Agenda - Council - 08/13/2013 - Laserfiche WebLink

Home

Notwithstanding the foregoing, no deposit under clause (a)(ii) of the immediately preceding paragraph will be deemed a payment of such Bonds until: (a) proper notice of redemption of such Bonds has been previously given in accordance with the Indenture, or in the event said Bonds are not by their terms subject to redemption within the next 45 days or are not to be redeemed within the next succeeding 45 days, until the Company has given the Trustee on behalf of the Issuer, in form satisfactory to the Trustee, irrevocable instructions to notify, as soon as practicable, the Owners of the Bonds, in accordance with the requirements of the Indenture, that the deposit required by (a)(ii) above has been made with the Escrow Agent and that said Bonds are deemed to have been paid and stating the maturity or redemption date upon which moneys are to be available for the payment of the principal of and the applicable redemption premium, if any, on said Bonds, plus interest thereon to the due date thereof; or (b) the maturity of such Bonds. Defaults and Remedies Any of the following events will constitute an Event of Default under the Indenture: (a) Default in the due and punctual payment of any interest on any Bond; (b) Default in the due and punctual payment of the principal of or premium, if any, on any Bond, whether at the stated maturity thereof, or upon proceedings for redemption thereof, or upon the maturity thereof by declaration; (c) Default in the performance or observance of any other of the covenants, agreements, or conditions on the part of the Issuer- contained in the Indenture or in the Bonds and failure to remedy the same after notice as provided in the Indenture; or (d) The occurrence of an "Event of Default" under the Loan Agreement (see the caption "THE LOAN AGREEMENT —Defaults" herein), the Mortgage (see the caption "THE MORTGAGE" herein), the Tax Regulatory Agreement, the Lease, the Pledge Agreement, or any other Security Agreement. During the continuation of an Event of Default the Trustee may, and must at the direction of the Registered Owners of a majority in the aggregate principal amount of the Outstanding Bonds, and upon indemnification as provided in the Indenture, by notice in writing delivered to the Issuer, the Registered Owners, and the Company, declare the principal of all Outstanding Bonds and the interest accrued thereon to be immediately due and payable. Upon any declaration of acceleration, the Issuer and the Trustee must immediately declare an amount equal to all amounts then due and payable on the Bonds to be immediately due and payable under the Loan Agreement. Waiver of Event of Default The Trustee may at is discretion, waive any Event of Default under the Indenture and its consequences and rescind any declaration of acceleration of principal, and must do so upon the written request of the Registered Owners of more than 66 2/3% in aggregate principal amount of all Outstanding Bonds provided, however, that there may not be waived any Event of Default in the payment of the principal of or interest on any Outstanding Bonds unless prior to such waiver E-8