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Railhub Archive
2001-10-09 RTK-001
Railtrack plc

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Suspension of shares: Government appointment of administrator to Railtrack plc


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Railtrack plc

Suspension of shares: Government appointment of administrator to Railtrack plc
_______________________________________________________________


date
[[c.9 October 2001]]
source Railtrack plc
type Notice

note CA012810003
comment Redacted version. Omissions marked [[R]]


£ [[R]] PER CENT. BONDS ISSUED BY RAILTRACK PLC DUE [[R]]

(THE “BONDS”)

PROPOSAL TO BONDHOLDERS

Railtrack plc (in administration) intends to convene a meeting of Bondholders to consider and if thought fit approve an extraordinary resolution the terms of which shall substantially reflect the points below.
Capitalised terms used in this Proposal which are not defined herein shall have the same meanings as they do under the Trust Deed.

“Administration Order” shall mean a railway administration order, as defined in section 59 of the Railways Act 1993 (as amended), and “Standstill Period” shall mean the period commencing on the date of the passing of the relevant resolution (the “Standstill Resolution”) and ending on the day falling three years after the date of the Administration Order, i.e. 7th October, 2004.

Bondholders will be asked to approve entry by the Trustee of the Bonds into a deed of waiver and standstill (the “Standstill Agreement”) including the following provisions. The terms and conditions of the Bonds and the Trust Deed will be amended accordingly.

The Trustee and the Bondholders will irrevocably waive all Defaults subsisting at the date of the Standstill Agreement or which may occur during the Standstill Period including but not limited to defaults arising under conditions [[R]].

The Trustee and the Bondholders will agree that any notice given prior to the date of the Standstill Agreement pursuant to condition [[R]] of the Bonds is revoked and of no effect and that no acceleration of the Bonds shall be deemed to have occurred.

The Trustee and the Bondholders will agree that their rights of redemption pursuant to condition [[R]] and their rights to exercise any put option pursuant to condition [[R]] are revoked and of no effect.

During the Standstill Period neither the Trustee nor any Bondholder will exercise any right of set-off. Any set-off effected between the date of the Administration Order and the date of the Standstill Agreement will be reversed.

The quorum required to pass any resolution to change the quorum requirements shall, for any meeting which has not been adjourned, be Bondholders representing at least fifty per cent. of the outstanding principal amount of the Bonds and shall, for any meeting which has been adjourned, be a single Bondholder.

The majority required to pass an Extraordinary Resolution will be reduced to more than fifty per cent. of the votes cast.

Notwithstanding the irrevocable waiver of all defaults and withdrawal of notices of acceleration subsisting at the date of the Standstill Agreement, as provided in paragraphs 1 and 2 above, the requirements to grant further waivers in respect of defaults and to refrain from issuing notices of acceleration shall, from the date of the Standstill Agreement, be conditional upon the Trustee’s receipt of future payments of interest and scheduled principal in the ordinary course.


Railhub Archive ::: 2001-10-09 RTK-001





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