Examples of Basic Terms Modification in a sentence
Investors should note that a Basic Terms Modification is required to be sanctioned by an Extraordinary Resolution of the holders of the relevant affected Class or Classes of Notes, as applicable which are affected by such Basic Terms Modifications.
Accordingly, holders of the Notes of the Most Senior Class may direct the Note Trustee or the Security Trustee to take action or pass an Extraordinary Resolution (unless the matter relates to a Basic Terms Modification) which is contrary to the interests of the other Classes of Noteholders.
Subject as provided below in relation to an Extraordinary Resolution concerning a Basic Terms Modification, no Extraordinary Resolution of the Class B Noteholders shall take effect for any purpose while any Class A Notes remain outstanding unless it shall have been sanctioned by an Extraordinary Resolution of the Class A Noteholders or the Note Trustee is of the opinion that it would not be materially prejudicial to the interests of the Class A Noteholders.
Relationship between Classes of NoteholdersExcept in respect of certain matters set out in Condition 12 (Meetings of Noteholders, amendments, waiver, substitution and exchange) and the Trust Deed and excluding for the avoidance of doubt a Basic Terms Modification, an Ordinary Resolution or an Extraordinary Resolution of Noteholders of the Most Senior Class of Notes shall be binding on all other Classes.
While KBC Bank NV (or any Affiliated Entity) remains the owner of those Notes, it will be entitled to vote in respect of them, except that with respect to the voting of any Basic Terms Modification, specific quorum- and majority requirements, as set out in Condition 4.12, will apply in order to protect the interest of External Investors.