Control by Bondholders. With respect to acceleration of the principal amount of the Bonds, the Holders of Bonds representing more than fifty percent (50%) of the then Aggregate Outstanding Principal Amount of the Bonds shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee hereunder or exercising any trust or power conferred on the Trustee; provided that: (a) such direction shall not be in conflict with any rule of law or with this Indenture; and (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; provided, however, that, subject to Section 13.01, the Trustee need not take any action which it determines might involve it in liability or be unjustly prejudicial to the Bondholders not consenting thereto.
Appears in 4 contracts
Samples: Indenture (Warren Resources Inc), Indenture (Warren Resources Inc), Indenture (Warren Resources Inc)
Control by Bondholders. With respect to acceleration of the principal amount of the Bonds, the The Holders of Bonds representing more not less than fifty percent (50%) 66 2/3% of the then Aggregate Outstanding Current Principal Amount of the Outstanding Bonds shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee hereunder or exercising any trust or power conferred on the Trustee; provided that:
(a1) such direction shall not be in conflict with any applicable rule of law or with this Indenture; and
(b2) the Trustee may take any other action deemed proper by the Trustee which that is not inconsistent with such direction; provided, however, that, subject to Section 13.017.01, the Trustee need not take any action which that it determines might involve it in liability or be unjustly prejudicial to the Bondholders not consenting theretoconsenting.
Appears in 3 contracts
Samples: Indenture (National Collegiate Trust 1996-S2), Indenture (National Collegiate Trust 1996-S2), Indenture (National Collegiate Trust 1996-S2)