Common use of Action Requiring Prior Notice Clause in Contracts

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 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 may not take action unless (a) at least 30 thirty (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 Certificateholders and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) neither (x) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class nor (or if no Notes are Outstanding, y) the holder of the Residual Interest), Class A Certificateholder has not notified the Owner Trustee before the 30th thirtieth (30th) day after it the Noteholders or the Class A Certificateholder receives notice pursuant to clause (a) above that those Noteholders or the holder of the Residual InterestCertificateholder, 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, 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 receipt of notice that those Noteholders the majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, the holder of the Residual Interest, as applicable, have ) has 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 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 has 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, 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 the Controlling Class or the holder of the Residual Interest, as applicable, have has 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, 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 may not take action unless (a) at least 30 thirty (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 Certificateholders and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) neither (x) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class nor (or if no Notes are Outstanding, y) the holder of the Residual Interest), Class A Certificateholder has not notified the Owner Trustee before the thirtieth ( 30th ) day after it the Noteholders or the Class A Certificateholder receives notice pursuant to clause (a) above that those Noteholders or the holder of the Residual InterestCertificateholder, 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 thirty (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 Certificateholders and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) neither (x) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class nor (or if no Notes are Outstanding, y) the holder of the Residual Interest), Class A Certificateholder has not notified the Owner Trustee before the 30th day after it the Noteholders or the Class A Certificateholder receives notice pursuant to clause (a) above that those Noteholders or the holder of the Residual InterestCertificateholder, as applicable, have withheld consent or given alternative direction: