Common use of Limitation on Suits by Holders Clause in Contracts

Limitation on Suits by Holders. (a) With respect to any PC Pool, except as provided in Section 5.02, no Holder shall have any right to institute any action or proceeding at law or in equity or in bankruptcy or otherwise or seek any other remedy whatsoever against Xxxxxxx Mac or the Trustee with respect to this Agreement or the related PCs or Mortgages, unless: (i) Such Holder previously has given the Trustee written notice of an Event of Default and the continuance thereof; (ii) The Holders of PCs representing a majority of the remaining principal balance of any affected PC Pool have made a written request to the Trustee to institute an action or proceeding in its own name and have offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred; (iii) The Trustee has failed to institute any such action or proceeding for 60 days after its receipt of the written notice, request and offer of indemnity described above; and (iv) The Trustee has not received from such Holders any direction inconsistent with the written request described above during the 60-day period. (b) No Holder shall have any right under this Agreement to prejudice the rights of any other Holder, to obtain or seek preference or priority over any other Holder or to enforce any right under this Agreement, except for the ratable and common benefit of all Holders of PCs representing interests in any affected PC Pool.

Limitation on Suits by Holders. (a) With respect to any PC Pool, except as provided in Section 5.02, no Holder shall have any right to institute any action or proceeding at law or in equity or in bankruptcy or otherwise or seek any other remedy whatsoever against Xxxxxxx Freddie Mac or the Trustee with respect to this Agreement or the related PCs Securities or Mortgages, unless: (i) Such Holder previously has given the Trustee written notice of an Event of Default and the continuance thereof; (ii) The Holders of PCs Securities representing a majority of the remaining principal balance of any affected PC Pool have made a written request to the Trustee to institute an action or proceeding in its own name and have offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred; (iii) The Trustee has failed to institute any such action or proceeding for 60 days after its receipt of the written notice, request and offer of indemnity described above; and (iv) The Trustee has not received from such Holders any direction inconsistent with the written request described above during the 60-day period. (b) No Holder shall have any right under this Agreement to prejudice the rights of any other Holder, to obtain or seek preference or priority over any other Holder or to enforce any right under this Agreement, except for the ratable and common benefit of all Holders of PCs Securities representing interests in any affected PC Pool. (c) For the protection and enforcement of the provisions of this Section, Freddie Mac, the Trustee and each and every Holder shall be entitled to such relief as can be given either at law or in equity. Notwithstanding the foregoing, no Holder’s right to receive payment (or to institute suit to enforce payment) of principal and interest as provided herein on or after the due date of such payment shall be impaired or affected without the consent of the Holder.

Limitation on Suits by Holders. (a) With respect to any PC Pool, except as provided in Section 5.02, no Holder shall have any right to institute any action or proceeding at law or in equity or in bankruptcy or otherwise or seek any other remedy whatsoever against Xxxxxxx Mac or the Trustee with respect to this Agreement or the related PCs Securities or Mortgages, unless: (i) Such Holder previously has given the Trustee written notice of an Event of Default and the continuance thereof; (ii) The Holders of PCs Securities representing a majority of the remaining principal balance of any affected PC Pool have made a written request to the Trustee to institute an action or proceeding in its own name and have offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred; (iii) The Trustee has failed to institute any such action or proceeding for 60 days after its receipt of the written notice, request and offer of indemnity described above; and (iv) The Trustee has not received from such Holders any direction inconsistent with the written request described above during the 60-day period. (b) No Holder shall have any right under this Agreement to prejudice the rights of any other Holder, to obtain or seek preference or priority over any other Holder or to enforce any right under this Agreement, except for the ratable and common benefit of all Holders of PCs Securities representing interests in any affected PC Pool. (c) For the protection and enforcement of the provisions of this Section, Xxxxxxx Mac, the Trustee and each and every Holder shall be entitled to such relief as can be given either at law or in equity. Notwithstanding the foregoing, no Holder’s right to receive payment (or to institute suit to enforce payment) of principal and interest as provided herein on or after the due date of such payment shall be impaired or affected without the consent of the Holder.