Control by Majority Holders Sample Clauses
The 'Control by Majority Holders' clause establishes that decisions regarding certain actions or amendments under an agreement are determined by the holders of a majority of the relevant interests, such as shares, notes, or voting rights. In practice, this means that if a group of investors or stakeholders collectively holds more than 50% of the specified interests, they have the authority to make binding decisions on behalf of all holders, such as waiving provisions, approving changes, or directing actions. This clause streamlines decision-making processes and prevents minority holders from blocking actions, thereby ensuring efficient governance and reducing the risk of deadlock.
Control by Majority Holders. The Majority Holders shall have the right to direct in writing the decision whether to conduct, and the time, method and place of conducting, any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes; provided, that:
(a) such direction shall not be in conflict with any rule of law or with this Indenture; and
(b) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee which is not inconsistent with such direction; provided, however, that the Indenture Trustee need not take any action which it determines might involve it in liability or be unjustly prejudicial to the Holders not consenting.
Control by Majority Holders. Except as otherwise specified in this Indenture, the Majority Holders shall have the right to direct the time, method, and place of conducting any Proceeding for any remedy available to the Trustee under this Indenture or otherwise with respect to the Timber Notes or exercising any trust or power conferred on the Trustee or the Collateral Agent, including the giving of any notice or direction under the Deed of Trust, 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 that is not inconsistent with such direction.
(c) the Liquidity Providers shall have the right to vote pro rata with the Holders of the Timber Notes and any Additional Timber Notes, based on the outstanding principal amount of Timber Notes, Additional Timber Notes and Advances, in directing the Trustee or Collateral Agent with respect to whether and how to exercise rights against the Mortgaged Property under the Deed of Trust and, for such purpose (and for purposes of Section 7.8(e)), the "Majority Holders" shall be deemed to consist of a majority by outstanding principal amount of Holders of Timber Notes and Additional Timber Notes and the Liquidity Providers.
Control by Majority Holders. Notwithstanding any other provision of this Indenture, the Majority Holders shall have the right following the occurrence, and during the continuance of, an Event of Default to cause the institution of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any other trust or power conferred upon the Trustee; provided that:
(a) such direction shall not conflict with any rule of law or with any express provision of this Indenture;
(b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided that subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability or expense (unless the Trustee has received the indemnity as set forth in sub-Section (c) below);
(c) the Trustee shall have been provided with indemnity reasonably satisfactory to it; and
(d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral must satisfy the requirements of Section 5.5.
Control by Majority Holders. The Investor acknowledges and fully understands that the Majority Holders may control (and bind the Investor to) certain elections pursuant to the Notes, including the conversion or extension of the maturity of this Note.
Control by Majority Holders. 46 Section 12.02. Evidence of Action Taken by Holders 46 Section 12.03. Proof of Execution of Instruments 46 Section 12.04. Notes Owned by the Issuer 47 Section 12.05.
Control by Majority Holders. Except as provided below, the Majority Holders, by a written direction to the Trustee, 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, however, that the Trustee shall have the right to decline to follow any such direction (i) if the Trustee shall be advised by counsel that the action so directed may not lawfully be taken or (ii) if the Trustee shall be advised by counsel that the action so directed may involve it in personal liability unless it shall have been furnished a reasonably satisfactory indemnity or security therefor.
Control by Majority Holders. Holders of a majority in principal amount of the Outstanding Securities may direct the Trustee and/or, subject to the Collateral Agency Agreement, the Collateral Agent with respect to the time, method and place of:
(i) with respect to Securities, conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee and/or the Collateral Agent (including, without limitation, relating to or arising as a result of specified Events of Default); or
(ii) with respect to all Securities issued under this Indenture that are affected, conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee (including, without limitation, relating to or arising as a result of specified Events of Default); provided, however, the Trustee or the Collateral Agent, as the case may be, may refuse to follow any such direction that conflicts with law or this Indenture, that the Trustee or Collateral Agent determines is unduly prejudicial to the rights of other Holders of the Securities (it being understood that neither the Trustee nor the Collateral Agent has an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders), or would expose the Trustee or the Collateral Agent to personal liability. In addition, prior to acting at the direction of Holders, the Trustee and the Collateral Agent will be entitled to be indemnified by those Holders against any loss and expenses caused thereby. Subject to the Trustee’s obligations hereunder, applicable law and this Section 6.12, holders of a majority in principal amount of the Outstanding Securities may direct the Trustee and/or, subject to the Collateral Agency Agreement, the Collateral Agent to act (or refrain from acting) in connection with the exercise of the Trustee’s and/or Collateral Agent’s duties with respect to this Indenture, the Securities, the Collateral, Collateral Documents and any Intercreditor Agreement. Upon receipt by the Trustee of any such direction with respect to Securities all or part of which is represented by a Global Security, a record date shall automatically and without any further action by any Person be set for the purpose of determining the Holders of Outstanding Securities entitled to join in such direction, which record date shall be the close of business on the day the Trustee shall have received such direction. The Holders of Outstanding...