Common use of Intervention by the Trustee Clause in Contracts

Intervention by the Trustee. In any judicial proceeding to which the City is a party and which, in the opinion of the Trustee and its counsel, has a substantial bearing on the interests of Owners, the Trustee may intervene on behalf of Owners and, subject to the provisions of Section 1001(l), shall do so if requested in writing by the Owners of at least 25% of the aggregate principal amount of Bonds then-Outstanding.

Intervention by the Trustee. In any judicial proceeding to which the City is a party and which, which in the opinion of the Trustee and its counsel, has a substantial bearing on the interests of OwnersHolders of the Bonds, the Trustee may intervene on behalf of Owners and, subject to the provisions of Section 1001(l), Bondholders and shall do so if requested in writing by (i) the Owners Holders of at least 25% a majority of the aggregate principal Principal amount of Bonds then-Outstandingthen Outstanding or (ii) any Security Instrument Issuer of a Security Instrument then in full force and effect and not in default on a payment obligation. The rights and obligations of the Trustee under this Section are subject to the approval of a court of competent jurisdiction.