Common use of Enforcement of Notes Clause in Contracts

Enforcement of Notes. The Note Trustee may, at its discretion and without notice at any time and from time to time, take such steps and institute such proceedings against the Current Issuer or any other person as it may think fit to enforce the provisions of the Notes, the Current Issuer Trust Deed (including these Conditions), the Current Issuer Deed of Charge or any of the other Transaction Documents. The Note Trustee may, at its discretion and without notice, at any time after the Current Issuer Security has become enforceable, take such steps as it may think fit to enforce the Current Issuer Security. The Note Trustee shall not be bound to take any such proceedings or steps unless: (i) (subject in all cases to restrictions contained in the Current Issuer Trust Deed or, as the case may be, the Current Issuer Deed of Charge to protect the interests of any higher ranking class of Noteholders) it shall have been so directed by an Extraordinary Resolution (as described in Condition 9) of the Class A Noteholders, the Class B Noteholders, the Class M Noteholders or the Class C Noteholders or so requested in writing by the Holders of at least 25 per cent. in Principal Amount Outstanding of the Class A Notes, Class B Notes, Class M Notes or Class C Notes; and (ii) it shall have been indemnified to its satisfaction. Amounts available for distribution after enforcement of the Current Issuer Security shall be distributed in accordance with the terms of the Current Issuer Deed of Charge. (1) the Note Trustee has become bound to institute proceedings and has failed to do so within 30 days of becoming so bound and (2) such failure is continuing; provided that, no Class B Noteholder, Class M Noteholder or Class C Noteholder will be entitled to commence proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Notes of a class with higher priority, or if Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Notes outstanding (as defined in the Current Issuer Trust Deed) of the class or classes of Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of the Current Issuer Trust Deed, the right of any Noteholder to receive payment of principal and interest on its Notes on or after the due date for such principal or interest, or to institute suit for the enforcement of payment of that principal or interest, may not be impaired or affected without the consent of that Noteholder. In the event that (a) the Current Issuer Security is enforced and after payment of all other claims ranking in priority to the Notes under the Current Issuer Deed of Charge, the remaining proceeds of such enforcement are insufficient to pay in full all principal and interest and other amounts whatsoever due in respect of the Notes and all other claims ranking pari passu therewith or (b) within 20 days following the Final Maturity Date of the latest maturing Note, the Note Trustee certifies that there is no further amount outstanding under the related Current Issuer Intercompany Loan, then all interests in the Global Note Certificate will be automatically exchanged for equivalent interests in an equivalent amount of Notes in an equivalent Principal Amount Outstanding in Individual Note Certificates and such Global Note Certificate will be cancelled on the date of such exchange. The Noteholders are required and the Note Trustee is required on their behalf at the request of the Post Enforcement Call Option Holder, to transfer or (as the case may be) procure transfer of all (but not some only) of the Notes to the Post Enforcement Call Option Holder pursuant to the option granted to it by the Note Trustee (as agent for the Noteholders) pursuant to the Current Issuer Post Enforcement Call Option Agreement. The Noteholders will not be paid for that transfer. Immediately upon such transfer, no such former Noteholder shall have any further interest in the Notes. Each of the Noteholders acknowledges that the Note Trustee has the authority and the power to bind the Noteholders in accordance with the terms and conditions set out in the Current Issuer Post Enforcement Call Option Agreement and each Noteholder, by subscribing for or purchasing Notes, agrees to be so bound.

Enforcement of Notes. The Note Trustee may, at its discretion and without notice at any time and from time to time, take such steps and institute such proceedings against the Current Issuer or any other person as it may think fit to enforce the provisions of the Notes, the Current Issuer Trust Deed (including these Conditions), the Current Issuer Deed of Charge or any of the other Transaction Documents. The Note Trustee may, at its discretion and without notice, at any time after the Current Issuer Security has become enforceable, take such steps as it may think fit to enforce the Current Issuer Security. The Note Trustee shall not be bound to take any such proceedings or steps unless: (i) (subject in all cases to restrictions contained in the Current Issuer Trust Deed or, as the case may be, the Current Issuer Deed of Charge to protect the interests of any higher ranking class of Noteholders) it shall have been so directed by an Extraordinary Resolution (as described in Condition 9) of the Class A Noteholders, the Class B Noteholders, the Series 2 Class M Noteholders or the Class C Noteholders or so requested in writing by the Holders of at least 25 per cent. in Principal Amount Outstanding of the Class A Notes, Class B Notes, Series 2 Class M Notes or Class C Notes; and (ii) it shall have been indemnified to its satisfaction. Amounts available for distribution after enforcement of the Current Issuer Security shall be distributed in accordance with the terms of the Current Issuer lssuer Deed of Charge. (1) the Note Trustee has become bound to institute proceedings and has failed to do so within 30 days of becoming so bound and (2) such failure is continuing; provided that, no Class B Noteholder, Series 2 Class M Noteholder or Class C Noteholder will be entitled to commence proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Notes of a class with higher priority, or if Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Notes outstanding (as defined in the Current Issuer Trust Deed) of the class or classes of Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of the Current Issuer Trust Deed, the right of any Noteholder to receive payment of principal and interest on its Notes on or after the due date for such principal or interest, or to institute suit for the enforcement of payment of that principal or interest, may not be impaired or affected without the consent of that Noteholder. In the event that (a) the Current Issuer Security is enforced and after payment of all other claims ranking in priority to the Notes under the Current Issuer Deed of Charge, the remaining proceeds of such enforcement are insufficient to pay in full all principal and interest and other amounts whatsoever due in respect of the Notes and all other claims ranking pari passu therewith or (b) within 20 days following the Final Maturity Date of the latest maturing Note, the Note Trustee certifies that there is no further amount outstanding under the related Current Issuer Intercompany Loan, then all interests in the Global Note Certificate will be automatically exchanged for equivalent interests in an equivalent amount of Notes in an equivalent Principal Amount Outstanding in Individual Note Certificates and such Global Note Certificate will be cancelled on the date of such exchange. The Noteholders are required and the Note Trustee is required on their behalf at the request of the Post Enforcement Call Option Holder, to transfer or (as the case may be) procure transfer of all (but not some only) of the Notes to the Post Enforcement Call Option Holder pursuant to the option granted to it by the Note Trustee (as agent for the Noteholders) pursuant to the Current Issuer Post Enforcement Call Option Agreement. The Noteholders will not be paid for that transfer. Immediately upon such transfer, no such former Noteholder shall have any further interest in the Notes. Each of the Noteholders acknowledges that the Note Trustee has the authority and the power to bind the Noteholders in accordance with the terms and conditions set out in the Current Issuer Post Enforcement Call Option Agreement and each Noteholder, by subscribing for or purchasing Notes, agrees to be so bound.

Enforcement of Notes. The Note Trustee may, at its discretion and without notice at any time and from time to time, take such steps and institute such proceedings against the Current Issuer or any other person as it may think fit to enforce the provisions of the Notes, the Current Issuer Trust Deed (including these Conditions), the Current Issuer Deed of Charge or any of the other Transaction Documents. The Note Trustee may, at its discretion and without notice, at any time after the Current Issuer Security has become enforceable, take such steps as it may think fit to enforce the Current Issuer Security. The Note Trustee shall not be bound to take any such proceedings or steps unless: (i) (subject in all cases to restrictions contained in the Current Issuer Trust Deed or, as the case may be, the Current Issuer Deed of Charge to protect the interests of any higher ranking class of Noteholders) it shall have been so directed by an Extraordinary Resolution (as described in Condition 9) of the Class A Noteholders, the Class B Noteholders, the Class M Noteholders or the Class C Noteholders or so requested in writing by the Holders of at least 25 per cent. in Principal Amount Outstanding of the Class A Notes, Class B Notes, Class M Notes outstanding or Class C NotesNotes outstanding; and (ii) it shall have been indemnified to its satisfaction. Amounts available for distribution after enforcement of the Current Issuer Security shall be distributed in accordance with the terms of the Current Issuer Deed of Charge. (1) the Note Trustee has become bound to institute proceedings and has failed to do so within 30 days of becoming so bound and (2) such failure is continuing; provided that, no Class B Noteholder, Class M Noteholder or Class C Noteholder will be entitled to commence proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Notes of a class with higher priority, or if Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Notes outstanding (as defined in the Current Issuer Trust Deed) of the class or classes of Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of the Current Issuer Trust Deed, the right of any Noteholder to receive payment of principal and interest on its Notes on or after the due date for such principal or interest, or to institute suit for the enforcement of payment of that principal or interest, may not be impaired or affected without the consent of that Noteholder. In the event that (a) the Current Issuer Security is enforced and after payment of all other claims ranking in priority to the Notes under the Current Issuer Deed of Charge, the remaining proceeds of such enforcement are insufficient to pay in full all principal and interest and other amounts whatsoever due in respect of the Notes and all other claims ranking pari passu therewith or (b) within 20 days following the Final Maturity Date of the latest maturing Note, the Note Trustee certifies that there is no further amount outstanding under the related Current Issuer Intercompany Loan, then all interests in the Global Note Certificate will be automatically exchanged for equivalent interests in an equivalent amount of Notes in an equivalent Principal Amount Outstanding in Individual Note Certificates and such Global Note Certificate will be cancelled on the date of such exchange. The Noteholders are required and the Note Trustee is required on their behalf at the request of the Post Enforcement Call Option Holder, to transfer or (as the case may be) procure transfer of all (but not some only) of the Notes to the Post Enforcement Call Option Holder pursuant to the option granted to it by the Note Trustee (as agent for the Noteholders) pursuant to the Current Issuer Post Enforcement Call Option Agreement. The Noteholders will not be paid for that transfer. Immediately upon such transfer, no such former Noteholder shall have any further interest in the Notes. Each of the Noteholders acknowledges that the Note Trustee has the authority and the power to bind the Noteholders in accordance with the terms and conditions set out in the Current Issuer Post Enforcement Call Option Agreement and each Noteholder, by subscribing for or purchasing Notes, agrees to be so bound.