Common use of Limitation on Owners’ Right to Sue Clause in Contracts

Limitation on Owners’ Right to Sue. No Owner of any Bond shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under this Indenture, the Bond Law or any other applicable law with respect to such Bond, unless (1) such Owner shall have given to the Trustee written notice of the occurrence of an Event of Default; (2) the Owners of not less than twenty-five per cent (25%) in aggregate principal amount of the Bonds then Outstanding (or, if more than one such request is received, the written request executed by the Owners of the greatest percentage of Bonds then Outstanding in excess of twenty-five percent (25%)) shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such suit, action or proceeding in its own name; (3) such Owner or said Owners shall have tendered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; and (4) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder or under law; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Indenture or the rights of any other Owners of Bonds, or to enforce any right under this Indenture, the Bond Law, the Government Code of the State or other applicable law with respect to the Bonds, except in the manner herein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner herein provided and for the benefit and protection of all Owners of the Outstanding Bonds, subject to the provisions of this Indenture (including Section 6.02).

Limitation on Owners’ Right to Sue. No Owner of any Bond Certificate executed and delivered hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under or upon this Indenture, the Bond Law or any other applicable law with respect to such BondTrust Agreement, unless (1a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of DefaultDefault under the Lease; (2b) the Owners of not less than twenty-five per cent (25%) a majority in aggregate principal amount of all the Bonds Certificates then Outstanding (or, if more than one such request is received, the written request executed by the Owners of the greatest percentage of Bonds then Outstanding in excess of twenty-five percent (25%)) shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such suitaction, action suit or proceeding in its own name; (3c) such Owner or said Owners shall have tendered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; and (4d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) 60 days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds Certificates of any remedy hereunder or under lawhereunder; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Indenture or the rights of any other Owners of Bonds, or to enforce any right under this Indenture, the Bond Law, the Government Code of the State or other applicable law with respect to the BondsTrust Agreement, except in the manner herein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner herein provided and for the equal benefit and protection of all Owners of the Outstanding BondsCertificates. The right of any Owner of any Certificate to receive payment of said Owner’s proportionate interest in the Lease Payments as the same become due, subject or to institute suit for the enforcement of such payment, shall not be impaired or affected without the consent of such Owner, notwithstanding the foregoing provisions of this Indenture (including Section 6.02)or any other provision of this Trust Agreement.

Limitation on Owners’ Right to Sue. No Owner of any Bond shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under this Indenture, the Bond Law Act or any other applicable law with respect to such Bond, unless (1a) such Owner shall have given to the Trustee written notice of the occurrence of an Event of Default; , (2b) the Owners of not less than twenty-five per cent (25%) a majority in aggregate principal amount of the Bonds then Outstanding (or, if more than one such request is received, the written request executed by the Owners of the greatest percentage of Bonds then Outstanding in excess of twenty-five percent (25%)) shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such suit, action or proceeding in its own name; , (3c) such Owner or said Owners shall have tendered to the Trustee reasonable indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; , and (4d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) 60 days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder or under law; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his such Owner’s or their Owners’ action to affect, disturb or prejudice the security of this Indenture or the rights of any other Owners of BondsOwners, or to enforce any right under the Bonds, this Indenture, the Bond Law, the Government Code of the State Act or other applicable law with respect to the Bonds, except in the manner herein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner herein provided and for the benefit and protection of all Owners of the Outstanding BondsOwners, subject to the provisions of this Indenture (including Section 6.02)Indenture.

Limitation on Owners’ Right to Sue. No Owner of any Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under or upon this Indenture, the Bond Law or any other applicable law with respect to such Bond, unless (1a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default; (2b) the Owners of not less than twenty-five per cent (25%) a majority in aggregate principal amount of all the Bonds then Outstanding (or, if more than one such request is received, the written request executed by the Owners of the greatest percentage of Bonds then Outstanding in excess of twenty-five percent (25%)) shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such suitaction, action suit or proceeding in its own name; (3c) such Owner or said Owners shall have tendered to the Trustee reasonable indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; and (4d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder or under lawhereunder; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Indenture or the rights of any other Owners of Bonds, or to enforce any right under this Indenture, the Bond Law, the Government Code of the State or other applicable law with respect to the Bonds, except in the manner herein provided, and that all proceedings at law or in equity to enforce any such right provision of this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit and protection of all Owners of the Outstanding Bonds. The right of any Owner of any Bond to receive payment of the principal of and interest on such Bond as herein provided, subject to shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Indenture (including Section 6.02)or any other provision of this Indenture.

Limitation on Owners’ Right to Sue. No Owner of any Bond shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under this Indenture, the Bond Law Act or any other applicable law with respect to such Bond, unless (1a) such Owner shall have given to the Trustee written notice of the occurrence of an Event of Default; , (2b) the Owners of not less than twenty-five per cent (25%) a majority in aggregate principal amount of the Bonds then Outstanding (or, if more than one such request is received, the written request executed by the Owners of the greatest percentage of Bonds then Outstanding in excess of twenty-five percent (25%)) shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such suit, action or proceeding in its own name; , (3c) such Owner or said Owners shall have tendered to the Trustee reasonable indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; , and (4d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) 60 days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee. . (a) Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder or under law; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his such Owner’s or their Owners’ action to affect, disturb or prejudice the security of this Indenture or the rights of any other Owners of BondsOwners, or to enforce any right under the Bonds, this Indenture, the Bond Law, the Government Code of the State Act or other applicable law with respect to the Bonds, except in the manner herein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner herein provided and for the benefit and protection of all Owners of the Outstanding BondsOwners, subject to the provisions of this Indenture (including Section 6.02)Indenture.