Common use of Right of Holders Clause in Contracts

Right of Holders. No Holder shall be entitled to proceed directly against the Company or to institute proceedings for the Winding-Up of the Company or to prove or claim in such Winding-Up unless the Trustee, having become so bound to proceed or being able to prove or claim in such Winding-Up, fails to do so within a reasonable period and such failure shall be continuing, in which case the Holder shall have only such rights against the Company as those which the Trustee is entitled to exercise as set out in this ‎Article 5.

Right of Holders. No Holder shall be entitled to proceed directly against the Company or the Guarantor or to institute proceedings for the Winding-Up or claim in the liquidation of the Company or the Guarantor or to prove or claim in such Winding-Up unless the Trustee, having become so bound to proceed or being able to proceed, institute, prove or claim in such Winding-Upclaim, fails to do so within a reasonable 60 day period and such failure shall be continuing, in which case the Holder shall have only such rights against the Company or the Guarantor as those which the Trustee is entitled to exercise as set out in this ‎Article 5section.