Common use of Control by Bondholders Clause in Contracts

Control by Bondholders. The Holders of a majority in principal amount of the Outstanding Bonds shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that (1) such direction shall not be in conflict with any rule of law or with this Indenture, (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, (3) subject to Section 601, the Trustee need not take any action which might be prejudicial to the Holders not consenting, or that might expose the Trustee to personal expense or liability, or if the Trustee does not have sufficient indemnification against loss or expense. and further provided, that Holders of not less than seventy-five percent (75%) in principal amount of Bonds Outstanding may consent to a postponement of any interest payment for a period not exceeding three (3) years from its due date.