Bondholders’ Direction of Proceedings. Anything in this Trust Agreement to the contrary notwithstanding, the Purchaser or the Owners of a majority in aggregate principal amount of the Bonds then Outstanding, but only with the prior written consent of the Purchaser, shall have the right, by an instrument or concurrent instruments in writing executed and delivered to the Trustee, and upon indemnifying the Trustee to its satisfaction therefor, to direct the method of conducting all remedial proceedings taken by the Trustee hereunder, provided that such direction shall not be otherwise than in accordance with law and the provisions of this Trust Agreement, and that the Trustee shall have the right to decline to follow any such direction that in the reasonable opinion of the Trustee would be unjustly prejudicial to Bondholders not parties to such direction.]
Appears in 1 contract
Sources: Trust Agreement
Bondholders’ Direction of Proceedings. Anything in this Trust Agreement to the contrary notwithstanding, the Purchaser or the Owners of a majority in aggregate principal amount of the Bonds then Outstanding, but only with the prior written consent of the Purchaser, shall have the right, by an instrument or concurrent instruments in writing executed and delivered to the Trustee, and upon indemnifying the Trustee to its satisfaction therefor, to direct the method of conducting all remedial proceedings taken by the Trustee hereunder, provided that such direction shall not be otherwise than in accordance with law and the provisions of this Trust Agreement, and that the Trustee shall have the right to decline to follow any such direction that in the reasonable opinion of the Trustee would be unjustly prejudicial to Bondholders not parties to such direction.]
Appears in 1 contract
Sources: Trust Agreement