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programme | |||
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 holders of at least one-fifth in nominal amount of the Notes of the relevant Series then outstanding, directed by an Extraordinary Resolution or directed in writing by the Hedge Counterparty (in respect of the Hedging Agreement only), 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 Settlement Agent, the Disposal Agent and the Hedge Counterparty (or, in the event that there is no Hedge Counterparty, the Vendor)), enforce the Security constituted by the Trust Deed and/or any other Security Documents (if applicable). 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 Settlement Agent, any Disposal Agent and the Hedge Counterparty (or, in the event that there is no Hedge Counterparty, the Vendor) that (a) the Trustee intends to enforce the Security or has been requested or directed to do so, and (b) the Disposal Agent 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 shall take any steps and actions necessary to settle such transaction and/or which is incidental thereto. | |||
<nowiki>==PART I: PRELIMINARY== | <nowiki>==PART I: PRELIMINARY== | ||