Common use of Action by Certificateholders with Respect to Certain Matters Clause in Contracts

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, and with the consent of the Credit Enhancer, 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 Servicing Agreement pursuant to Sections 7.01 and 8.05 thereof or (d) except as expressly provided in the Basic Documents, sell the Mortgage Collateral 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 Certificateholders and with the consent of the Credit Enhancer.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent of the Credit Enhancer, 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 Sections 7.01 Section 8.02 thereof, (d) amend the Sale and 8.05 thereof Servicing Agreement pursuant to Section 10.01(b) thereof, or (de) except as expressly provided in the Basic Documents, sell the Mortgage Collateral 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 Certificateholders and with the consent of the Credit Enhancereach Certificateholder.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent of the Credit Enhancer, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 10 thereof, (b) appoint a successor Administrator pursuant to Section 8 10 of the Administration Agreement, (c) remove the Servicer under the Trust Sale and Servicing Agreement pursuant to Sections 7.01 and 8.05 Section 8.2 thereof or (d) except as expressly provided in the Basic Documents, sell the Mortgage Collateral Receivables transferred to the Trust pursuant to the Trust Sale and Servicing Agreement or any interest therein after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon the affirmative vote of, or a written instructions consent signed by by, the Certificateholders and with the consent holders of a majority of the Credit EnhancerVoting Interests upon at least 30 days prior notice thereof.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent Certificateholders holding a majority of the Credit EnhancerPercentage Interests, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereofthereto, (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 Sections 7.01 thereto, (d) amend the Sale and 8.05 thereof Servicing Agreement pursuant thereto, or (de) except as expressly provided in the Basic Documents, sell the Mortgage Collateral 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 Certificateholders and with the consent holding a majority of the Credit EnhancerPercentage Interest.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent Certificateholders holding a majority of the Credit EnhancerPercentage Interest, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereofthereto, (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 Sections 7.01 thereto, (d) amend the Sale and 8.05 thereof Servicing Agreement pursuant thereto, or (de) except as expressly provided in the Basic Documents, sell the Mortgage Collateral Loans 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 Certificateholders and with the consent of the Credit EnhancerCertificateholders.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent of the Credit Enhancer, 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 Sections 7.01 Article VIII thereof, (d) amend the Sale and 8.05 thereof Servicing Agreement pursuant to Section 10.01(b) of such document, or (de) except as expressly provided in the Basic Documents, sell the Mortgage Collateral 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 Certificateholders and with the consent of the Credit EnhancerCertificateholders.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, and with the consent of the Credit Enhancer, 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 or appoint a successor Servicer under the Pooling and Servicing Agreement pursuant to Sections 7.01 and 8.05 Article IX thereof or (d) except as expressly provided in the Basic Documents, sell the Mortgage 2011 Collateral Certificate, Dealer Notes or any interest therein 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 Certificateholders and with the consent of the Credit EnhancerCertificateholders.

Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, and with the consent of the Credit Enhancer, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 7.01 thereof, (b) appoint a successor Administrator pursuant to Section 8 7.01 of the Administration Agreement, (c) remove the [Master] Servicer under the Servicing Agreement pursuant to Sections 7.01 and 8.05 thereof or (d) except as expressly provided in the Basic Documents, sell the Mortgage Collateral Owner Trust Estate 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 Certificateholders and with the consent of the Credit Enhancer.