustee shall distribute promptly to all Residual Certificateholders any request for action or consent of Residual Certificateholders submitted by such Proposer (at the initial cost and expense of the Trust), with a copy to the Insurer and the Indenture Trustee by any means of transmission reasonably selected by the Owner Trustee. The Owner Trustee shall provide a reasonable method for collecting responses to such request and shall tabulate and report the results thereof to the Residual Certificateholders, the Insurer and the Indenture Trustee. The Owner Trustee shall have no responsibility or duty to determine if any such proposed action or consent is permitted under the terms of this Agreement or applicable law. The Trust’s reasonable costs and expenses (including overhead reasonably allocated to such distribution, collection, tabulation and reporting) shall be reimbursed to the Trust by the Proposer within 10 Business Days after receipt of an invoice from the Trust for such costs and expenses.
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Related to Action by Residual Certificateholders with Respect to Certain Matters

  • Action by Certificateholders with Respect to Certain Matters The Owner Trustee shall not have the power, except upon the direction of the Majority Certificateholders, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator under the Administration Agreement pursuant to Section 8 thereof. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders.

  • Action by Certificateholder with Respect to Certain Matters The Owner Trustee shall not have the power, except upon the direction of the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder.

  • Prior Notice to Certificateholders with Respect to Certain Matters With respect to the following matters, unless the Administrator notifies the Owner Trustee that the Indenture, the Purchase Agreement or the Sale and Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action unless at least 10 days before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance notice as is practicable), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and within 10 days of such notice (or such shorter time as specified in such notice) none of the Certificateholders shall have notified the Owner Trustee in writing that such Certificateholder has withheld consent or provided alternative direction: (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholders; or (d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable.

  • Action by Certificateholders with Respect to Bankruptcy The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust unless (i) the Notes have been paid in full and (ii) each Certificateholder approves of such commencement in writing in advance and delivers to the Owner Trustee a certificate certifying that such Person reasonably believes that the Trust is insolvent.

  • Action by Owners with Respect to Certain Matters The Owner Trustee shall not have the power, except upon the direction of the Owners, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Owners.