Common use of Right of Bondowners to Direct Proceedings Clause in Contracts

Right of Bondowners to Direct Proceedings. Anything in this Indenture to the contrary notwithstanding, the Bondowners owning 100% in aggregate principal amount of Bonds then Outstanding shall have the right, at any time, by an instrument or instruments in writing executed and delivered to the Trustee, and upon providing the Trustee indemnification satisfactory to it as provided above, to direct the time, method and place of conducting all proceedings to be taken in connection with the enforcement of the terms and conditions of this Indenture, or for the appointment of a receiver or any other proceedings hereunder; provided that such direction shall not be otherwise than in accordance with the provisions of law and of this Indenture, and the Trustee shall have the right to decline to follow such direction if the Trustee shall in good faith, and upon the advice of counsel, determine that proceeding so directed would expose the Trustee to personal liability.

Right of Bondowners to Direct Proceedings. Anything in this Indenture Any other provision herein to the contrary notwithstanding, the Bondowners owning 100% Owners of a majority in aggregate principal amount of the Bonds then Outstanding shall have the right, at any time, with the approval of the Credit Enhancer if the Credit Enhancer is not in default under the Credit Facility, by an instrument or instruments in writing executed and delivered to the Trustee, and upon providing the Trustee indemnification satisfactory to it as provided above, to direct the time, method and place of conducting all proceedings to be taken in connection with the enforcement of the terms and conditions of this Indenture, or for the appointment of a receiver or any other proceedings hereunder; provided that the Trustee shall have been provided indemnity satisfactory to it in accordance with Section 901(1) hereof and provided that such direction shall not be otherwise than in accordance with the provisions of law and of this Indenture, and provided, further, that the Trustee shall have the right to decline to follow any such direction if the Trustee shall in good faith, and upon the advice of counsel, faith shall determine that the proceeding so directed would expose the Trustee to involve it in personal liability.