Common use of Limitation on Rights of Bondholders Clause in Contracts

Limitation on Rights of Bondholders. No Bondholder shall have any right to vote (except as provided in Sections 6.01, 7.01, and 9.01 herein and Section 5.4 of the Indenture) or in any manner otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Bonds, be construed so as to constitute the Bondholders from time to time as partners or members of an association; nor shall any Bondholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Bondholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Indenture Trustee a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Bonds evidencing more than 50% of the Outstanding Amount of the Bonds shall have made written request upon the Indenture Trustee to institute such action, suit or proceeding in its own name as Indenture Trustee hereunder and shall have offered to the Indenture Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Indenture Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Bondholder with every other Bondholder and the Indenture Trustee, that no one or more Holders of Bonds shall have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Bonds, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit of all Bondholders. For the protection and enforcement of the provisions of this Section 9.03, each and every Bondholder and the Indenture Trustee shall be entitled to such relief as can be given either at law or in equity. Anything to the contrary notwithstanding, by accepting its Bond, each Bondholder agrees that unless a Insurer Default exists, the Insurer shall have the right to exercise all rights of the Bondholder under this Agreement without any further consent of the Bondholder.

Limitation on Rights of Bondholders. No Bondholder (A) Except as otherwise specifically provided by Section 10.2(A) hereof or by this Section 10.6, no Owner of any Bond shall have any right to vote (except as provided in Sections 6.01, 7.01, and 9.01 herein and Section 5.4 of the Indenture) or in any manner otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Bonds, be construed so as to constitute the Bondholders from time to time as partners or members of an association; nor shall any Bondholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Bondholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action action, mandamus or other proceeding in equity or at law upon hereunder, or for the protection or enforcement of any right under or with respect to this Agreement, Indenture unless such Holder Owner is an Owner of one or more Bonds then Outstanding, and such Owner previously shall have given to the Indenture Trustee a written notice of default and the Event of the continuance thereofDefault or breach of duty on account of which such suit, as hereinbefore providedaction or proceeding is to be taken, and unless also the Holders holders of Bonds evidencing more not less than 25% or 50% of the Outstanding Amount %, as provided in Section 10.2 hereof, in principal amount of the Bonds then Outstanding shall have made written request upon of the Indenture Trustee after the right to exercise such powers or right of action, as the case may be, shall have occurred, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers herein granted or granted under the law or to institute such action, suit or proceeding in its own name as Indenture Trustee hereunder and unless, also, there shall have been offered to the Indenture Trustee such reasonable security and indemnity as reasonably satisfactory to it may require against the losses, fees, costs, expenses and liabilities to be incurred therein or thereby, and the Indenture TrusteeTrustee shall have refused or neglected to comply with such request within a reasonable time, for 60 days after its receipt of and such noticenotification, request and offer of indemnityindemnity are hereby declared in every such case, shall have neglected at the option of the Trustee, to be conditions precedent to the execution of the powers under this Indenture or refused to institute for any such action, suit other remedy hereunder or proceeding; it being by law. It is understood and intendedintended that, and being expressly covenanted by each Bondholder with every other Bondholder and the Indenture Trusteeexcept as otherwise above provided, that no one or more Holders Owners of the Bonds hereby secured shall have any right in any manner whatever by virtue its or by availing itself or themselves of any provisions of this Agreement their action to affect, disturb or prejudice the rights security of the Holders of any other of the Bonds, or to obtain or seek to obtain priority over or preference to any other such Holderthis Indenture, or to enforce any right under hereunder with respect to the Bonds or this AgreementIndenture, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal, ratable and common benefit of all BondholdersOwners of the Outstanding Bonds. For Nothing contained in this Article X shall affect or impair the protection right of any Bondholder to enforce the payment of the principal of and interest on its Bonds, or the obligation of the Authority to pay the principal of and interest on each Bond issued hereunder to the Owner thereof at the time and place in said Bond expressed. (B) Anything to the contrary notwithstanding contained in this Section 10.6, or any other provision of this Indenture, each Owner of any Bond by acceptance thereof shall be deemed to have agreed that any court in its discretion may require, in any suit for the enforcement of any right or remedy under this Indenture or any Supplemental Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the reasonable costs of such suit, and that such court may in its discretion assess reasonable costs against any party litigant in any such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this paragraph (B) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Bondholder or group of Bondholders holding at least 25% or 50%, as provided in Section 9.0310.2 hereof, each and every Bondholder and the Indenture Trustee shall be entitled to such relief as can be given either at law or in equity. Anything to the contrary notwithstanding, by accepting its Bond, each Bondholder agrees that unless a Insurer Default exists, the Insurer shall have the right to exercise all rights principal amount of the Bonds then Outstanding, or to any suit instituted by any Bondholder under in accordance with paragraph (A) of this Agreement without any further consent Section 10.6 for the enforcement of the Bondholderpayment of any Bond on or after the respective due date thereof expressed in such Bond.

Limitation on Rights of Bondholders. No Bondholder The registered owner of a Bond or Bonds shall not have any right to vote (except as provided in Sections 6.01, 7.01, and 9.01 herein and Section 5.4 of the Indenture) or in any manner otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Bonds, be construed so as to constitute the Bondholders from time to time as partners or members of an association; nor shall any Bondholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Bondholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action or other proceeding in equity hereunder, or at for the protection or enforcement of any right under this Indenture or any right under law upon or under or with respect to this Agreement, unless such Holder previously that registered owner shall have given to the Indenture Trustee a written notice of default and the Event of the continuance thereofDefault or breach of duty on account of which such suit, as hereinbefore provided, action or proceeding is to be taken and unless also the Holders registered owners of not less than a majority in principal amount of any Bonds evidencing more than 50% of the Outstanding Amount of the Bonds then outstanding shall have made written request upon of the Indenture Trustee after the right to exercise such powers or right of action shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers herein granted or granted under law or to institute such action, suit or proceeding in its own name as Indenture Trustee hereunder and unless, also, there shall have been offered to the Indenture Trustee such reasonable security and indemnity as it may require against the fees, costs, expenses and liabilities including reasonable attorney fees to be incurred therein or thereby, and the Indenture Trustee, for 60 days after its receipt of Trustee shall have refused or neglected to comply with such noticerequest within a reasonable time. Such notification, request and offer of indemnityindemnity are hereby declared in every such case, shall have neglected at the option of the Trustee, to be conditions precedent to the execution of the powers under this Indenture or refused to institute for any such action, suit other remedy hereunder or proceeding; it being under law. It is understood and intended, and being expressly covenanted by each Bondholder with every other Bondholder and the Indenture Trustee, intended that no one Bondholder or more Holders group of Bonds Bondholders shall have any right in any manner whatever by virtue such Bondholder’s or by availing itself or themselves group of any provisions of this Agreement Bondholders’ action to affect, disturb or prejudice the rights security of the Holders of any other of the Bonds, or to obtain or seek to obtain priority over or preference to any other such Holder, this Indenture or to enforce any right hereunder or under law with respect to the Bonds or this AgreementIndenture, except in the manner herein provided, and that all proceedings shall be instituted, had and maintained in the manner herein provided and for the equal, ratable and common benefit of all Bondholders. For Notwithstanding the protection foregoing provisions of this Section 607 or any other provisions of this Article VI, the obligation of the Issuer shall be absolute and unconditional to pay the principal of, premium, if any, and interest on the Bonds to the respective Bondholder at the respective due dates thereof, but only from the moneys of the Issuer pledged for such payment, and nothing herein shall affect or impair the right of action, which is absolute and unconditional, of such Bondholder to enforce such payment. Each Bondholder by the acceptance thereof shall be deemed to have agreed that any court in its discretion may require, in any suit for the enforcement of any right or remedy under this Indenture or any supplemental resolution, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the reasonable costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees, against any party litigant in any such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 9.03paragraph shall not apply to any suit instituted by the Trustee, each and every Bondholder and the Indenture Trustee shall be entitled to such relief as can be given either any suit instituted by any Bondholder, or group of Bondholders, owning at law or least twenty-five percent (25%) in equity. Anything to the contrary notwithstanding, by accepting its Bond, each Bondholder agrees that unless a Insurer Default exists, the Insurer shall have the right to exercise all rights principal amount of the Outstanding Bonds or to any suit instituted by any Bondholder under this Agreement without any further consent for the enforcement of the Bondholderpayment of the principal of or redemption premium or interest on any Bond on or after the respective due date thereof expressed in that Bond.

Limitation on Rights of Bondholders. (A) No Bondholder owner of any Bond shall have any right to vote (except as provided in Sections 6.01, 7.01, and 9.01 herein and Section 5.4 of the Indenture) or in any manner otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Bonds, be construed so as to constitute the Bondholders from time to time as partners or members of an association; nor shall any Bondholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Bondholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action action, mandamus or other proceeding in equity or at law upon hereunder, or for the protection or enforcement of any right under or with respect to this Agreement, Indenture unless such Holder previously owner shall have given to the Indenture Trustee a written notice of default and the Event of the continuance thereofDefault or breach of duty on account of which such suit, as hereinbefore providedaction or proceeding is to be taken, and unless also the Holders owners of Bonds evidencing more not less than 5025% of the Outstanding Amount in principal amount of the Bonds then Outstanding (other than Subordinate Bonds) shall have made written request upon of the Indenture Trustee after the right to exercise such powers or right of action, as the case may be, shall have occurred, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers herein granted or granted under the law or to institute such action, action,‌ suit or proceeding in its own name as Indenture Trustee hereunder and unless, also, there shall have been offered to the Indenture Trustee such reasonable security and indemnity as it may require against the costs, expenses (including legal fees and expenses) and liabilities to be incurred therein or thereby, and the Indenture Trustee, for 60 days after its receipt of Trustee shall have refused or neglected to comply with such noticerequest within a reasonable time; and such notification, request and offer of indemnityindemnity are hereby declared in every such case, shall have neglected at the option of the Trustee, to be conditions precedent to the execution of the powers under this Indenture or refused to institute for any such action, suit other remedy provided hereunder or proceeding; it being by law. It is understood and intended, and being expressly covenanted by each Bondholder with every other Bondholder and the Indenture Trustee, intended that no one or more Holders owners of the Bonds hereby secured shall have any right in any manner whatever by virtue his or by availing itself or themselves of any provisions of this Agreement their action to affect, disturb or prejudice the rights security of the Holders of any other of the Bonds, or to obtain or seek to obtain priority over or preference to any other such Holderthis Indenture, or to enforce any right hereunder or under law with respect to the Bonds or this AgreementIndenture, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal, ratable and common benefit of all Bondholdersowners of the Outstanding Bonds. For Nothing contained in this Article shall affect or impair the protection right of any Bondholder to enforce the payment of the principal of and interest on such owner’s Bonds, or the obligation of the Agency to pay the principal of and interest on each Bond issued hereunder to the owner thereof at the time and place in said Xxxx expressed. (B) Anything to the contrary notwithstanding contained in this Section, or any other provision of this Indenture, each owner of any Bond by such owner’s acceptance thereof shall be deemed to have agreed that any court in its discretion may require, in any suit for the enforcement of any right or remedy under this Indenture or any Supplemental Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the reasonable costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable pre-trial, trial and appellate attorneys’ fees, against any party litigant in any such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 9.03paragraph shall not apply to any suit instituted by the Trustee, each and every Bondholder and the Indenture Trustee shall be entitled to such relief as can be given either any suit instituted by any Bondholder, or group of Bondholders, holding at law or least 25% in equity. Anything to the contrary notwithstanding, by accepting its Bond, each Bondholder agrees that unless a Insurer Default exists, the Insurer shall have the right to exercise all rights principal amount of the Bonds Outstanding (other than Subordinate Bonds), or to any suit instituted by any Bondholder under this Agreement without any further consent for the enforcement of the Bondholderpayment of any Bond on or after the respective due date thereof expressed in such Bond.

Limitation on Rights of Bondholders. (A) No Bondholder holder of any Bond shall have any right to vote (except as provided in Sections 6.01, 7.01, and 9.01 herein and Section 5.4 of the Indenture) or in any manner otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Bonds, be construed so as to constitute the Bondholders from time to time as partners or members of an association; nor shall any Bondholder be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. No Bondholder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action action, mandamus or other proceeding in equity or at law upon hereunder, or for the protection or enforcement of any right under this Indenture or with respect to this Agreement, any right under law unless such Holder previously holder shall have given to the Indenture Trustee a written notice of default and the Event of the continuance thereofDefault or breach of duty on account of which such suit, as hereinbefore providedaction or proceeding is to be taken, and unless also the Holders holders of Bonds evidencing more not less than 50% of the Outstanding Amount twenty-five per centum (25%) in principal amount of the Bonds then Outstanding shall have made written request upon of the Indenture Trustee after the right to exercise such powers or right of action, as the case may be, shall have occurred, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the power herein granted or granted under the law or to institute such action, suit or proceeding in its own name as Indenture Trustee hereunder and unless, also, there shall have been offered to the Indenture Trustee such reasonable security and indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Indenture Trustee, for 60 days after its receipt of Trustee shall have refused or neglected to comply with such notice, request within a reasonable time; and such notification request and offer of indemnityindemnity are hereby declared in every such case, shall have neglected at the option of the Trustee, to be conditions precedent to the execution of the powers under this Indenture or refused to institute for any such action, suit other remedy hereunder or proceeding; it being by law. It is understood and intended, and being expressly covenanted by each Bondholder with every other Bondholder and the Indenture Trustee, intended that no one or more Holders holders of the Bonds hereby secured shall have any right in any manner whatever by virtue his or by availing itself or themselves of any provisions of this Agreement their action to affect, disturb or prejudice the rights security of the Holders of any other of the Bonds, or to obtain or seek to obtain priority over or preference to any other such Holderthis Indenture, or to enforce any right hereunder or under law with respect to the Bonds or this AgreementIndenture, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal, ratable and common benefit of all Bondholdersholders of the Outstanding Bonds. For Nothing in this Article contained shall affect or impair the protection right of any Bondholder to enforce the payment of principal of and interest on his Bonds, or the obligation of the Agency to pay the principal of and interest on each Bond issued hereunder to the holder thereof at the time and place in said Bond expressed. (B) Anything to the contrary notwithstanding continued in this Section, or any other provision of this Indenture, each holder of any Bond by his acceptance thereof shall be deemed to have agreed that any court in its discretion may require, in any suit for the enforcement of any right or remedy under this Indenture or any Supplemental Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the reasonable costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in any such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 9.03paragraph shall not apply to any suit instituted by the Trustee, each and every to any suit instituted by any Bondholder and the Indenture Trustee shall be entitled to such relief as can be given either or group of Bondholders, holding at law or least twenty-five per centum (25%) in equity. Anything to the contrary notwithstanding, by accepting its Bond, each Bondholder agrees that unless a Insurer Default exists, the Insurer shall have the right to exercise all rights principal amount of the Bonds Outstanding, or to any suit instituted by any Bondholder under this Agreement without any further consent for the enforcement of the Bondholderpayment of the principal or Redemption Price of or interest on any Bond on or after the respective due date thereof expressed in such Bond.