Common use of Prior Notice to Holders with Respect to Certain Matters Clause in Contracts

Prior Notice to Holders with Respect to Certain Matters. (a) The Owner Trustee shall not take any of the actions set forth below, and none of the Board, the Servicer, the Administrator or the Certificateholders shall instruct the Owner Trustee to, unless (i) the Owner Trustee shall have notified the Certificateholders and the Board of Trustees in writing of the proposed action at least 30 days before the taking of such action (provided that such 30 days prior notice may be waived by the Certificateholders and the Board), and (ii) the Board of Trustees has approved such action and notified the Owner Trustee in writing, which written notice of approval has been received by the Owner Trustee by the 30th day after such notice has been given (provided, however, that the Owner Trustee shall not be required to notify a party of any such proposed action if such party directed the Owner Trustee to take such action):

Prior Notice to Holders with Respect to Certain Matters. (a) The With respect to the following matters, the Owner Trustee shall not take any of the actions set forth below, action (and none of the Board, the Servicer, the Administrator or the Certificateholders shall instruct not direct the Owner Trustee toto take any action) unless at least thirty (30) days before the taking of such action, unless (i) the Owner Trustee shall have notified the Certificateholders (if the Note Insurer has directed the Owner Trustee to take action) and the Board of Trustees Note Insurer (if the Certificateholders have directed the Owner Trustee to take action) in writing of the proposed action at least 30 days before the taking of such action (provided that such 30 days prior notice may be waived by and neither the Certificateholders and nor the Board), and (ii) the Board of Trustees has approved such action and Note Insurer shall have notified the Owner Trustee in writing, which written notice of approval has been received by the Owner Trustee by writing prior to the 30th day after such notice has been is given that such Certificateholders and/or the Note Insurer have withheld consent or the Certificateholders have provided alternative written direction (provided, however, that any direction by the Owner Trustee Certificateholders shall not be required to notify a party require the prior written consent of any such proposed action if such party directed the Owner Trustee to take such actionNote Insurer):