Common use of Limitations on Obligees' Right to Sue Clause in Contracts

Limitations on Obligees' Right to Sue. No Obligee shall have the right to institute any judicixx or other proceedings under this Indenture unless: (1) the Indenture Trustee shall have been directed to institute such proceeding by the Holders of at least 25% in aggregate principal amount of the Obligations then Outstanding; (2) the Indenture Trustee shall have been offered sufficient indemnity and security against the costs, expenses and liabilities to be incurred by compliance with such direction; (3) the Indenture Trustee shall not have instituted such proceeding within sixty (60) days after the receipt of both such direction and such offer of security and indemnity; (4) no direction inconsistent with such request shall have been given to the Indenture Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Obligations; and (5) the institution and prosecution of such proceeding would not result in an impairment of the rights of any other Obligee, it being understood and intended that no one or more Obligees shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Obligees or to obtain or to seek to obtain priority or preference over any other Obligees or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Obligees.

Limitations on Obligees' Right to Sue. No Obligee shall have the right to institute any judicixx judicial or other proceedings under this Indenture unless: (1) the Indenture Trustee shall have been directed to institute such proceeding by the Holders of at least 25% in aggregate principal amount of the Obligations then Outstanding; (2) the Indenture Trustee shall have been offered sufficient adequate security and indemnity and security against the costs, expenses and liabilities to be incurred by compliance with such direction; (3) the Indenture Trustee shall not have instituted such proceeding within sixty (60) 60 days after the receipt of both such direction and such offer of security and indemnity; (4) no direction inconsistent with such request shall have been given to the Indenture Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Obligations; and (5) the institution and prosecution of such proceeding would not result in an impairment of the rights of any other Obligee, it being understood and intended that no one or more Obligees shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Obligees or to obtain or to seek to obtain priority or preference over any other Obligees or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Obligees.

Limitations on Obligees' Right to Sue. No Xx Obligee shall have the right to institute any judicixx judicial or other proceedings under this Indenture unless: (1) the Indenture Trustee shall have been directed to institute such proceeding by the Holders of at least 25% in aggregate principal amount of the Obligations then Outstanding; (2) the Indenture Trustee shall have been offered sufficient adequate security and indemnity and security against the costs, expenses and liabilities to be incurred by compliance with such direction; (3) the Indenture Trustee shall not have instituted such proceeding within sixty (60) 60 days after the receipt of both such direction and such offer of security and indemnity; (4) no direction inconsistent with such request shall have been given to the Indenture Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Obligations; and (5) the institution and prosecution of such proceeding would not result in an impairment of the rights of any other Obligee, it being understood and intended that no one or more Obligees shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Obligees or to obtain or to seek to obtain priority or preference over any other Obligees or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Obligees.