Common use of Ordinary Resolutions Clause in Contracts

Ordinary Resolutions. The Agency Agreement contains provisions for convening meetings of the Noteholders (which may be held at a physical location, or via an electronic platform (such as a conference call or videoconference) or by a combination of such methods) to consider any matter affecting their interests. Subject to the discussion below under “— Extraordinary Resolutions”, any resolution passed by holders shall be an Ordinary Resolution. An Ordinary Resolution may be passed by a majority of Noteholders present at a meeting at which the necessary quorum will be one or more persons holding or representing not less than 1/20th in nominal amount of the Notes for the time being outstanding. At any adjourned meeting for an Ordinary Resolution, one or more persons present whatever the nominal amount of the Notes held or represented by him or them will form a quorum.