Action by Trustee with Respect to Certain Matters Clause Samples

The "Action by Trustee with Respect to Certain Matters" clause defines the authority and procedures by which a trustee may act on specific issues or decisions outlined in a trust or agreement. Typically, this clause details the circumstances under which the trustee is empowered to make decisions independently, may require direction from beneficiaries or other parties, or must seek approval before taking action. For example, it might specify that the trustee can manage investments or distribute assets without prior consent, except in certain situations that require additional oversight. The core function of this clause is to clarify the trustee's scope of discretion and responsibility, thereby reducing ambiguity and ensuring efficient administration of the trust or agreement.
Action by Trustee with Respect to Certain Matters. The Trustee shall not have the power, except upon the authority of a written direction signed by all of the Certificateholders or as expressly provided in the Basic Documents, or except in connection with the pledge and delivery, if any, of the Trust Assets and any proceeds thereof to the Indenture Trustee pursuant to the terms of the Indenture, to (a) sell or dispose of the Underlying Securities or any other Trust Assets or any interest therein, (b) assign or terminate the Swap Agreement, any Related Agreement or any Credit Enhancement Agreement; or (c) agree to any amendment, modification or supplement to the Underlying Securities, or any other Trust Assets, the Swap Agreement, any Related Agreement or any Credit Enhancement Agreement, provided the Rating Agency Condition is satisfied. The Trustee shall provide notice to the Rating Agency after the occurrence of any event described in item (a), (b) or (c) in the preceding sentence.
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Action by Trustee with Respect to Certain Matters. Subject to Section 7.15 and, in the case of an Underlying Securities Event of Default that has occurred and is continuing, Section 7.16, the Trustee shall not agree to any amendment, modification or supplement to the Underlying Securities.
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Action by Trustee with Respect to Certain Matters. The Trustee shall not have the power, except upon the authority of a written direction signed by all of the Certificateholders or as expressly provided in the Basic Documents, to (a) sell or dispose of the Underlying Securities or any other Trust Assets or any interest therein, (b) assign or terminate the Swap Agreement, any Related Agreement or any Credit Enhancement Agreement; or (c) agree to any amendment, modification or supplement to the Underlying Securities, or any other Trust Assets, the Swap Agreement, any Related Agreement or any Credit Enhancement Agreement, provided the Rating Agency Condition is satisfied. The Trustee shall provide notice to the Rating Agency after the occurrence of any event described in item (a), (b) or (c) in the preceding sentence.
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Related to Action by Trustee 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 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.

  • 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.

  • Prior Notice to Holder with Respect to Certain Matters With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Certificateholder has withheld consent or provided alternative direction: (a) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; (c) 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 interest of the Certificateholder; or (d) except pursuant to Section 12.1(b) of the Sale and Servicing Agreement, the amendment, change or modification of the Sale and Servicing 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 Certificateholder. The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note Registrar or Trust Collateral Agent within five Business Days after receipt of notice thereof.