Action Requiring Prior Notice. For the following matters, the Owner Trustee may not take action unless (a) at least 30 days before taking the action, the Owner Trustee has notified the Indenture Trustee (who will notify the Noteholders), the holder of the Residual Interest and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, the holder of the Residual Interest), has not notified the Owner Trustee before the 30th day after it receives notice that those Noteholders or the holder of the Residual Interest, as applicable, have withheld consent or given alternative direction:
Action Requiring Prior Notice. For the following matters, the Owner Trustee, at least thirty (30) days before taking any such action, shall notify the Certificateholders and the Administrator (who will notify the Rating Agencies, if any, and the Creditor Representatives (who will notify the Creditors)) of the proposed action. The Owner Trustee shall not take such action if either (a) the Majority Creditor Representatives or their representative (or, with respect to clause (iv) below, the Creditor Representative for the Creditors required to consent) or (b) the Class A Certificateholder has notified the Owner Trustee before the thirtieth (30th) day after receiving notice pursuant to this Section 5.3 that the Majority Creditor Representatives (or, with respect to clause (iv) below, the Creditor Representative on behalf of the requisite percentage of Creditors required to consent) or the Class A Certificateholder, as applicable, have withheld consent or given alternative direction:
Action Requiring Prior Notice. For the following matters, the Owner Trustee may not take action unless (a) at least 30 days before taking the action, the Owner Trustee has notified the Indenture Trustee (who will notify the Noteholders), the holder of the Residual Interest and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) the Indenture Trustee acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, the holder of the Residual
