User:Amwelladmin: Difference between revisions

Enforcement of Security: [The Security shall become enforceable upon the occurrence of an Enforcement Event. At any time after the occurrence of an Enforcement Event, the Trustee may at its discretion and without notice, and if requested by the holder of the Notes, directed by an Extraordinary Resolution or directed in writing by the Hedge Counterparty, shall (provided, in each case, that prior to taking any such action the Trustee shall have been indemnified and/or secured and/or pre-funded to its satisfaction and provided that the Trustee has effectively delivered a valid Enforcement Notice to the Issuer, the Custodian, the EUA Custodian, the Arranger, the Collateral Manager, the Disposal Agent and the Hedge Counterparty), enforce the Security constituted by the Trust Deed. The Trustee shall be obliged to act on the first such direction received pursuant to this Clause 5.6 and shall have no liability to any person for so doing. Prior to taking any steps to enforce the Security, the Trustee shall give an Enforcement Notice to the Issuer, the Custodian, the EUA Custodian, the Arranger, the Collateral Manager, the Disposal Agent and the Hedge Counterparty that (a) the Trustee intends to enforce the Security or has been requested or directed to do so, and (b) the Disposal Agent and/or the Collateral Manager (as applicable) is to cease to effect any further Liquidation of the Collateral (if such Liquidation is taking place), save that any transaction entered into in connection with the Liquidation on or prior to the effective date of such Enforcement Notice shall be settled and the Disposal Agent and/or the Collateral Manager (as applicable) shall take any steps and actions necessary to settle such transaction and/or which is incidental thereto.]