Common use of Control by Bondholders Clause in Contracts

Control by Bondholders. The Holders of Bonds representing more than 50% of the Bond Balance of the Outstanding Bonds on the applicable Record Date shall, with the consent of the Bond Insurer, have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided that: (1) such direction shall not be in conflict with any rule of law or with this Indenture; (2) any direction to the Indenture Trustee to undertake a Sale of the Trust Estate shall be by the Holders of Bonds representing the percentage of the Bond Balance of the Outstanding Bonds specified in Section 5.17(b) (1), unless Section 5.17(b) (2) is applicable; and (3) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; provided, however, that, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or be unjustly prejudicial to the Bondholders not consenting.

Control by Bondholders. The Holders of Bonds of both Classes representing more than 50% of the Bond Class Balance of the Outstanding Bonds on the applicable Record Date shall, with the consent of the Bond Insurer, have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided thatPROVIDED THAT: (1) such direction shall not be in conflict with any rule of law or with this Indenture; (2) any direction to the Indenture Trustee to undertake a Sale of the Trust Estate shall be by the Holders of Bonds representing the percentage of the Bond Class Balance of the Outstanding Bonds specified in Section 5.17(b) (15.17(b)(1), unless Section 5.17(b) (25.17(b)(2) is applicable; and (3) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; providedPROVIDED, howeverHOWEVER, that, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or be unjustly prejudicial to the Bondholders not consenting.