Common use of Collective Representation Clause in Contracts

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.

Collective Representation. (a1) In the event that the applicable Registrar receives written notice from Canada that Canada intends to amend the Bonds Notes or the Notes of any series in a manner that would require the consent or agreement of the holders of the Bonds relevant Notes by Extraordinary Resolution, the applicable Registrar is authorized, without the need to convene a meeting of the holders of the Bonds relevant Notes 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 provided, however, that the applicable Registrar is and shall remain the agent of Canada and as such shall have no authority or obligation on behalf of any holder holders of any Bond Note to agree to or to bind any such holder to any modification of the this Fiscal Agency Agreement or the Bondsrelevant Notes, it being expressly acknowledged that the applicable Registrar has no fiduciary duty to the holders of the BondsNotes. (b2) The authority given to the applicable Registrar by this Section 15 17 shall automatically terminate as of the first meeting of the holders of such Bonds Notes to occur following the date on which the applicable Registrar receives the written notice from Canada referred to in Subsection 15(asubsection 17(1) hereof unless such holders shall have passed a resolution at that meeting (or at any adjournment thereof) authorizing the applicable Registrar to continue to act in this capacity.

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 howeverprovided, 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 holders 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 Section 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.