When Treasury Securities Disregarded. In determining whether the Noteholders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or by any affiliate of the Issuer shall be disregarded, except that for the purposes of determining whether the Note Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Note Trustee knows are so owned shall be disregarded.
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Samples: Trust Deed (Barclaycard Funding PLC), Trust Deed (Gracechurch Receivables Trustee LTD), Trust Deed (Gracechurch Card Funding No 2 PLC)
When Treasury Securities Disregarded. In determining whether the Noteholders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or by any affiliate Affiliate of the Issuer shall be disregarded, except that for the purposes of determining whether the Note Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Note Trustee knows are so owned shall be disregarded.
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