STID PROPOSAL Clause Samples

STID PROPOSAL. 3.1 The MDA is a Common Document and, accordingly, the Issuer is requesting the Security Trustee (acting in accordance with the STID Decision Making Protocol) to consent to, as an Ordinary Voting Matter, the Proposed Amendment in accordance with clause 23.2(a) (Amendments and Waivers: Common Documents, Bond Documents, Hedging Agreements and PBCE Documents) of the STID. This request shall constitute a STID Proposal. 3.2 We hereby certify that this STID Proposal: (a) is in respect of an Ordinary Voting Matter; (b) is not a Discretion Matter; (c) is not an Extraordinary Voting Matter; and (d) does not give rise to an Entrenched Right. 3.3 In accordance with paragraph 2.2(c) of schedule 2 (STID Decision Making Protocol) to the STID, we attach a proposed form of resolution (the Ordinary Resolution) at Appendix 2. 3.4 In accordance with paragraph 2.7(a) (STID Voting Request) of schedule 2 (STID Decision Making Protocol) to the STID, we hereby request the Security Trustee to send, promptly following receipt of this STID Proposal but no later than three Business Days thereafter: (a) a STID Voting Request (as defined in the STID and substantially in the form set out at Appendix 3 to this STID Proposal) to the Bond Trustee, the Hedge Counterparties, the BELLC Provider and the PBCE Provider; and (b) a STID Voting Request (as defined in the STID and substantially in the form set out at Appendix 4 to this STID Proposal) to the Bondholders. 3.5 In accordance with paragraphs 5.1 (Scope of Ordinary Voting Matters) and 5.2 (Requisite majority) of schedule 2 (STID Decision Making Protocol) to the STID, the Security Trustee may only agree to the Proposed Amendment as an Ordinary Voting Matter if the Ordinary Resolution is passed. The Ordinary Resolution will be passed unless Senior Creditors representing in aggregate at least 25 per cent. of the Senior Voting Debt have responded to the STID Voting Request referred to above, before the end of the Decision Period (as defined in paragraph 3.8 below), to inform the Security Trustee that they object to the STID Proposal (the Objection Threshold). 3.6 Pursuant to paragraph 5.3 (Notification of Ordinary Resolution) of schedule 2 (STID Decision Making Protocol) to the STID, the Security Trustee shall notify: (a) each Secured Creditor of the result of the Ordinary Resolution promptly following the expiry of the Decision Period (as defined in paragraph 3.8 below) or (if earlier) following the date on which the Security Trustee has rec...