Common use of Right of Holders Clause in Contracts

Right of Holders. No Holder shall be entitled to proceed directly against the Issuer, or to institute proceedings for the Winding-Up or claim in the liquidation of the Issuer or to prove such Winding-Up, or to enforce the performance of this Trust Deed or the Securities, unless the Trustee, having become so bound to proceed, or being able to prove in such Winding-Up or claim in such liquidation (and having been indemnified and/or secured and/or pre-funded to its satisfaction), 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 Issuer as those which the Trustee is entitled to exercise as set out in this Clause 8.

Right of Holders. No Holder shall be entitled to proceed directly against the Issuer, Issuer or to institute proceedings for the Winding-Up or claim in the liquidation of the Issuer or to prove in such Winding-Up, or to enforce the performance of this Trust Deed or the Securities, Up unless the Trustee, having become so bound to proceed, proceed or being able to prove in such Winding-Up or claim in such liquidation (and having been indemnified and/or secured and/or pre-funded to its satisfaction), 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 Issuer as those which the Trustee is entitled to exercise as set out in this Clause Condition 8.