Common use of Direction of Proceedings and Waiver of Defaults by Majority of Securityholders Clause in Contracts

Direction of Proceedings and Waiver of Defaults by Majority of Securityholders. The holders of a majority in aggregate principal amount of the Debt Securities affected (voting as one group) at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available with respect to such Debt Securities. Prior to any ipso facto acceleration of the maturity of the Debt Securities, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past Default or Event of Default and its consequences, except a default (a) in the payment of principal of, premium, if any, or interest on any of the Debt Securities, or (b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of the holder of each Debt Security affected. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 5.5, said Default or Event of Default shall for all purposes of the Debt Securities and this Securityholders Agreement be deemed to have been cured and to be not continuing.

Direction of Proceedings and Waiver of Defaults by Majority of Securityholders. The holders of a majority in aggregate principal amount of the Debt Securities affected (voting as one group) at the time outstanding shall have the right to direct the time, Table of Contents method and place of conducting any proceeding for any remedy available with respect to such Debt Securities. Prior to any ipso facto acceleration of the maturity of the Debt Securities, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past Default or Event of Default and its consequences, except a default (a) in the payment of principal of, premium, if any, or interest on any of the Debt Securities, or (b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of the holder of each Debt Security affected. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 5.5, said Default or Event of Default shall for all purposes of the Debt Securities and this Securityholders Agreement be deemed to have been cured and to be not continuing.