Common use of Decision Procedure Clause in Contracts

Decision Procedure. (a) If at any time until the Discharge Date in relation to the ECA Debt, the Security Trustee receives a notice under Clause 4.1 (Notice) or under Clause 2.12 (Information) stating that an Event of Default has or may have occurred (a Preliminary Notice) relating to a Default and, within thirty (30) days after its receipt of that notice, all of the National Agents each give written notice (a Notice of Inaction) to the Security Trustee requiring it to do so, the Security Trustee shall by notice in writing to the Borrower and the Head Lessee (a Notice) reserve all of the rights of the Finance Parties under the Transaction Documents arising on the occurrence of the relevant event. (b) A Notice may, if all the National Agents so request, require the Borrower or, as the case may be, the Head Lessee to remedy such event (if capable of remedy) within thirty (30) days after the date on which the Notice is given or such other period as the National Agents may agree and notify to the Security Trustee in writing. (c) Upon the expiry of the period specified in a Notice, the Security Trustee shall, if it is instructed in writing to do so by all of the National Agents and if an Event of Default is continuing, give to the Borrower and the Head Lessee a further Notice, on the same terms and conditions as the previous Notice, save only that the period given for remedying the relevant event shall be thirty (30) days after the giving of the further Notice or such other period as the National Agents may agree and notify to the Security Trustee in writing. (d) If within a period of thirty (30) days following the receipt of a Preliminary Notice under Clause 4.2(a) prior to or upon the expiry of the period specified in the latest Notice given pursuant to Clause 4.2(b) or (c) (and without prejudice to the giving of any further notices under this Clause 4: (i) not all of the National Agents have given a Notice of Inaction; or (ii) any National Agent gives notice (a Notice for Action) in writing to the Security Trustee requiring such action to be taken, and the Event of Default is continuing, to the extent permitted by the Transaction Documents and Applicable Law: