Sale of Collateral for Accelerated Notes. In the case of a Series, Class or Tranche of Notes that has been accelerated following an Event of Default, the Indenture Trustee may, and at the direction of the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of that Series, Class or Tranche of Notes will, cause the Issuer to sell Collateral as provided in the related Indenture Supplement.
Sale of Collateral for Accelerated Notes. In the case of a Series, Class or Tranche of Notes that has been accelerated following an Event of Default, the Collateral Agent may, at the direction of the Indenture Trustee, and at the direction of the Holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of that Series, Class or Tranche of Notes will, cause the Issuing Entity to sell Collateral as provided in the related Indenture Supplement; provided, however, that none of the Transferor, any Affiliate of the Transferor, including Chase USA, or any agent of the Transferor shall be permitted to purchase Receivables in such case or to participate in such vote whether as a Noteholder or otherwise.
Sale of Collateral for Accelerated Notes. (i) If a Tranche of Notes has been accelerated pursuant to Section 602 of the Indenture following an Event of Default, the Indenture Trustee may, and at the direction of the Majority Holders of that Tranche of Notes will, sell Collateral (or interests therein) pledged for the benefit of Holders the Asset Pool 1 Notes in an amount up to the Nominal Liquidation Amount of the affected Tranche plus any accrued, past due or additional interest on the affected Tranche.
(ii) Such a sale will be permitted only if at least one of the following conditions is met:
(A) the Holders of 90% of the aggregate Outstanding Dollar Principal Amount of the accelerated Tranche of Notes consent;
(B) the net proceeds of such sale (plus amounts on deposit in the applicable sub-Accounts and payments to be received from any applicable Derivative Agreement, any Supplemental Credit Enhancement Provider or any Supplemental Liquidity Provider) would be sufficient to pay all amounts due on the accelerated Tranche of Notes; or
(C) the Indenture Trustee determines that the funds to be allocated to the accelerated Tranche of Notes, including (1) Card Series Finance Charge Amounts and Card Series Principal Amounts allocable to the accelerated Tranche of Notes, (2) payments to be received under any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement and (3) amounts on deposit in the applicable sub-Accounts, may not be sufficient on any ongoing basis to make payments on the accelerated Tranche of Notes as such payments would have become due if such obligations had not been declared due and payable, and the Holders of 66 2⁄3% of the principal amount of the accelerated Tranche of Notes consent to the sale.
(iii) In the case of an acceleration of a Tranche of Notes of a Subordinated Class, if the provisions of Section 3.15 would prevent the payment of the accelerated Tranche of subordinated Notes, such sale will be delayed until a level of prefunding of the Principal Funding sub-Accounts for the Senior Classes of Notes of that Series has been reached such that the amount of such accelerated Tranche is no longer required to provide subordination for the Senior Classes of Notes.
(b) If the Nominal Liquidation Amount with respect to any Tranche of Notes is greater than zero on its Legal Maturity Date (after giving effect to any adjustments, deposits and distributions otherwise to be made on that Legal Maturity Date), the Indenture Trustee sha...
Sale of Collateral for Accelerated Notes. (a) If the Notes are accelerated pursuant to this Indenture following an Event of Default, the Indenture Trustee, at the direction of the Majority Holders, will sell Receivables (or interests therein).
(b) Such a sale will be permitted if at least one of the following conditions is met:
(i) the net proceeds of such sale would be sufficient to pay all amounts due on the Notes together with any unpaid interest and fees; or
(ii) consented to by Holders of at least 66-2/3% of the Outstanding Principal Amount of the Outstanding Notes.
(c) Sale proceeds received with respect to the Notes will be applied as specified in Section 7.05 of this Indenture.
