Common use of Limitation on Noteholders' Right to Sue Clause in Contracts

Limitation on Noteholders' Right to Sue. Xx holder of any Note shall have any right to institute any suit, action or proceeding at law or in equity National Health Corporation Indenture of Trust and Security Agreement growing out of any provision of this Indenture, or for the foreclosure or enforcement of this Indenture, unless and until an Event of Default shall have happened and unless and until such holder shall have previously given to the Indenture Trustee written notice of the happening of such Event of Default and of the continuance thereof as hereinbefore provided, and also (except as hereinafter provided) unless and until the holders of at least 25% in principal amount of the Notes then outstanding shall have made written request upon the Indenture Trustee and shall have afforded to it a reasonable opportunity to institute such action, suit or proceeding in their own names, and unless also the Indenture Trustee shall have been offered security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Indenture Trustee shall have neglected or refused to institute any such action, suit or proceeding within a reasonable time after receipt of such notification, request and offer of indemnity; and such notification, request, offer of indemnity and refusal or neglect are hereby declared in every such case to be conditions precedent to the institution by such holder of the Notes of any such action, suit or proceeding; it being understood and intended and being expressly covenanted by the holder of every Note with every other holder and with the Indenture Trustee that no one or more holders of the Notes shall be entitled to take any action or institute any such suit to enforce the payment of his Notes if and to the extent that the taking of such action or the institution or prosecution of any such suit or the entry of judgment therein would under applicable law result in a surrender, impairment, waiver or loss of the lien of this Indenture upon the Trust Estate, or any part thereof, as security for Notes held by any other holder of the Notes, or shall have any right in any manner whatever to affect, disturb or prejudice the rights of the holders of any other of the Notes, or to enforce any right hereunder, except in the manner herein provided, and for the equal, ratable and common benefit of all holders of the Notes. Nothing in this Section 8 or elsewhere in this Indenture or in the Notes contained, however, shall affect or impair the obligation of the Issuer, which is unconditional and absolute, to pay the principal of, and premium, if any, and the interest on, the Notes to the respective holders of the Notes, in the manner and at the time and places therein respectively expressed, nor shall it affect or impair the right of the respective holders of the Notes, by an action at law upon the promises to pay therein contained, to enforce such payment.

Limitation on Noteholders' Right to Sue. Xx Xo holder of any Note shall have any right to institute any suit, action or proceeding at law or in equity National Health Corporation Indenture of Trust and Security Agreement growing out of any provision of this IndentureIndenture or any of the Mortgages, or for the foreclosure or enforcement of this IndentureIndenture or any of the Mortgages, unless and until an Event of Default shall have happened and unless and until such holder shall have previously given to the Indenture Corporate Trustee written notice of the happening of such Event of Default and of the continuance thereof as hereinbefore provided, and also (except as hereinafter provided) unless and until the holders of at least 2535% in principal amount of the Notes then outstanding shall have made written request upon the Indenture Trustee Trustees and shall have afforded to it them a reasonable opportunity to institute such action, suit or proceeding in their own names, and names unless also the Indenture Trustee Trustees in conjunction with any such written request shall have been offered security and by such holders indemnity reasonably satisfactory to it them against the costs, expenses and liabilities to be incurred therein as a result of the Trustees instituting such action, suit or therebyproceeding, and the Indenture Trustee Trustees shall have neglected or refused to so institute any such action, suit or proceeding within a reasonable time after receipt of such notification, request and offer of indemnity; and such notification, request, offer of indemnity and refusal or neglect are hereby declared in every such case to be conditions precedent to the institution by such holder of the Notes of any such action, suit or proceeding; it being understood and intended and being expressly covenanted by the holder of every Note with every other holder and with the Indenture Trustee Trustees that no one or more holders of the Notes shall be entitled to take any action or institute any such suit to enforce the payment of his its Notes if and to the extent that the taking of such action or the institution or prosecution of any such suit or the entry of judgment therein would under applicable law result in a surrender, impairment, waiver or loss of the lien of this Indenture or any of the Mortgages upon the Trust EstateMortgaged Properties, or any part thereof, as security for Notes held by any other holder of the Notes, or shall have any right in any manner whatever to affect, disturb or prejudice the rights of the holders of any other of the Notes, or to enforce any right hereunder, except in the manner herein provided, and for the equal, ratable and common benefit of all holders of the Notes. Nothing in this Section 8 6.13 or elsewhere in this Indenture or in the Notes contained, however, shall affect or impair the obligation of the IssuerCompany, which is unconditional and absolute, to pay the principal of, and premium, if any, and the interest on, the Notes to the respective holders of the Notes, in the manner and at the time and places therein respectively expressed, nor shall it affect or impair the right of the respective holders of the Notes, by an action at law upon the promises to pay therein contained, to enforce such payment.

Limitation on Noteholders' Right to Sue. Xx holder Subject to Section 7.07 hereof, no Holder of any Authority Note shall have any the right to institute any suit, action or proceeding at law or in equity National Health Corporation Indenture of Trust and Security Agreement growing out equity, for the protection or enforcement of any provision of right or remedy under this Indenture, the Agreement, the Act or for the foreclosure or enforcement of this Indentureany other applicable law with respect to such Authority Note, unless and until an Event of Default (1) such Holder shall have happened and unless and until such holder shall have previously given to the Indenture Trustee written notice of the happening occurrence of such an Event of Default and Default; (2) the Holders of the continuance thereof as hereinbefore provided, and also (except as hereinafter provided) unless and until the holders of at least 25not less than 60% in aggregate principal amount of the Authority Notes then outstanding Outstanding shall have made written request upon the Indenture Trustee and shall have afforded to it a reasonable opportunity exercise the powers hereinbefore granted or to institute such actionsuit, suit action or proceeding in their its own namesname; (3) subject to Section 8.03(g) hereof, and unless also the Indenture Trustee such Holder or said Holders shall have been offered security and tendered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, in compliance with such request; and (4) the Indenture Trustee shall have neglected refused or refused omitted to institute any comply with such actionrequest for a period of 60 days after such written request shall have been received by, suit or proceeding within a reasonable time after receipt and said tender of such notificationindemnity shall have been made to, request and offer of indemnity; and such the Trustee. Such notification, request, offer tender of indemnity and refusal or neglect omission are hereby declared declared, in every such case case, to be conditions precedent to the institution exercise by such holder any Holder of the Authority Notes of any such action, suit remedy hereunder or proceedingunder law; it being understood and intended and being expressly covenanted by the holder of every Note with every other holder and with the Indenture Trustee that no one or more holders Holders of the Authority Notes shall be entitled to take any action or institute any such suit to enforce the payment of his Notes if and to the extent that the taking of such action or the institution or prosecution of any such suit or the entry of judgment therein would under applicable law result in a surrender, impairment, waiver or loss of the lien of this Indenture upon the Trust Estate, or any part thereof, as security for Notes held by any other holder of the Notes, or shall have any right in any manner whatever by such Holders’ action to affect, disturb or prejudice the security of this Indenture or the rights of the holders of any other Holders of the Authority Notes, or to enforce any right hereunderunder this Indenture, the Agreement, the Act or other applicable law with respect to the Authority Notes, except in the manner herein provided, and for the equal, ratable and common benefit of that all holders of the Notes. Nothing in this Section 8 or elsewhere in this Indenture proceedings at law or in the Notes containedequity to enforce any such right shall be instituted, however, shall affect or impair the obligation of the Issuer, which is unconditional had and absolute, to pay the principal of, and premium, if any, and the interest on, the Notes to the respective holders of the Notes, maintained in the manner herein provided and at for the time benefit and places therein respectively expressed, nor shall it affect or impair the right protection of all Holders of the respective holders of the Outstanding Authority Notes, by an action at law upon subject to the promises to pay therein contained, to enforce such paymentprovisions of this Indenture (including Section 6.02 hereof).