Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 33 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables Trust 2013-3)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.6.
Appears in 28 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer Trust or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.06.
Appears in 19 contracts
Samples: Trust Agreement (World Omni Automobile Lease Securitization Trust 2019-A), Trust Agreement (World Omni Automobile Lease Securitization Trust 2019-A), Trust Agreement (World Omni Automobile Lease Securitization Trust 2018-B)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for United States federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for United States federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise and value added tax purposes or cause the Issuer to be treated as other than a grantor trust for United States federal income tax purposes. The Residual Interestholder Neither the Depositor, the Administrator nor any Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 17 contracts
Samples: Trust Agreement (Capital One Prime Auto Receivables Trust 2023-2), Trust Agreement (Capital One Prime Auto Receivables Trust 2023-2), Trust Agreement (Capital One Prime Auto Receivables Trust 2023-1)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, Federal income or Delaware or California income or franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal Federal income or state Delaware or California income or franchise tax purposes or (iii) cause the Issuer Trust or any portion thereof to be treated taxable as an association or publicly traded partnership taxable as a corporation for federal income, state and local Federal income or Delaware or California income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.6.
Appears in 17 contracts
Samples: Trust Agreement (Mmca Auto Owner Trust 2001 2), Trust Agreement (Mmca Auto Owner Trust 2001-3), Trust Agreement (Mmca Auto Owner Trust 2001-3)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, income and state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 16 contracts
Samples: Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise and value added tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder None of the Certificateholder, Transferor or Administrator shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 12 contracts
Samples: Trust Agreement (Vw Credit Leasing LTD), Trust Agreement (Volkswagen Auto Lease Trust 2015-A), Trust Agreement (Volkswagen Auto Lease Trust 2015-A)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 11 contracts
Samples: Trust Agreement (Volkswagen Auto Lease Underwritten Funding LLC), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2003-1), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2005-1)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 11 contracts
Samples: Trust Agreement (Capital One Prime Auto Receivables Trust 2004-1), Trust Agreement (SunTrust Auto Receivables, LLC), Trust Agreement (Capital One Prime Auto Receivables Trust 2004-2)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Neither the Residual Interestholder nor the Note Insurer shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 10 contracts
Samples: Trust Agreement (Capital One Auto Finance Trust 2005-A), Trust Agreement (Capital One Auto Receivables LLC), Trust Agreement (Capital One Auto Receivables LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for United States federal income, income and state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for United States federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 9 contracts
Samples: Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 8 contracts
Samples: Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2010-1), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2010-1), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2008-2)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder None of the Certificateholder, Transferor or Administrator shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 4 contracts
Samples: Trust Agreement (Volkswagen Auto Lease Trust 2010-A), Trust Agreement (Volkswagen Auto Lease Trust 2010-A), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 3 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables Trust 2010-1), Trust Agreement (Santander Drive Auto Receivables Trust 2010-1)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 3 contracts
Samples: Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) adversely affect the treatment of the Class A Notes as indebtedness for federal income, state and local income, income or income or franchise and value added tax purposespurposes of any Applicable Tax State, (ii) be deemed to cause a taxable exchange of the Class A Notes for federal income or state income or franchise tax purposes of any Applicable Tax State or (iii) cause the Issuer Trust or any portion thereof to be treated taxable as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or income or franchise and value added tax purposespurposes of Applicable Tax State. The Residual Interestholder Depositor shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.6.
Appears in 3 contracts
Samples: Trust Agreement (First Investors Financial Services Group Inc), Trust Agreement (First Investors Financial Services Group Inc), Trust Agreement (First Investors Financial Services Group Inc)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 3 contracts
Samples: Trust Agreement (Bank of America Auto Trust 2010-2), Trust Agreement (Bank of America Auto Trust 2010-2), Trust Agreement (Bank of America Auto Receivables Securitization, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, income and state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.. Amended & Restated Trust Agreement
Appears in 2 contracts
Samples: Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2012-1), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2012-1)
Restrictions. The Owner Trustee shall not take any action that, to the actual knowledge of a Responsible Officer of the Owner Trustee, (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for United States federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for United States federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.purposes or (c) be
Appears in 2 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual 11 knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 2 contracts
Samples: Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2011-1), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2011-1)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, income and state and local income, franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.. 11 Amended & Restated Trust Agreement
Appears in 2 contracts
Samples: Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2012-2), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2012-2)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer Trust or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.6.
Appears in 2 contracts
Samples: Trust Agreement (M&i Auto Loan Trust 2002-1), Trust Agreement (M&i Dealer Auto Securitization LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual 17 Amended and Restated knowledge of a Responsible Officer of the Owner Trustee, would for United States federal income, state and local income and franchise tax purposes, (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposesindebtedness, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder No Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this SectionSection 6.6.
Appears in 1 contract
Samples: Trust Agreement (Fifth Third Holdings Funding, LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer Trust or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.Section 6.6. 1300581 05134611 19 2005-1 Trust Agreement ARTICLE VII
Appears in 1 contract
Samples: Trust Agreement (M&i Dealer Auto Securitization LLC)
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer Trust set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer Trust or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 1 contract
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section SECTION 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, income and franchise and value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section.
Appears in 1 contract
Samples: Trust Agreement (Ace Securities Corp Rv & Marine Trust 2001-Rv1)