Common use of Rights and Remedies of Bond Owners Clause in Contracts

Rights and Remedies of Bond Owners. No Owner of any Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any remedy under or upon this Indenture, unless (a) such Owner has previously given to the Trustee written notice of the occurrence of a Event of Default; (b) the Owners of 25% in aggregate principal amount of all the Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; (c) said Owners have tendered to the Trustee indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; and (d) the Trustee refuses or fails to comply with such request for a period of 60 days after such written request is received by, and said tender of indemnity has been made to, the Trustee. Such notification, request, tender of indemnity and refusal or failure are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of the Bonds of any remedy hereunder; it being understood and intended that no one or more Owners of the Bonds shall have any right in any manner whatever by his or their action to enforce any right under this Indenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds. The right of any Owner of any Bond to receive payment of the principal of and interest and premium (if any) on such Bond as herein provided or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.

Rights and Remedies of Bond Owners. No Owner of any Bond issued hereunder shall have the any right to institute any suit, action or proceeding in equity or at law for the enforcement of this Indenture or in equity, for the execution of any trust hereof or for the appointment of a receiver or any other remedy under or upon this Indenturehereunder, unless: (ai) such Owner an Event of Default has previously given to occurred of which the Trustee written notice has been notified as provided in Section 8.1(h) hereof, or of which by said Section 8.1(h) the occurrence of a Event of DefaultTrustee is deemed to have notice; (bii) the Owners of not less than twenty-five percent (25% %) in aggregate principal amount of all the Bonds then Outstanding shall have made written request upon to the Trustee, and shall have offered the Trustee reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; (c) said Owners the name or names of such Owners, and shall have tendered offered to the Trustee indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred as provided in compliance with such requestSection 8.1(l) hereof; and (diii) the Trustee refuses shall thereafter fail or fails refuse to comply with exercise the powers hereinbefore granted, or to institute such action, suit or proceeding in its own name, within 60 days; and such notification, request for a period of 60 days after such written request is received by, and said tender offer of indemnity has been made to, the Trustee. Such notification, request, tender of indemnity and refusal or failure are hereby declared, declared in every case, at the option of the Trustee, to be conditions precedent to the exercise by any Owner execution of the powers and trusts of this Indenture (other than its obligations to draw under any Letter of Credit as required to make payments of principal of, premium, if any, and interest on the Bonds when due), and to any action or cause of action for the enforcement of this Indenture, or for the appointment of a receiver or for any other remedy hereunder; it being understood and intended that no . No one or more Owners of the Bonds shall have any right in any manner whatever whatsoever to affect, disturb or prejudice the lien of this Indenture by his or their action to enforce any right under this Indenture, except in the manner herein providedsuch Owners' action, and that all proceedings at law or in equity to enforce any provision of this Indenture shall be instituted, had and maintained in the manner herein provided and (except as herein otherwise provided) for the equal and ratable benefit of all the Owners of all Bonds then Outstanding. Nothing in this Indenture, however, shall affect or impair the Outstanding Bonds. The right of any Bond Owner of any Bond to receive enforce the payment of the principal of of, premium, if any, and interest on any Bond owned by such Bond Owner at and premium (after the maturity thereof, or the obligation of the Issuer to pay the principal of, premium, if any) , and interest on any Bond to the Owner thereof at the time and place, from the source, and in the manner expressed in such Bond. Nothing contained herein shall be construed as permitting or affording any Bond as herein provided Owner a right or to institute suit for cause of action against the enforcement Trustee or in respect of any such payment, shall not be impaired the Bonds where a default has been waived under Section 7.11 hereof or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this cured under Section or any other provision of this Indenture7.12 hereof.

Rights and Remedies of Bond Owners. No Owner of any Bond issued hereunder of a particular Series shall have the any right to institute any suit, action or proceeding in equity or at law for the enforcement of this Indenture or in equity, for the execution of any trust hereof or for the appointment of a receiver or any other remedy under or upon this Indenturehereunder, unless: (a) an Event of Default with respect to such Owner Series has previously given to occurred of which the Trustee written notice has been notified as provided in Section 9.01(h) hereof, or of which by said Section 9.01(h) the occurrence of a Event of DefaultTrustee is deemed to have notice; (b) the Owners of not less than 25% in aggregate principal amount of all the Bonds then Outstanding of such Series shall have made written request upon to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own namethe name or names of such Owners, and shall have offered to the Trustee indemnity as provided in Section 9.01(l) hereof; (c) said Owners have tendered to the Trustee indemnity reasonably acceptable shall thereafter fail or refuse to exercise the Trustee against the costspowers hereinbefore granted, expenses and liabilities or to be incurred institute such action, suit or proceeding in compliance with such requestits own name, within 60 days; and (d) if the Trustee refuses or fails to comply with Bonds of such request for a period of 60 days after such written request is received bySeries constitute an Enhanced Series, and said tender if the related Series Credit Bank is not in default under the related Series Letter of Credit, the related Series Credit Bank has given its prior written consent thereto; and such notification, request and offer of indemnity has been made to, the Trustee. Such notification, request, tender of indemnity and refusal or failure are hereby declared, declared in every case, at the option of the Trustee, to be conditions precedent to the exercise by any Owner execution of the Bonds powers and trusts of this Indenture, and to any action or cause of action for the enforcement of this Indenture, or for the appointment of a receiver or for any other remedy hereunder; it being understood and intended that no . No one or more Owners of the Bonds of such Series shall have any right in any manner whatever whatsoever to affect, disturb or prejudice the lien of this Indenture by his or their action to enforce any right under this Indenture, except in the manner herein providedsuch Owners’ action, and that all proceedings at law or in equity to enforce any provision of this Indenture shall be instituted, had and maintained in the manner herein provided and (except as herein otherwise provided) for the equal and ratable benefit of the Owners on all Owners Bonds then Outstanding of such Series. Nothing in this Indenture, however, shall affect or impair the Outstanding Bonds. The right of any Bond Owner of any Bond to receive enforce the payment of the principal of of, premium, if any, and interest on any Bond owned by such Bond Owner at and premium (after the maturity thereof, or the obligation of the Corporation to pay the principal of, premium, if any) , and interest on any Bond to the Owner thereof at the time and place, and in the manner, expressed in such Bond. Nothing contained herein shall be construed as permitting or affording any Bond as herein provided Owner a right or to institute suit for cause of action against the enforcement Trustee or in respect of any such payment, shall not be impaired or affected without the written consent Bonds of such Owner, notwithstanding the foregoing provisions of this Series where a default has been waived under Section 8.11 hereof or any other provision of this Indenturecured under Section 8.12 hereof.

Rights and Remedies of Bond Owners. No Owner of any Authority Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any remedy under or upon this Indenture, unless unless (a) such Owner has shall have previously given to the Trustee written notice of the occurrence of a an Event of Default; ; (b) the Owners of 25% a majority in aggregate principal amount of all the Authority Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; ; (c) said Owners shall have tendered to the Trustee indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; and and (d) the Trustee refuses shall have refused or fails omitted to comply with such request for a period of 60 sixty (60) days after such written request is shall have been received by, and said tender of indemnity has shall have been made to, the Trustee. Such notification, request, tender of indemnity and refusal or failure omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of the Authority Bonds of any remedy hereunder; it being understood and intended that no one or more Owners of the Authority Bonds shall have any right in any manner whatever by his or their action to enforce any right under this Indenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Authority Bonds. The right of any Owner of any Authority Bond to receive payment of the principal of and interest and premium (if any) on such Authority Bond as herein provided or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.