Common use of Ordinary Resolution Clause in Contracts

Ordinary Resolution. An ordinary resolution is a resolution passed at a meeting of the Noteholders convened and held in accordance with the provisions hereof by a majority of the persons voting at such meeting upon a show of hands provided that such majority holds more than fifty per cent (50%) in nominal value of the Notes for the time being outstanding, or if a poll is demanded, then by Noteholders holding or representing by proxy Notes constituting more than fifty per cent (50%) in nominal value of the Notes for the time being outstanding.