Common use of Limitation on Remedies Clause in Contracts

Limitation on Remedies. Except as provided in Section 5.07, a Securityholder may not pursue any remedy with respect to this Indenture or the Securities unless: (1) the Holder gives to the Trustee written notice of a continuing Event of Default; (2) the Holders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy; (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and (5) no direction inconsistent with the request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Securities. A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over other Securityholders.

Appears in 8 contracts

Sources: Indenture (Leucadia National Corp), Indenture (Leucadia National Corp), Indenture (Leucadia National Corp)

Limitation on Remedies. Except as provided in Section 5.076.07, a Securityholder may not pursue any remedy with respect to this Indenture or the Securities unless: (1) the Holder gives to the Trustee written notice of a continuing Event of Default; (2) the Holders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy; (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and (5) no direction inconsistent with the request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Securities. A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over other Securityholders.

Appears in 5 contracts

Sources: Indenture (Leucadia National Corp), Indenture (Leucadia National Corp), Indenture (Leucadia National Corp)

Limitation on Remedies. Except as provided in Section 5.076.07, a Securityholder Holder may not pursue any remedy with respect to this Indenture or the Securities unless: (1) the such Holder gives to has previously given the Trustee written notice of a continuing that an Event of Default;Default is continuing, (2) the Holders of at least 25% in aggregate principal amount of the outstanding Securities make have made a written request to the Trustee to pursue the remedy;, (3) such Holder or Holders offer to have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense;, (4) the Trustee does has not comply complied with the such request within 60 days after the receipt of the request and the offer of security or indemnity; and (5) no direction inconsistent with the request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securitiesoutstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over such other SecurityholdersSecurityholder.

Appears in 1 contract

Sources: Indenture (BMCA Quakertown Inc.)