STID Proposal definition
Examples of STID Proposal in a sentence
Qualifying Debt) below in respect of the Issuer and the Non-Migrated Bondholders, a single vote by reference to the entire Outstanding Principal Amount of the Qualifying Borrower Debt of the applicable Participating QBS Creditors will be counted for or, as the case may be, against the applicable STID Proposal, SSA Instruction Notice, Emergency SSA Instruction Notice, Enforcement Instruction Notice, Further Enforcement Instruction Notice, Intercreditor Instruction Notice or Direction Notice.
Where a STID Proposal gives rise to a Subordinated Lender Consent Matter, the proposed resolution may not be passed without additionally the prior written consent of the Majority Subordinated Creditors or, in certain circumstances, certain ratings confirmations, in each case in accordance with clause 3.3 of the Senior/Subordinated Intercreditor Agreement.
The Determination Dissenting Notice should also specify the voting category of the relevant STID Proposal and the Decision Period which Determination Dissenting Creditors propose should apply for the relevant STID Proposal.
The Appropriate Expert (acting jointly, if comprising more than one individual) having regard to all the circumstances and facts that he/she considers relevant must determine the relevant voting category and/or the Decision Period to be made in respect of the relevant STID Proposal or whether such STID Proposal gives rise to an Entrenched Right of the relevant Borrower Secured Creditor(s) (or, as applicable, Issuer Secured Creditor) or a Non-Migrated Bond Voting Matter.
The provisions governing the voting and quorum requirements in respect of votes cast for or against the O&M Consent Request by the Bondholders, through the Bond Trustee on their behalf, in relation to the STID Proposal are set out in paragraph 1 of schedule 2 (STID Decision Making Protocol) to the STID (the STID Decision Making Protocol).
The provisions governing the voting and quorum requirements in respect of votes cast for or against the O&M Consent Request in relation to the STID Proposal are set out in paragraph 1 of schedule 2 (STID Decision Making Protocol) to the STID (the STID Decision Making Protocol).
The expert(s) appointed pursuant to this Clause 12.4.4 (the “Appropriate Expert”) shall, having regard to all the circumstances and facts that he/she considers relevant, determine the relevant voting category in respect of the relevant Borrower STID Proposal or whether such Borrower STID Proposal gives rise to an Entrenched Right affecting the relevant Borrower Secured Creditor(s).
Where any Borrower Secured Creditor Representative on behalf of its Borrower Secured Creditor(s) directs the Borrower Security Trustee to take action in response to a Borrower STID Proposal, an Entrenched Right, a Qualifying Borrower Secured Creditor Instruction Notice or a Borrower Direction Notice, such Borrower Secured Creditor or, on behalf of such Borrower Secured Creditor, its Borrower Secured Creditor Representative will have no fiduciary duty to any other Borrower Secured Creditor.
The Borrower Security Trustee shall, following receipt of a Borrower STID Proposal, promptly but no later than five Business Days thereafter send a request (a “Borrower STID Voting Request”) in respect of any Ordinary Voting Matter, Extraordinary Voting Matter or Entrenched Right to each Borrower Secured Creditor (through its Borrower Secured Creditor Representative).
On 4 November 2019, the Security Group Agent submitted a STID Proposal (the "STID Proposal") to the Security Trustee and the Secured Creditor Representatives in respect of the Proposed Reorganisation and the Proposed Documentary Changes (each as defined therein).