Common use of Directing Party Clause in Contracts

Directing Party. If, in respect of a Series, a “Directing Party” is specified in the Additional Conditions, then, prior to the Security becoming enforceable, the Issuer shall, if so directed by such Directing Party (i) take such action in relation to the Secured Property and (ii) exercise any rights incidental to the ownership of the Secured Property (including voting rights), provided it will not cause the Issuer to breach any of its obligations. In the event that the Directing Party is the Noteholders, any such direction can only be given by way of Extraordinary Resolution or Written Resolution.

Directing Party. If, in respect of a Series, a “Directing Party” is specified in the Additional Conditions, then, prior to the Security becoming enforceable, the Issuer shall, if so directed by such Directing Party (i) take such action in relation to the Secured Property and (ii) exercise any rights incidental to the ownership of the Secured Property (including voting rights), provided that it will not cause the Issuer to breach any of its obligations. In the event that the Directing Party is the Noteholders, any such direction can only be given by way of Extraordinary Resolution or Written Resolution.