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

Limitation on Owners’ Right to Xxx. No Owner of any Bond shall have the right to institute any suit, action or proceeding at law or equity, for any remedy hereunder, unless (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, (b) the Owners of at least a majority in aggregate Principal Amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers herein granted or to institute such suit, action or proceeding in its own name, (c) such Owners shall have tendered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred by it in compliance with such request, and (d) the Trustee shall have refused or omitted to comply with such request for a period of 60 days after such 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 any remedy hereunder; 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 enforce any right under this Trust Agreement, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of the Trust Agreement shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds.

Limitation on Owners’ Right to Xxx. No Owner of any Bond issued hereunder shall have the right to institute any suit, action action, or proceeding at law or equity, for any remedy hereunderunder or upon this Trust Agreement, unless unless (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event event of Default, default as defined in Section 7.01 hereunder; (b) the Owners of at least a majority in aggregate Principal Amount principal amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers herein hereinbefore granted or to institute such suit, action action, or proceeding in its own name, ; (c) such said Owners shall have tendered to the Trustee reasonable security or indemnity against the costs, expenses expenses, and liabilities to be incurred by it in compliance with such request, ; and (d) the Trustee shall have refused or omitted to comply with such request for a period of 60 days after such request and consent shall have been received by, and said tender of indemnity shall have been made to, the Trustee. Such notification, request, consent, tender of indemnity indemnity, and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner owner of Bonds of any remedy hereunder; it being understood and intended that no one or more Owners owners of Bonds shall have any right in any manner whatever by his or their action to enforce any right under this Trust Agreement, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of the this Trust Agreement shall be instituted, had had, and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds.

Limitation on Owners’ Right to Xxx. 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 hereunderunder this Indenture, unless the Law or any other applicable law with respect to such Bond, unless (a1) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, ; (b2) the Owners of at least a majority not less than twenty- five percent (25%) in aggregate Principal Amount principal amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers herein hereinbefore granted or to institute such suit, action or proceeding in its own name, ; (c3) such Owner or said Owners shall have tendered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred by it in compliance with such request, and ; (d4) the Trustee shall have refused or omitted to comply with such request for a period of 60 sixty (60) days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee; and (5) the Trustee shall not have received contrary directions from the Owners of a majority in aggregate principal amount of the Bonds then Outstanding. 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 hereunderhereunder 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 Trust AgreementIndenture, the Law 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 provision of the Trust Agreement 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 Bonds, subject to the provisions of this Indenture.

Limitation on Owners’ Right to Xxx. No Owner of any Bond Note shall have the right to institute any suit, action or proceeding at law or equity, in equity for any remedy hereunder, unless under or upon the Trust Agreement unless (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, ; (b) the Owners of at least a majority in aggregate Principal Amount principal amount of all the Bonds Notes then Outstanding shall have made written request upon the Trustee to exercise the powers herein hereinbefore granted or to institute such suitaction, action suit or proceeding in its own name, ; (c) such said Owners shall have tendered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred by it in compliance with such request, ; and (d) the Trustee shall have refused or omitted to comply with such request for a period of 60 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 any remedy hereunder; , 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 enforce any right under this the Trust Agreement, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of the Trust Agreement shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners Owners. The right of any Owner to receive payment of said Owner’s proportionate interest in the Installment Payments as the same become due, 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 Section or any other provision of the Outstanding BondsTrust Agreement.

Limitation on Owners’ Right to Xxx. No Owner of any Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any remedy hereunderunder or upon this Indenture, unless unless (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, ; (b) the Owners of at least a majority in aggregate Principal Amount principal amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers herein hereinbefore granted or to institute such suitaction, action suit or proceeding in its own name, ; (c) such said Owners shall have tendered to the Trustee reasonable security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred by it in compliance with such request, ; and (d) the Trustee shall have refused or omitted to comply with such request for a period of 60 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 any remedy hereunder; 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 enforce any right under this Trust AgreementIndenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of the Trust Agreement this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit 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, shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.

Limitation on Owners’ Right to Xxx. 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 hereunderunder this Indenture, unless the Loan Agreement, the Regulatory Agreement, the Contract of Insurance, the Deed of Trust, the Act or any other applicable law with respect to such Bond, unless (a1) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, ; (b2) the Owners of at least a majority not less than 25% in aggregate Principal Amount 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 25%) shall have made written request upon the Trustee to exercise the powers herein granted by this Indenture or to institute such suit, action or proceeding in its own name, ; (c3) such Owner or said Owners shall have tendered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred by it in compliance with such request, and ; (d4) the Trustee shall have refused or omitted to comply with such request for a period of 60 sixty (60) days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee; and (5) the Office consents in writing. 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 hereunderunder this Indenture 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 Trust Indenture, the Loan Agreement, the Regulatory Agreement, the Contract of Insurance, the Deed of Trust, the Act or any other applicable law with respect to the Bonds, except in the manner herein providedprovided in this Indenture, and that all proceedings at law or in equity to enforce any provision of the Trust Agreement such right shall be instituted, had and maintained in the manner herein provided in this Indenture and for the equal benefit and protection of all Owners of the Outstanding Bonds, subject to the provisions of this Indenture.

Limitation on Owners’ Right to Xxx. No Owner of any Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any remedy hereunderunder or upon this Indenture, unless unless (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default, ; (b) the Owners of at least a majority in aggregate Principal Amount principal amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers herein hereinbefore granted or to institute such suitaction, action suit or proceeding in its own name, ; (c) such said Owners shall have tendered to the Trustee reasonable security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred by it in compliance with such request, ; and (d) the Trustee shall have refused or omitted to comply with such request for a period of 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 any remedy hereunder; 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 enforce any right under this Trust AgreementIndenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision provisions of the Trust Agreement this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds. The right of any Owner of any Bond to receive payment of the principal of and interest and redemption premium (if any) on such Bond as herein provided, shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.