Common use of Extraordinary Resolutions Clause in Contracts

Extraordinary Resolutions. ‌ (a) An Extraordinary Resolution, passed at a meeting of the Debentureholders held in accordance with the provisions hereof, shall be binding upon all Debentureholders and upon each and every Debentureholder whether present at or absent from the meeting at which such Extraordinary Resolution is approved and whether or not signing any signed Extraordinary Resolution in the manner permitted hereby, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect thereto accordingly. (b) The expression "Extraordinary Resolution" when used in this Indenture means, subject as hereinafter in this Article 16 provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders duly convened for the purpose and held in accordance with the provisions of this Article 16 at which, subject to Subsection 16.3(c), holders of at least more than fifty percent (50%) in principal amount of the Debentures then outstanding are present in person or by proxy and passed by the favourable votes of the holders of not less than sixty-six and two thirds percent (66 2/3%) of the principal amount of Debentures represented at the meeting and voted on a poll upon such resolution. (c) If, at any such meeting, holders of more than fifty percent (50%) in principal amount of the Debentures outstanding are not present in person or by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting, if convened by Debentureholders or by the Trustee on a request of Debentureholders shall be terminated: but if otherwise convened the meeting shall stand adjourned to such date, being not less than fourteen

Extraordinary Resolutions. ‌ (a1) An Extraordinary Resolution, passed at a meeting of the Debentureholders held in accordance with the provisions hereof, shall be binding upon all the Debentureholders and upon each and every Debentureholder whether present at or absent from the meeting at which such Extraordinary Resolution is approved and whether or not signing any signed Extraordinary Resolution in the manner permitted hereby, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect thereto accordingly. (b2) The expression "Extraordinary Resolution" when used in this Indenture means, subject as hereinafter in this Article 16 provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders duly convened for the purpose and held in accordance with the provisions of this Article 16 at which, subject to Subsection 16.3(c16.03(3), holders of at least more than fifty percent thirty-three and one-third (5033 and 1/3%) percent in principal amount of the Debentures then outstanding are present in person or by proxy and passed by the favourable votes of the holders of not less than sixty-six and two thirds percent (66 66-2/3%) percent of the principal amount of Debentures represented at the meeting and voted on a poll upon such resolution. (c3) If, If at any such meeting, meeting holders of more than fifty percent thirty-three and one-third (5033 and 1/3%) percent in principal amount of the Debentures outstanding are not present in person or by proxy within thirty (30) minutes after the time appointed for the meeting, then the meeting, if convened by Debentureholders or by the Trustee on a request of Debentureholders shall be terminated: but if otherwise convened the meeting shall stand adjourned to such date, being not less than fourteenfifteen (15) nor more than fifty (50) days later, and to such place and time as may be appointed by the chairman. Not less than ten (10) days notice shall be given of the time and place of such adjourned meeting in the manner prescribed for notice of meetings of Debentureholders. Such notice shall state that at the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Debentur eholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Subsection 16.03(2) shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that holders of fifty-one (51%) percent in principal amount of the Debentures then outstanding are not present in person or by proxy at such adjourned meeting. (4) Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary. (5) Save as herein expressly otherwise provided, no action shall be taken at a meeting of the Debentureholders which changes any provision of this Indenture or changes or prejudices the exercise of any right of any Debentureholder except by Extraordinary Resolution as above provided.