no-action clause

no-action clause
England, Wales
A clause commonly found in documentation for a bond issue where a trustee structure is used. Typically, the clause permits only the trustee to take enforcement action against the issuer or guarantor of the bonds. Individual bondholders can generally only take legal action against the issuer if the trustee fails to take action in accordance with the bond documentation.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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