Common use of WAIVER, AUTHORISATION AND DETERMINATION Clause in Contracts

WAIVER, AUTHORISATION AND DETERMINATION. The Delegate may (but shall not be obliged to), without the consent of the Certificateholders and without prejudice to its rights in respect of any subsequent breach, from time to time and at any time: (a) agree to waive or to authorise any breach or proposed breach of, any of the provisions of this Master Trust Deed or any other Transaction Document; or (b) determine that any Dissolution Event shall not be treated as such, provided that such waiver, authorisation or determination is: (i) in the sole opinion of the Delegate not materially prejudicial to the interests of the outstanding Certificateholders; (ii) in each case, other than in respect of a Reserved Matter; and (iii) not in contravention of any express direction by Extraordinary Resolution or request in writing by the holders of at least 25% of the outstanding aggregate face amount of that Series. No such direction or request will affect a previous waiver, authorisation or determination. Any such waiver, authorisation or determination shall be binding on the Certificateholders (of the applicable Series) and, unless the Delegate otherwise agrees, shall be notified by the Trustee (or the Obligor on its behalf) to the Certificateholders (of the applicable Series) in accordance with Condition 18 (Notices) as soon as practicable thereafter.