Security Majority definition

Security Majority means a majority by principal amount of the Noteholders so long as the Notes are outstanding and a majority by principal amount of the Certificateholders thereafter.
View Source
Security Majority has the meaning specified in the Sale and Servicing Agreement.
View Source
Security Majority means, at any time, Noteholders holding Notes evidencing a majority of the Note Balance so long as any Notes are outstanding and Holders of a majority by principal amount of the Certificates if no Notes are then Outstanding.
View Source

Examples of Security Majority in a sentence

  • Notwithstanding the above, if the Standby Servicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Standby Servicer, the Trustee or a Security Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer.

  • Notwithstanding the above, if any successor to the Servicer shall be legally unable to act as Servicer, and an Insurer Default shall have occurred and be continuing, a Security Majority may petition a court of competent jurisdiction to appoint a successor to the Servicer.

  • Until the Notes have been paid in full, the Owner Trustee shall not have the power to, and shall not, commence any proceeding or other actions contemplated by Section 2.12(d) relating to the Trust without the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Security Majority upon an Insurer Default.

  • Until one year and one day following the day on which the Notes have been paid in full, the Owner Trustee shall not have the power to, and shall not commence any proceeding or other actions contemplated by Section 2.12(b) relating to the Trust without the prior written consent of the Insurer (unless an Insurer Default shall have occurred and is continuing) or the Security Majority upon an Insurer Default.

  • The Owner Trustee shall not have the power, except upon the direction of the Insurer or, in the event that an Insurer Default shall have occurred and be continuing, the Security Majority in accordance with the Basic Documents, to (a) remove the Master Servicer under the Sale and Servicing Agreement or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.

  • The Owner Trustee shall not have the power, except upon the direction of the Insurer or, in the event that an Insurer Default shall have occurred and be continuing, the Security Majority in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.

  • Notwithstanding the above, if the Backup Servicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the Trust Collateral Agent or a Security Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer.

  • Prior to the declaration of ----------------------- the acceleration of the maturity of the Notes as provided in Section 5.4, if the Security Majority is the Controlling Party, the Security Majority may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note.

  • If the ---------------------------------------- Security Majority is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, if so directed by the Security Majority, may direct the Trust Collateral Agent to maintain possession of the Trust Property.

  • The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Insurer or the Security Majority, as the case may be, and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholders.