Common use of Authorisation or waiver Clause in Contracts

Authorisation or waiver. The Funding 1 Security Trustee shall waive or authorise (without prejudice to its rights in respect of any further or other breach) any breach or proposed breach by Funding 1 or any other person of any of the covenants or provisions of any Funding 1 Agreement only if so directed by the Issuer Security Trustee, so long as there is any Loan Tranche outstanding under the Intercompany Loan Agreement, and otherwise by all of the Funding 1 Secured Creditors.