Common use of Substitution of Mortgaged Property Clause in Contracts

Substitution of Mortgaged Property. The Issuer may from time to time upon agreement with all the Noteholders or Warrantholders, as the case may be, or if so directed by an Extraordinary Resolution or, where the Trustee is satisfied that such substitution is not materially prejudicial to the interests of the Noteholders or Warrantholders, as the case may be, upon agreement with the Trustee, and, in each case, with the prior written consent of each Other Creditor, substitute alternative secured assets for such of the Mortgaged Property as it may deem appropriate (provided, in each case, that notice is given to Moody's (in the case of Notes rated by Moody's and issued by Xxxxxx, Xxxxxx XX, Xxxx and/or Xxxx XX) and S&P (in the case of Notes rated by S&P and issued by Xxxxxx, Xxxxxx XXX, Xxxxxx XX, Xxxx and/or Xxxx XX) (each as defined in the Principal Trust Deed)). Any such alternative secured assets shall be held subject to the Transaction Security in favour of the Trustee and the Issuer shall execute such further documentation as the Trustee may require in order to constitute such Transaction Security as a condition to such substitution (which documentation shall include, as long as any Securities are listed on Euronext Dublin and the rules of that stock exchange so require, a supplement to the Offering Circular Supplement setting out details of such substitute alternative secured assets). If the relevant Holders or, as the case may be, the Trustee (where satisfied as stated above) and each Other Creditor agree to such substitution, the Issuer shall notify the relevant Holders thereof in accordance with Condition 16 (Notices) and, if the Securities are listed on any stock exchange, the Issuer shall also notify such stock exchange of such substitution.

Substitution of Mortgaged Property. The Issuer may from time to time upon agreement with all the Noteholders or Warrantholders, as the case may be, or if so directed by an Extraordinary Resolution or, where the Trustee is satisfied that such substitution is not materially prejudicial to the interests of the Noteholders or Warrantholders, as the case may beNoteholders, upon agreement with the Trustee, and, in each case, with the prior written consent of each Other Creditor, substitute alternative secured assets for such of the Mortgaged Property as it may deem appropriate (provided, in each case, that notice is given such substitution will not at the time of substitution result in a downgrading of any rating assigned to Moody's (in the case of Notes rated by Moody's and issued by XxxxxxXxxxxx or Iris, Xxxxxx XX, Xxxx as confirmed in writing by Xxxxx'x and/or Xxxx XX) and S&P (in the case of Notes rated by S&P and issued by Xxxxxx, Xxxxxx XXX, Xxxxxx XX, Xxxx and/or Xxxx XX) Standard & Poor's (each as defined in the Principal Trust Deed)). Any such alternative secured assets shall be held subject to the Transaction Security in favour of the Trustee and the Issuer shall execute such further documentation as the Trustee may require in order to constitute such Transaction Security as a condition to such substitution (which documentation shall include, as long as any Securities Notes are listed on Euronext Dublin the Irish Stock Exchange and the rules of that stock exchange Stock Exchange so require, a supplement to the Offering Circular Supplement setting out details of such substitute alternative secured assets). If the relevant Holders Noteholders or, as the case may be, the Trustee (where satisfied as stated above) and each Other Creditor agree to such substitution, the Issuer shall notify the relevant Holders Noteholders thereof in accordance with Condition 16 (Notices) 15 and, if the Securities Notes are listed on any stock exchange, the Issuer shall also notify such stock exchange of such substitution.

Substitution of Mortgaged Property. The Issuer may from time to time upon agreement with all the Noteholders or Warrantholders, as the case may be, or if so directed by an Extraordinary Resolution or, where the Trustee is satisfied that such substitution is not materially prejudicial to the interests of the Noteholders or Warrantholders, as the case may be, upon agreement with the Trustee, and, in each case, with the prior written consent of each Other Creditor, substitute alternative secured assets for such of the Mortgaged Property as it may deem appropriate (provided, in each case, that notice is given to Moody's (in the case of Notes rated by Moody's and issued by Xxxxxx, Xxxxxx XX, Xxxx and/or Xxxx XX) and S&P (in the case of Notes rated by S&P and issued by Xxxxxx, Xxxxxx XXX, Xxxxxx XX, Xxxx and/or Xxxx XX) (each as defined in the Principal Trust Deed)). Any such alternative secured assets shall be held subject to the Transaction Security in favour of the Trustee and the Issuer shall execute such further documentation as the Trustee may require in order to constitute such Transaction Security as a condition to such substitution (which documentation shall include, as long as any Securities are listed on Euronext Dublin the Irish Stock Exchange and the rules of that stock exchange so require, a supplement to the Offering Circular Supplement setting out details of such substitute alternative secured assets). If the relevant Holders or, as the case may be, the Trustee (where satisfied as stated above) and each Other Creditor agree to such substitution, the Issuer shall notify the relevant Holders thereof in accordance with Condition 16 (Notices) and, if the Securities are listed on any stock exchange, the Issuer shall also notify such stock exchange of such substitution.

Substitution of Mortgaged Property. ‌ The Issuer may from time to time upon agreement with all the Noteholders or Warrantholders, as the case may be, or if so directed by an Extraordinary Resolution or, where the Trustee is satisfied that such substitution is not materially prejudicial to the interests of the Noteholders or Warrantholders, as the case may be, upon agreement with the Trustee, and, in each case, with the prior written consent of each Other Creditor, substitute alternative secured assets for such of the Mortgaged Property as it may deem appropriate (provided, in each case, that notice is given to Moody's (in the case of Notes rated by Moody's and issued by Xxxxxx, Xxxxxx XX, Xxxx and/or Xxxx XX) and S&P (in the case of Notes rated by S&P and issued by Xxxxxx, Xxxxxx XXX, Xxxxxx XX, Xxxx and/or Xxxx XX) (each as defined in the Principal Trust Deed)). Any such alternative secured assets shall be held subject to the Transaction Security in favour of the Trustee and the Issuer shall execute such further documentation as the Trustee may require in order to constitute such Transaction Security as a condition to such substitution (which documentation shall include, as long as any Securities are listed on Euronext Dublin and the rules of that stock exchange so require, a supplement to the Offering Circular Supplement setting out details of such substitute alternative secured assets). If the relevant Holders or, as the case may be, the Trustee (where satisfied as stated above) and each Other Creditor agree to such substitution, the Issuer shall notify the relevant Holders thereof in accordance with Condition 16 (Notices) and, if the Securities are listed on any stock exchange, the Issuer shall also notify such stock exchange of such substitution.