Optional Preservation of the Contracts. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shall, absent direction to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, maintain possession of the Collateral.
Appears in 17 contracts
Samples: Indenture (Onyx Acceptance Financial Corp), Indenture (Onyx Acceptance Financial Corp), Indenture (Onyx Acceptance Financial Corp)
Optional Preservation of the Contracts. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shallTrustee, absent direction to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, shall maintain possession of the Collateral.
Appears in 2 contracts
Samples: Indenture (Auto Nations Receivables Corp), Indenture (Auto Nations Receivables Corp)
Optional Preservation of the Contracts. If the Notes -------------------------------------- have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shallTrustee, absent direction to the contrary from the Insurer or the Noteholders pursuant to Section 5.04, shall maintain possession of the Collateral.
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