Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023-1 SUBI Certificate pursuant to the 2023-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 2023-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2023-1), Trust Agreement (BMW Vehicle Lease Trust 2023-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232021-1 SUBI Certificate pursuant to the 20232021-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232021-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2021-1), Trust Agreement (BMW Vehicle Lease Trust 2021-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232018-1 SUBI Certificate pursuant to the 20232018-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232018-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2018-1), Trust Agreement (BMW Vehicle Lease Trust 2018-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232014-1 SUBI Certificate pursuant to the 20232014-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232014-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Auto Leasing LLC), Trust Agreement (BMW Auto Leasing LLC)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232010-1 SUBI Certificate pursuant to the 20232010-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232010-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2010-1), Trust Agreement (BMW Vehicle Lease Trust 2010-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232017-1 2 SUBI Certificate pursuant to the 20232017-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232017-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2017-2), Trust Agreement (BMW Vehicle Lease Trust 2017-2)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232015-1 SUBI Certificate pursuant to the 20232015-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232015-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2015-1), Trust Agreement (BMW Auto Leasing LLC)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232019-1 SUBI Certificate pursuant to the 20232019-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232019-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2019-1), Trust Agreement (BMW Vehicle Lease Trust 2019-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232016-1 2 SUBI Certificate pursuant to the 20232016-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232016-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2016-2), Trust Agreement (BMW Vehicle Lease Trust 2016-2)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023-1 20[__]-[__] SUBI Certificate pursuant to the 2023-1 20[__]-[__] SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 2023-1 20[__]-[__] SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (Financial Services Vehicle Trust), Trust Agreement (Financial Services Vehicle Trust)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232015-1 2 SUBI Certificate pursuant to the 20232015-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232015-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Auto Leasing LLC), Trust Agreement (BMW Auto Leasing LLC)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023-1 2 SUBI Certificate pursuant to the 2023-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 2023-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2023-2), Trust Agreement (BMW Vehicle Lease Trust 2023-2)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232017-1 SUBI Certificate pursuant to the 20232017-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232017-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2017-1), Trust Agreement (BMW Vehicle Lease Trust 2017-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232012-1 SUBI Certificate pursuant to the 20232012-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232012-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2012-1), Trust Agreement (BMW Vehicle Lease Trust 2012-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232024-1 2 SUBI Certificate pursuant to the 20232024-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232024-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2024-2), Trust Agreement (BMW Vehicle Lease Trust 2024-2)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232016-1 SUBI Certificate pursuant to the 20232016-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232016-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2016-1), Trust Agreement (BMW Vehicle Lease Trust 2016-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232022-1 SUBI Certificate pursuant to the 20232022-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232022-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2022-1), Trust Agreement (BMW Vehicle Lease Trust 2022-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232024-1 SUBI Certificate pursuant to the 20232024-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232024-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2024-1), Trust Agreement (BMW Vehicle Lease Trust 2024-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023-1 20[__]-[__] SUBI Certificate pursuant to the 2023-1 20[__]-[__] SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 2023-1 20[__]-[__] SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (Financial Services Vehicle Trust), Trust Agreement (BMW Auto Leasing LLC)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232013-1 SUBI Certificate pursuant to the 20232013-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232013-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2013-1), Trust Agreement (BMW Vehicle Lease Trust 2013-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232011-1 SUBI Certificate pursuant to the 20232011-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232011-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 2 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2011-1), Trust Agreement (BMW Vehicle Lease Trust 2011-1)
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232007-1 SUBI Certificate pursuant to the 2023-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232007-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 1 contract
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023[___]-1 [_] SUBI Certificate pursuant to the 2023-1 SUBI SupplementTrust Agreement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of an Administrative Agent Default or a Servicer Maintenance Provider Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing holding 662/3% of the aggregate Certificate Percentage Interest, remove the ServicerAdministrative Agent or the Maintenance Provider, as the case may be, with respect to the 2023[___]-1 [_] SUBI Assets or appoint a successor ServicerAdministrative Agent or Maintenance Provider, as the case may be, with respect thereto.
Appears in 1 contract
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232021-1 2 SUBI Certificate pursuant to the 20232021-1 2 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232021-1 2 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 1 contract
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 2023[____]-1 [_] SUBI Certificate pursuant to the 2023[____]-1 [_] SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 2023[____]-1 [_] SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 1 contract
Action by Trust Certificateholders with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee or the Issuer is deemed to be the Holder of the 20232009-1 SUBI Certificate pursuant to the 20232009-1 SUBI Supplement, the Owner Trustee or Issuer, as the case may be, shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest of at least 662/3% of the aggregate Certificate Percentage Interest; provided, however, that so long as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the Indenture Trustee, acting at the direction of the Majority Noteholders. The Owner Trustee may not, except upon the occurrence of a Servicer Default subsequent to the payment in full of the Notes and in accordance with the written directions of Trust Certificateholders evidencing 662/3% of the aggregate Certificate Percentage Interest, remove the Servicer, with respect to the 20232009-1 SUBI Assets or appoint a successor Servicer, with respect thereto.
Appears in 1 contract