Common use of Control by Majority Noteholders Clause in Contracts

Control by Majority Noteholders. The SBA may, or the Majority Noteholders with the consent of the SBA may, direct the time, method and place of conducting any proceeding relating to the Trust or the Notes or for any remedy available to the Indenture Trustee or the Owner Trustee with respect to the Trust or exercising any trust or power conferred on the Indenture Trustee or the Owner Trustee with respect to the Trust provided that: (i) such direction shall not be in conflict with any rule of law or with this Agreement; (ii) the Indenture Trustee shall have been provided with indemnity satisfactory to it; and (iii) the Indenture Trustee or the Owner Trustee may take any other action deemed proper by the Indenture Trustee or the Owner Trustee which is not inconsistent with such direction; provided, however, that the Indenture Trustee or the Owner Trustee, as the case may be, need not take any action which it determines might be unlawful, violate the Trust Agreement, or involve it in personal liability or may be unjustly prejudicial to the Holders not so directing.