Prior Notice to the Transferor and the Indenture Trustee with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action, and neither the Transferor nor the Indenture Trustee shall direct the Owner Trustee to take any action, unless (i) the Indenture Trustee has provided written consent to the Owner Trustee, (ii) at least 30 days before the taking of such action, the Owner Trustee shall have notified the Transferor and the Indenture Trustee in writing of the proposed action and neither the Transferor nor the Indenture Trustee shall have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Transferor has withheld consent or the Transferor or the Indenture Trustee has provided alternative direction, and (iii) in the case of clauses (b), (c), (d), (g), (h), (i), (j), (k), (l) and (o), the Rating Agencies have confirmed that the taking of the proposed action would not result in a withdrawal or a reduction of the then-current ratings of the Notes.
Appears in 3 contracts
Samples: Trust Agreement (HSBC Home Equity Loan Corp I), Trust Agreement (HSBC Home Equity Loan Trust (USA) 2006-2), Trust Agreement (HSBC Home Equity Loan Trust (USA) 2006-1)
Prior Notice to the Transferor and the Indenture Trustee with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action, and neither the Transferor nor the Indenture Trustee shall direct the Owner Trustee to take any action, unless (i) the Indenture Trustee has provided written consent to the Owner Trustee, (ii) at least 30 days before the taking of such action, the Owner Trustee shall have notified the Transferor and the Indenture Trustee in writing of the proposed action and neither the Transferor nor the Indenture Trustee shall have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Transferor has withheld consent or the Transferor or the Indenture Trustee has provided alternative direction, and (iii) in the case of clauses (b), (c), (d), (g), (h), (i), (j), (k), (l) and (o), the Rating Agencies have confirmed that the taking of the proposed action would not result in a withdrawal or a reduction of the then-current ratings of the Notes.:
Appears in 1 contract
Samples: Trust Agreement (Household Mortgage Loan Trust 2004-Hc1)