Collective Representation Clause Samples

Collective Representation. (a) In the event that the Registrar receives written notice from Canada that Canada intends to amend the Bonds in a manner that would require the consent or agreement of the holders of the Bonds by Extraordinary Resolution, the Registrar is authorized, without the need to convene a meeting of the holders of the Bonds or to seek the prior instructions of such holders, to follow the directions of Canada to facilitate discussion of the circumstances giving rise to the proposed amendments, the terms of any proposed amendments and any other issues relevant to the proposed amendments; provided however, that the Registrar is and shall remain the agent of Canada and as such shall have no authority or obligation on behalf of any holder of any Bond to agree to or to bind any such holder to any modification of the Fiscal Agency Agreement or the Bonds, it being expressly acknowledged that the Registrar has no fiduciary duty to the holders of the Bonds. (b) The authority given to the Registrar by this Section 15 shall automatically terminate as of the first meeting of the holders of such Bonds to occur following the date on which the Registrar receives the written notice from Canada referred to in Subsection 15(a) hereof unless such holders shall have passed a resolution at that meeting (or at any adjournment thereof) authorizing the Registrar to continue to act in this capacity.