Common use of Control by Majority of Holders Clause in Contracts

Control by Majority of Holders. Upon the occurrence of an Event of Default, the Majority of Holders shall, subject to the express provisions of Article VIII of this Loan Agreement, have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Agent or exercising any trust or power conferred on the Agent, provided that (i) such direction shall not be in conflict with any rule of law or with this Loan Agreement, including, without limitation, Section 804 hereof, (ii) such Noteholders have offered to the Agent reasonable indemnity against costs, expenses and liabilities which it might incur in connection therewith (the unsecured indemnity of a Rated Institutional Noteholder being deemed sufficient for such purpose) and (iii) the Agent may take any other action deemed proper by the Agent which is not inconsistent with such direction provided, however, that the Agent need not take any action which it determines might involve it in personal liability or be unjustly prejudicial to the Noteholders not consenting.

Control by Majority of Holders. Upon the occurrence of an Event of Default, the Majority of Holders shall, subject to the express provisions of Article VIII of this Master Loan Agreement, have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Agent or exercising any trust or power conferred on the Agent, provided that (i) such direction shall not be in conflict with any rule of law or with this Master Loan Agreement, including, without limitation, Section 804 hereof, (ii) such Noteholders have offered to the Agent reasonable indemnity against costs, expenses and liabilities which it might incur in connection therewith (the unsecured indemnity of a Rated Institutional Noteholder being deemed sufficient for such purpose) and (iii) the Agent may take any other action deemed proper by the Agent which is not inconsistent with such direction provided, however, that the Agent need not take any action which it determines might involve it in personal liability or be unjustly prejudicial to the Noteholders not consenting.

Control by Majority of Holders. Upon the occurrence of an Event of Default, the Majority of Holders shall, subject to the express provisions of Article VIII of this Loan Agreement, have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Agent or exercising any trust or power conferred on the Agent, provided that (i) such direction shall not be in conflict with any rule of law or with this Loan Agreement, including, without limitation, Section 804 hereof, (ii) such Noteholders have offered to the Agent reasonable indemnity against costs, expenses and liabilities which it might incur in connection therewith (the unsecured indemnity of a Rated Institutional Noteholder being deemed sufficient for such purpose) and (iii) the Agent may take any other action deemed proper by the Agent which is not inconsistent with such direction direction; provided, however, that the Agent need not take any action which it determines might involve it in personal liability or be unjustly prejudicial to the Noteholders not consenting.