CONTROL BY DEBENTUREHOLDERS. The Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that (1) such direction shall not be in conflict with any rule of law or with this Indenture, and (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Appears in 5 contracts
Samples: Indenture (United Homes Inc), Indenture (Lundgren Bros Construction Inc), Indenture (United Homes Inc)
CONTROL BY DEBENTUREHOLDERS. The Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that:
(1) such direction shall not be in conflict with any rule of law or with this Indenture, and
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Appears in 3 contracts
Samples: Indenture (Bankatlantic Bancorp Inc), Indenture (Republic Bancshares Inc), Indenture (Republic Bancshares Inc)
CONTROL BY DEBENTUREHOLDERS. The Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding proceedings for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that
(1) such direction shall not be in conflict with any rule of or law or with this Indenture, and
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Appears in 1 contract
Samples: Indenture (Nibco Inc)
CONTROL BY DEBENTUREHOLDERS. The Subject to Sections 7.1(c)(4) and 7.3(5), the Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that:
(1) such direction shall not be in conflict with any rule of law or with this Indenture, and
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Appears in 1 contract
Samples: Indenture (Republic Bancshares Inc)
CONTROL BY DEBENTUREHOLDERS. The Holders of a majority in principal amount of the Outstanding Debentures of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the TrusteeTrustee with respect to the Debentures of such series, provided that:
(1) such direction shall not be in conflict with any rule of law or with this Indenture, and
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Appears in 1 contract
Samples: Trust Indenture Agreement (SFG Mortgage & Investment Co Inc)
CONTROL BY DEBENTUREHOLDERS. The Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that
(1) such direction shall not be in conflict with any rule of law or with this Indenture, and,
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and
(3) such direction shall not be prejudicial to Holders not joining therein or expose the Trustee to personal liability.
Appears in 1 contract
Samples: Indenture (Banctec Inc)
