Common use of Procedure for amendments and waivers Clause in Contracts

Procedure for amendments and waivers. (a) The Issuer and the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the First Lien Notes Documents or waive a past default or anticipated failure to comply with any provision in a First Lien Notes Document, provided that: (i) such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any material respect, or is made solely for the purpose of rectifying obvious errors and mistakes; or (ii) such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority; or (iii) such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 15 (Bondholders’ Decisions). (b) Any changes to these Bond Terms necessary or appropriate in connection with the appointment of a Security Agent other than the Bond Trustee shall be documented in an amendment to these Bond Terms, signed by the Bond Trustee (in its discretion). If so desired by the Bond Trustee, any or all of the Transaction Security Documents shall be amended, assigned or re-issued, so that the Security Agent is the holder of the relevant Security (on behalf of the Bondholders). The costs incurred in connection with such amendment, assignment or re-issue shall be for the account of the Issuer.

Procedure for amendments and waivers. (a) The Issuer and the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the First Lien Notes Finance Documents or waive a past default or anticipated failure to comply with any provision in a First Lien Notes Finance Document, provided that: (i) such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any material respect, or is made solely for the purpose of rectifying obvious errors and mistakes; or (ii) such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority; or (iii) such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 15 (Bondholders’ Decisions). (b) Any changes to these Bond Terms necessary or appropriate in connection with the appointment of a Security Agent other than the Bond Trustee shall be documented in an amendment to these Bond Terms, signed by the Bond Trustee (in its discretion). If so desired by the Bond Trustee, any or all of the Transaction Security Documents shall be amended, assigned or re-issued, so that the Security Agent is the holder of the relevant Security (on behalf of the Bondholders). The costs incurred in connection with such amendment, assignment or re-issue shall be for the account of the Issuer.