Common use of Form 10-Ds Clause in Contracts

Form 10-Ds. (i) If the Owner Trust Administrator receives a notice from the Servicer pursuant to Section 11.01(a) of the Sale and Servicing Agreement regarding the occurrence of a Delinquency Trigger with respect to a Collection Period, the Owner Trust Administrator will promptly send to the Indenture Trustee (for the Indenture Trustee to forward to each Noteholder registered on the Note Register as of the most recent Record Date (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency)) a notice describing (i) the occurrence of the Delinquency Trigger, including reasonably detailed calculations thereof, and (ii) the rights of the Noteholders and Note Owners regarding an Asset Representations Review (including a description of the method by which Noteholders and Note Owners may contact the Indenture Trustee in order to request a Noteholder vote in respect of an Asset Representations Review). The Owner Trust Administrator shall include the contents of such notice in the Form 10-D filed by the Owner Trust Administrator pursuant to Section 1.1(AA) regarding the Collection Period with respect to which the Owner Trust Administrator received notice of the occurrence of a Delinquency Trigger.