Common use of Programme Resolution Clause in Contracts

Programme Resolution. Notwithstanding the provisions of the immediately preceding paragraph, any Resolution to direct the Common Representative to accelerate the Covered Bonds pursuant to Condition 9 (Events of Default and Enforcement) of the Terms and Conditions of the Covered Bonds or to direct the Common Representative to take any enforcement action (each a "Programme Resolution") shall only be capable of being passed at a single meeting of the holders of Covered Bonds of all Series then outstanding. Any such meeting to consider a Programme Resolution may be convened by the Issuer or the Common Representative or by holders of Covered Bonds of any Series. A Programme Resolution passed at any meeting of the holders of Covered Bonds of all Series shall be binding on all holders of Covered Bonds of all Series, whether or not they are present at the meeting.

Programme Resolution. Notwithstanding the provisions of the immediately preceding paragraph, any Resolution to direct the Common Representative to accelerate the Covered Bonds pursuant to Condition 9 (Events of Default and Enforcement) of the Terms and Conditions of the Covered Bonds or to direct the Common Representative to take any enforcement action (each a "“Programme Resolution"”) shall only be capable of being passed at a single meeting of the holders of Covered Bonds of all Series then outstanding. Any such meeting to consider a Programme Resolution may be convened by the Issuer or the Common Representative or by holders of Covered Bonds of any Series. A Programme Resolution passed at any meeting of the holders of Covered Bonds of all Series shall be binding on all holders of Covered Bonds of all Series, whether or not they are present at the meeting.