Common use of Suits by Debentureholders Clause in Contracts

Suits by Debentureholders. No holder of any Debenture has the right to institute any action or proceeding or to exercise any other remedy authorized by this Indenture for the purpose of enforcing any right on behalf of the Debentureholders of any series thereof or for the execution of any trust or power hereunder or to have the Corporation wound up or to file or prove a claim in any liquidation, insolvency or bankruptcy proceedings, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided to the Trustee and the Trustee has been otherwise properly indemnified and funded, and the Trustee shall have failed to act within a reasonable time (but in any event, not later than ten (10) days) thereafter; provided, however, that nothing contained in this Section 7.6 or in this Indenture shall prohibit any Debentureholder from filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If the Trustee has so failed to act, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contrary, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of all Debentureholders of such series shall be entitled to take any of the proceedings that the Trustee might have taken hereunder. No Debentureholder has any right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder or under any Debenture, except subject to the conditions and in the manner herein provided. Any money received as a result of a proceeding taken by any Debentureholder hereunder must be forthwith paid to the Trustee.

Suits by Debentureholders. No holder of any Debenture has or coupon shall have the right to institute any action or proceeding or to exercise any other remedy authorized by this Trust Indenture for the purpose of enforcing any right rights on behalf of the Debentureholders of any series thereof or for the execution of any trust or power hereunder or for the appointment of a receiver or similar administrator in insolvency of the Bank with similar powers or for a receiving order under the Bankruptcy and Insolvency Act (Canada), or any statute hereinafter enacted in substitution therefor, as such Act, or substituted statute, may be amended from time to time, or to have the Corporation Bank wound up or to file or prove a claim in any liquidation, insolvency liquidation or bankruptcy proceedings, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided to the Trustee and the Trustee has been otherwise properly indemnified and funded, and i) the Trustee shall have failed to act within a reasonable time (but after the Debentureholders' Request referred to in any event, not later than ten (10) days) thereafter; provided, however, that nothing contained in this Section 7.6 or in this Indenture shall prohibit any Debentureholder from filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If Subsection 8.7 has been delivered to the Trustee and sufficient funds and indemnity as provided for in Subsection 13.2(2) has so failed been tendered to actit, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing or (ii) the Trustee not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series shall have resigned pursuant to the contraryprovisions of Section 13.10 and a new Trustee shall not have been appointed pursuant to Section 13.9, within a reasonable time after such resignation. In such case, but not otherwise, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of himself and all other Debentureholders of such series shall be entitled to take proceedings in any court of the proceedings that competent jurisdiction such as the Trustee might have taken hereunder. No Debentureholder has under Section 8.6, it being understood and intended that no one or more holders of Debentures or coupons shall have any right in any manner whatsoever to effectaffect, disturb or prejudice the rights hereby created by its the action of such Debentureholder or Debentureholders or to enforce any right hereunder or under any DebentureDebenture or coupon, except subject to the conditions and in the manner herein provided. Any money received as a result of a proceeding taken , and that all powers and trusts hereunder shall be exercised and all proceedings at law shall be instituted and maintained by any Debentureholder hereunder must be forthwith paid to the Trustee, except only as herein provided, and in any event for the equal benefit of all holders of all outstanding Debentures and coupons.

Suits by Debentureholders. No holder of any Debenture has the shall have any right to institute any action action, suit or proceeding at law or to exercise any other remedy authorized by this Indenture in equity for the purpose of enforcing any right on behalf payment of the Debentureholders principal of any series thereof or interest on the Debentures or for the execution of any trust or power hereunder of for the appointment of a liquidator or receiver or for a receiving order under the Bankruptcy and Insolvency Act (Canada) or to have the Corporation Company wound up or to file or prove a claim in any liquidation, insolvency liquidation or bankruptcy proceedingsproceeding or for any other remedy hereunder, unless unless: (i) such holder shall previously have given to the Trustee written notice of the happening of an Event of Default hereunder; (ii) the Debentureholders by Extraordinary Resolution or by written instrument signed by holders of the holders at least 25% in principal amount of the Debentures of the applicable series has been provided then outstanding shall have made a request to the Trustee and the Trustee has shall have been otherwise properly indemnified afforded reasonable opportunity either itself to proceed to exercise the power hereinbefore granted or to institute an action, suit or proceeding in its name for such purposes; (iii) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and fundedsecurities and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred herein or thereby; and (iv) the Trustee shall have failed to act within a reasonable time (but in after such notification, request and offer of indemnity and such notification, request and offer of indemnity may, at the option of the Trustee, constitute a condition precedent to any other proceedings. In such event, but not later than ten (10) days) thereafter; provided, however, that nothing contained in this Section 7.6 or in this Indenture shall prohibit any Debentureholder from filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If the Trustee has so failed to act, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contraryotherwise, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of himself and all Debentureholders of such series other Debentureholders, shall be entitled to take proceedings in any court of the proceedings that competent jurisdiction such as the Trustee might have taken hereunder. No under Section 6.5, but in no event shall any Debentureholder has or combination of Debentureholders have any right to take any other remedy or proceedings out of court; it being understood and intended that no one or more holders of Debentures shall have any right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder or under any Debenture, Debenture except subject to the conditions and in the manner herein provided. Any money received as a result of a proceeding taken , and that all powers and trusts hereunder shall be exercised and all proceedings at law shall be instituted, had and maintained by any Debentureholder hereunder must be forthwith paid to the Trustee, except only as herein provided, and in any event for the equal benefit of all holders of outstanding Debentures.

Suits by Debentureholders. No holder Holder of any Debenture has the shall have any right to institute any action action, suit or proceeding at law or to exercise any other remedy authorized by this Indenture in equity for the purpose of enforcing any right on behalf payment of the Debentureholders of any series thereof principal of, or Premium, if any, or interest on, the Debentures or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under the Bankruptcy and Insolvency Act (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation, insolvency liquidation or bankruptcy proceedingsproceeding or for any other remedy unless: (a) the Debentureholders, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided by Debentureholders’ Request, shall have made a written request to the Trustee and the Trustee has shall have been otherwise properly indemnified afforded reasonable opportunity either itself to proceed to exercise the powers conferred upon it or to institute an action, suit or proceeding in its name for such purpose; (b) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, funding and fundedindemnity satisfactory to the Trustee with respect to the costs, expenses and liabilities to be incurred therein or thereby; (c) the Trustee shall have failed to act within a reasonable time after such notification, request and provision of indemnity; and (but in any event, not later than ten (10d) days) thereafter; provided, however, that nothing contained in no direction inconsistent with such written request has been received by the Trustee from Holders of a majority of the aggregate outstanding principal amount of the outstanding Debentures. If a Debentureholder has the right to institute proceedings under this Section 7.6 or in this Indenture shall prohibit any Debentureholder from filing its own proof of claim in any liquidation11.6, reorganization or bankruptcy proceeding. If the Trustee has so failed to actsuch Debentureholder, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contrary, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of itself and all Debentureholders of such series other Debentureholders, shall be entitled to take commence proceedings in any court of the proceedings that competent jurisdiction in which the Trustee might have taken hereundercommenced proceedings under Section 11.5, but in no event shall any Debentureholder or combination of Debentureholders have any right to seek any other remedy or institute proceedings out of court. No Debentureholder has or Debentureholders shall have any right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder under this Indenture or under any DebentureDebenture Certificate, except subject to in accordance with the conditions and in the manner herein provided. Any money received as a result of a proceeding taken by any Debentureholder hereunder must be forthwith paid to the Trusteeprovided in this Indenture.

Suits by Debentureholders. No holder Holder of any Debenture has or coupon shall have the right to institute any action or proceeding or to exercise any other remedy authorized by this Indenture for for: FINOVA Trust Indenture Page 41 of 61 (a) the purpose of enforcing any right rights on behalf of the Debentureholders of any series thereof or for Debentureholders; (b) the execution of any trust or power hereunder hereunder; (c) the appointment of a liquidator or receiver; or (d) a receiving order under bankruptcy legislation or to have the Corporation wound up or to file or prove a claim in any liquidation, insolvency liquidation or bankruptcy proceedings, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided to the Trustee and the Trustee has been otherwise properly indemnified and funded, and the Trustee shall have failed to act within a reasonable time (but after the Debentureholders' Request referred to in Section 8.2 has been delivered to the Trustee, any event, not later than ten (10) days) thereafter; provided, however, that nothing contained in this funds and any indemnity required by it under the provisions of Section 7.6 or in this Indenture shall prohibit 13.2 has been tendered to it and any Debentureholder from filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If Debentures required by it to be deposited with the Trustee has under the provisions of Section 13.2 have been so failed to actdeposited. In such case, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee but not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contraryotherwise, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of himself and all other Debentureholders of such series shall be entitled to take proceedings in any court of the proceedings that competent jurisdiction such as the Trustee might have taken hereunder. No Debentureholder has under the provisions of Section 8.4, it being understood and intended that no one or more Holders of Debentures or coupons shall have any right in any manner whatsoever to effectaffect, disturb or prejudice the rights hereby created by its his or their action or to enforce any right hereunder or under any DebentureDebenture or coupon, except subject to the conditions and in the manner herein provided. Any money received as a result of a proceeding taken provided and that all powers and trusts hereunder shall be exercised and all proceedings at law shall be instituted and maintained by any Debentureholder hereunder must be forthwith paid to the Trustee, except only as herein provided, and in any event for the equal benefit of all Holders of all outstanding Debentures and coupons.

Suits by Debentureholders. No holder Debentureholders of any Debenture has the Series shall have any right to institute any action action, suit or proceeding at law or to exercise any other remedy authorized by this Indenture in equity for the purpose of enforcing any right on behalf payment of the Debentureholders principal of or any series thereof Premium or interest on the Debentures of such Series or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under applicable law, including the Bankruptcy and Insolvency Act (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation, insolvency liquidation or bankruptcy proceedingsproceeding or for any other remedy unless: (a) the Debentureholders of such Series, unless an by Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided or by Debentureholders’ Request, shall have made a request to the Trustee Trustees and the Trustee has Trustees shall have been otherwise properly indemnified afforded reasonable opportunity either themselves to proceed to exercise the powers conferred upon them or to institute an action, suit or proceeding in their name for such purpose, (b) the Debentureholders of such Series or any of them shall have furnished to the Trustees, when so requested by the Trustees, sufficient funds to pay the costs, expenses and funded, and liabilities to be incurred therein or thereby, (c) the Trustee Trustees shall have failed to act within a reasonable time after such notification, request and provision of sufficient funds (but or indemnity in any event, not later than ten respect of the U.S. Trustee); and (10d) days) thereafter; provided, however, that nothing contained no direction inconsistent with such written request has been received by the Trustees from Holders of a majority in principal amount of the outstanding Debentures of such Series. If a Debentureholder has the right to institute proceedings under this Section 7.6 or in this Indenture shall prohibit any Debentureholder from filing its own proof of claim in any liquidation8.6, reorganization or bankruptcy proceeding. If the Trustee has so failed to actsuch Debentureholder, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contrary, any Debentureholder of the applicable series, or group of Debentureholders of the applicable series acting in concert, either acting for itself or themselves or on behalf of itself and all Debentureholders of such series other Debentureholders, shall be entitled to take commence proceedings in any court of the proceedings that competent jurisdiction in which the Trustee might have taken hereundercommenced proceedings under Section 8.5, but in no event shall any Debentureholder or combination of Debentureholders have any right to seek any other remedy or institute proceedings out of court. No Debentureholder has one or more Debentureholders shall have any right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder under this Indenture or under any Debenture, except subject to in accordance with the conditions and in the manner herein provided. Any money received as a result of a proceeding taken by any Debentureholder hereunder must be forthwith paid to the Trusteeprovided in this Indenture.