Common use of Legal Effectiveness Clause in Contracts

Legal Effectiveness. This Agreement (including without limitation the tolling and standstill agreements set forth in Section 2) shall be effective and legally binding for any series of Bonds only if Bondholders representing more than seventy five percent (75%) of the outstanding principal amount of that series of Bonds have, by not later than the Effective Date, entered into a tolling agreement or other written instrument acceptable to the Issuer.