Common use of Modifications and Determinations by Note Trustee Clause in Contracts

Modifications and Determinations by Note Trustee. The Note Trustee, may, without the consent of the Noteholders: (i) agree to any modification of, or to the waiver or authorisation of any breach or proposed breach of, the Conditions of any Series and Class of Notes or any of the Transaction Documents which is not in the opinion of the Note Trustee, materially prejudicial to the interests of the Noteholders of such Series and Class of Notes or of any other Series and Class of Notes; or (ii) determine that any Note Event of Default in respect of a Series and Class of Notes shall not be treated as such provided that, in any such case, it is not in the opinion of the Note Trustee materially prejudicial to the interests of the Noteholders of such Series and Class of Notes or of any other Series and Class of Notes; or (iii) agree to any modification of these Conditions or any of the Transaction Documents which, in the opinion of the Note Trustee, is of a formal, minor or technical nature or is to correct a manifest error or an error established as such to the satisfaction of the Note Trustee, or is to comply with the mandatory provisions of law. Any such modification, waiver, authorisation or determination shall be binding on the Noteholders and, unless the Note Trustee, agrees otherwise, any such modification shall be notified to the Noteholders and the Rating Agencies in accordance with Condition 14 as soon as practicable thereafter.

Modifications and Determinations by Note Trustee. The Note TrusteeTrustee may agree to, mayor authorise, without the consent of the First Issuer Noteholders: , (i) agree to any modification of, or to the waiver or authorisation of any breach or proposed breach of, the these Conditions of any Series and Class of Notes or any of the First Issuer Transaction Documents Documents, which is not not, in the sole opinion of the Note Trustee, materially prejudicial to the interests of the First Issuer Noteholders of such Series and Class of Notes or of any other Series and Class of Notes; or (ii) determine that any Note Event of Default in respect of a Series and Class of Notes shall not be treated as such provided that, in any such case, it is not in the opinion of the Note Trustee materially prejudicial to the interests of the Noteholders of such Series and Class of Notes or of any other Series and Class of Notes; or (iii) agree to any modification of these Conditions or any of the First Issuer Transaction Documents which, in the sole opinion of the Note Trustee, is to correct a manifest error or is of a formal, minor or technical nature (and for the avoidance of doubt, the Note Trustee shall be entitled to assume, without further investigation or is to correct a manifest error inquiry, that such modification, waiver or an error established as such authorisation will not be materially prejudicial to the satisfaction interests of the First Issuer Noteholders if each of the Rating Agencies has confirmed in writing that the then current ratings of the applicable series and/or class or classes of First Issuer Notes would not be adversely affected by such modification, waiver or authorisation). The Note TrusteeTrustee may also, without the consent of the First Issuer Noteholders, determine that any First Issuer Event of Default shall not, or is shall not subject to comply with the mandatory provisions of lawspecified conditions, be treated as such. Any such modification, waiver, authorisation or determination shall be binding on the First Issuer Noteholders and, unless the Note Trustee, Trustee agrees otherwise, any such modification shall be notified to the First Issuer Noteholders and the Rating Agencies in accordance with Condition 14 as soon as practicable thereafter.