Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents.
Appears in 91 contracts
Samples: Trust Agreement (CarMax Auto Owner Trust 2024-3), Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (Carmax Auto Funding LLC)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement8 thereof, (ivd) appoint a successor Administrator pursuant to Section 9 8 of the Administration Agreement or (ve) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 26 contracts
Samples: Trust Agreement (Mmca Auto Receivables Trust), Trust Agreement (Mmca Auto Owner Trust 2001-3), Trust Agreement (Mmca Auto Receivables Trust)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 24 contracts
Samples: Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Motor Credit Co), Trust Agreement (Ford Credit Auto Receivables Two LLC)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 15 contracts
Samples: Trust Agreement (Usaa Acceptance LLC), Trust Agreement (Usaa Federal Savings Bank), Trust Agreement (Usaa Federal Savings Bank Usaa Auto Owner Trust 2001-1)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer other than the Backup Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 9.1 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 9.1 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents.
Appears in 9 contracts
Samples: Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (CarMax Auto Owner Trust 2013-4), Trust Agreement (CarMax Auto Owner Trust 2013-3)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer other than the Backup Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents.
Appears in 9 contracts
Samples: Trust Agreement (CarMax Auto Owner Trust 2014-2), Trust Agreement (CarMax Auto Owner Trust 2011-3), Trust Agreement (CarMax Auto Owner Trust 2011-2)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestInterests evidenced by the Certificates, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 7 contracts
Samples: Trust Agreement (USAA Auto Owner Trust 2007-2), Trust Agreement (USAA Auto Owner Trust 2008-1), Trust Agreement (Usaa Acceptance LLC)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing a Servicer Termination Event, subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates Certificateholders evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Master Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (ii) appoint a successor Successor Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 1.09 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 1.09 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 5 contracts
Samples: Trust Agreement (Wachovia Auto Loan Owner Trust 2007-1), Trust Agreement (WDS Receivables LLC), Trust Agreement (WDS Receivables LLC)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer [other than the Backup Servicer] pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Documents.
Appears in 4 contracts
Samples: Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (Carmax Auto Funding LLC)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage Interest, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 4 contracts
Samples: Trust Agreement (Bear Stearns Asset Backed Whole Auto Loan Trust 2003-1), Trust Agreement (Bear Stearns Asset Backed Fund Inc Whole Auto Loan Tr 2002-1), Trust Agreement (Bear Stearns Asset Backed Funding Ii Inc)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing a Servicer Termination Event, subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates Certificateholders evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (ii) appoint a successor Successor Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 1.09 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 1.09 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 4 contracts
Samples: Trust Agreement (Pooled Auto Securities Shelf LLC), Trust Agreement (Wachovia Auto Owner Trust 2005-B), Trust Agreement (Wachovia Auto Owner Trust 2005-A)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing a Servicer Termination Event, subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates Certificateholders evidencing not less than 51% of the aggregate Certificate Percentage Interest, (i) remove the Master Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (ii) appoint a successor Successor Master Servicer pursuant to Article VIII Seven of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 1.09 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 1.09 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 2 contracts
Samples: Trust Agreement (Wachovia Auto Owner Trust 2008-A), Trust Agreement (Wachovia Auto Loan Owner Trust 2008-1)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 2 contracts
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P), Trust Agreement (Ford Motor Credit Co)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Insurer, if an Insurer Default shall not have occurred and be continuing, and the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage InterestBalance, (i) remove the Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iii) remove the Administrator pursuant to Section 9 of the Administration Agreement, (iv) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables Contracts after the termination of the Indenture, except as expressly provided in the Transaction Documents.
Appears in 1 contract
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator Adminis- trator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 1 contract
Samples: Trust Agreement (Ford Credit Auto Receivables Two L P)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement8 thereof, (ivd) appoint a successor Administrator pursuant to Section 9 8 of the Administration Agreement or (ve) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.. SECTION 4.3
Appears in 1 contract
Samples: Mmca Auto Receivables Inc
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestInterests evidenced by the Certificates, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to ArticleVII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 1 contract
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Class D Certificateholders holding not less than a majority of the Certificate Balance and holders of Class E Certificates evidencing at least a 51% of the aggregate Certificate Percentage Interest, (ia) remove [a] [the] Servicer under the Servicer related Servicing Agreement pursuant to Article VIII of the Sale and Servicing AgreementVII thereof, (iib) appoint a successor Servicer pursuant to Article VIII VII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 1 contract
Samples: Trust Agreement (Bear Stearns Asset Backed Funding Inc)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the principal of the Notes and any accrued and unpaid interest thereon in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement8 thereof, (ivd) appoint a successor Administrator pursuant to Section 9 8 of the Administration Agreement or (ve) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 1 contract
Samples: Trust Agreement (Daimler Benz Vehicle Receivables Corp)
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement8 thereof, (ivd) appoint a successor Administrator pursuant to Section 9 8 of the Administration Agreement or (ve) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents. SECTION 4.3.
Appears in 1 contract
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate Certificate Percentage InterestBalance, to (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII of the Sale and Servicing Agreementthereof, (iib) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement8 thereof, (ivd) appoint a successor Administrator pursuant to Section 9 8 of the Administration Agreement or (v) e), sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction Basic Documents.
Appears in 1 contract
Action by Certificateholders with Respect to Certain Matters. The Owner Trustee may not, except upon the occurrence of an Event of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of the Holders of Certificates evidencing Certificateholders holding not less than 51% a majority of the aggregate [Percentage Interests evidenced by the Certificates] [Certificate Percentage InterestBalance], (ia) remove the Servicer under the Sale and Servicing Agreement pursuant to Article VIII VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (ii) appoint a successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement, (iiic) remove the Administrator under the Administration Agreement pursuant to Section 9 of the Administration Agreement, thereof or (ivd) appoint a successor Administrator pursuant to Section 9 of the Administration Agreement or (v) sell the Receivables after the termination of the Indenture, except as expressly provided in the Transaction DocumentsAgreement.
Appears in 1 contract