Common use of Limitations on Actions by Bondholders Clause in Contracts

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The Trustee shall have been given written notice of an Event of Default; (b) The Owners of at least twenty-five percent (25%) in aggregate principal amount of the Bonds Outstanding shall have made a written request to the Trustee to exercise the powers herein granted or to pursue such remedy in its or their name or names; (c) The Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder No Bondholders shall have ------------ ------------------------------------- any right to pursue any remedy hereunder or under the Loan Note, the Agreement or the Permit Agreements, unless: (a) The the Trustee shall have been given written notice of an Event of Default;, (b) The the Owners of at least twenty-five percent (25%) % in aggregate principal amount of the Bonds Outstanding outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names;, (c) The the Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities;, and (d) The the Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof or premium, if any, and interest thereon at and after the maturity thereof, or the obligation of the Authority Issuer to pay such principal principal, premium, if any, and interest to the respective Owners owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The Trustee shall have been given written notice of an Event of Default; (b) The Owners holders of at least twenty-five percent (25%) in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities;. (d) The Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsdebts by or against the Bank; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond and Purchase Price thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and Purchase Price and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The the Trustee shall have been given written notice of an Event of Default; (b) The Owners the holders of at least twenty-five percent (25%) % in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The the Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The the Trustee shall have failed to comply with such request within a reasonable time; and (e) The the Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsdebts by or against the Bank; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and , provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no No Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (ai) The the Trustee shall have been given written notice of an Event of Default;, (bii) The Owners the owners of at least twenty-five percent (25%) a majority in aggregate principal amount of the all Bonds then Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names;, (ciii) The the Trustee shall have been offered indemnity satisfactory to it against reasonable costs, expenses and liabilities;, including, without limitation, reasonable costs and expenses of its counsel, except that no offer of indemnification shall be required for (A) a declaration of acceleration under Section 11.2 and (B) liability which is adjudicated to have resulted from the negligence or willful default of the Trustee in connection with any action so taken, and (div) The the Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default . Notwithstanding the foregoing provisions of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code this Section or any other law relating provision of this Indenture, the obligation of the Issuer shall be absolute and unconditional to bankruptcypay hereunder, insolvencybut solely from the Revenues and other funds pledged under this Indenture, reorganizationthe principal or redemption price of, winding-up or composition or adjustment of debts; providedand interest on, howeverthe Bonds to the respective owners thereof on the respective due dates thereof, that and nothing herein shall affect or impair the right of any Owner action, which is absolute and unconditional, of any Bond such owners to enforce payment of the principal of such Bond and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and provided further that such action shall not disturb or prejudice the lien of this Indenturepayment.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The Trustee shall have been given written notice of an Event of Default; (b) The Owners holders of at least twenty-five percent (25%) % in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsCredit; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority Company to pay such principal and interest to the respective Owners of the Bonds at the time and place, place from the source and in the manner expressed herein and in the Bonds; and Bonds provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The Trustee shall have been given written notice of an Event of Default; (b) The Owners Holders of at least twenty-five percent (25%) in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The Trustee shall have failed to comply with such request within a reasonable time; , and (e) The Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsdebts by or against the Bank; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The the Trustee shall have been given written notice of an Event of Default; (b) The Owners the holders of at least twenty-five percent (25%) % in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The the Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The the Trustee shall have failed to comply with such request within a reasonable time; and (e) The the Letter of Credit Bank shall be in default of its obligations under the Letter of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsdebts by or against the Letter of Credit Bank; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority Board to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and , provided further that such action shall not disturb or prejudice the lien of this Indenture.

Limitations on Actions by Bondholders. Anything in this Indenture to the contrary notwithstanding, no Bondholder shall have any right to pursue any remedy hereunder or under the Loan Agreement unless: (a) The Trustee shall have been given written notice of an Event of Default; (b) The Owners Holders of at least twenty-five percent (25%) % in aggregate principal amount of the Bonds Outstanding shall have made a written request to requested the Trustee Trustee, in writing, to exercise the powers herein hereinabove granted or to pursue such remedy in its or their name or names; (c) The Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities; (d) The Trustee shall have failed to comply with such request within a reasonable time; and (e) The Bank shall be in default of its obligations under the Letter terms of any of the Letters of Credit or a voluntary or involuntary case has been commenced by or against the Bank by the filing of a petition under the United States Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debtsdebts by or against the Bank; provided, however, that nothing herein shall affect or impair the right of any Owner of any Bond to enforce payment of the principal of such Bond thereof and interest thereon at and after the maturity thereof, or the obligation of the Authority to pay such principal and interest to the respective Owners of the Bonds at the time and place, from the source and in the manner expressed herein and in the Bonds; and , provided further that such action shall not disturb or prejudice the lien of this Indenture.