Common use of Proceedings by Securityholders Clause in Contracts

Proceedings by Securityholders. No holder of any Debt Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless such holder previously shall have given to the Company written notice of an Event of Default with respect to the Debt Securities and unless the holders of a majority in aggregate principal amount of the Debt Securities then outstanding shall join in such action, suit or proceeding; provided, that no holder of Debt Securities shall have any right to prejudice the rights of any other holder of Debt Securities, obtain priority or preference over any other such holder or enforce any right under this Securityholders Agreement except in the manner herein provided and for the equal, ratable and common benefit of all holders of Debt Securities. Notwithstanding any other provisions in this Securityholders Agreement, but subject to the provisions of Section 5.5 of this Securityholders Agreement, the right of any holder of any Debt Security to receive payment of the principal of, premium, if any, and interest on such Debt Security when due, shall not be impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this Section and except to the extent expressly limited by this Section, each and every Securityholder shall be entitled to such relief as can be given either at law or in equity.

Proceedings by Securityholders. No holder of any Debt Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless such holder previously shall have given to the Company Trustee written notice of an Event of Default with respect to the Debt Securities and unless the holders of a majority not less than 25% in aggregate principal amount of the Debt Securities then outstanding shall join in have given the Trustee a written request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or proceeding; provided, that no holder of Debt Securities shall have any right to prejudice the rights of any other holder of Debt Securities, obtain priority or preference over any other such holder or enforce any right under this Securityholders Agreement Indenture except in the manner herein provided and for the equal, ratable and common benefit of all holders of Debt Securities. Notwithstanding any other provisions in this Securityholders Agreement, but subject to the provisions of Section 5.5 of this Securityholders AgreementIndenture, the right of any holder of any Debt Security to receive payment of the principal of, of and premium, if any, and interest on such Debt Security when due, or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this Section and except to the extent expressly limited by this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.