Common use of Holder Action by Written Consent Clause in Contracts

Holder Action by Written Consent. Any action which may be taken by Holders at a meeting may be taken without a meeting if Holders holding a majority of all Outstanding Trust Securities (based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement) shall consent to the action in writing. Prompt notice of the action taken shall be given by the Holders to the Property Trustee and the Depositor, and the Property Trustee shall give notice within 90 days of its receipt thereof by regular mail to all Holders entitled to vote who have not consented in writing.