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

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ARTICLE IX DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND REGISTERED OWNERS Section 9.01 Defaults; Events of Default. If any of the following events occur, it is hereby declared to constitute an "Event of Default": (a) Default in the due and punctual payment of 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 in this Indenture or in the Bonds contained and failure to remedy the same after notice thereof pursuant to Section 9.12 hereof; or (d) The occurrence of an "Event of Default" under Section S.1 of the Loan Agreement, [Section 8.01 of the Tax Regulatory Agreement,] the Mortgage, the Lease, the Pledge Agreement, or any other Security Agreement. Section 9.02 Acceleration. Subject to the provisions of Section 9.11 hereof, during the continuation of an Event of Default, the Trustee may, and shall, at the direction of the Registered Owners of a majority in aggregate principal amount of Outstanding Bonds, and upon indemnification as provided in Section 10.01(1) hereof, 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, and thereupon that portion of the principal of the Bonds thereby coming due and the interest accrued to the date of payment shall, without further action, become and be immediately due and payable, anything in this Indenture or in the Bonds to the contrary notwithstanding. Upon any declaration of acceleration hereunder, the Issuer and the Trustee shall immediately declare an amount equal to all amounts then due and payable on the Bonds to be immediately due and payable as Loan Repayments under Section 4.2(a) of the Loan Agreement. Section 9.03 Other Remedies; Rights of Registered Owners. Upon the occurrence of an Event of Default, the Trustee may pursue any available remedy at law or in equity to enforce the payment of the princ-ipal of, premium, if any, and interest on the Outstanding Bonds and the provisions hereof and of the Loan Agreement If an Event of Default shall have occurred and be continuing and if requested to do so by the Registered Owners of a majority in aggregate principal amount of Outstanding Bonds, and if indemnified as provided in Section 10.01(1) hereof, the Trustee shall be obligated to exercise such one or more of the rights and powers conferred by this Section and by Section 9.02 hereof or by the Mortgage or the Loan Agreement. as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Registered Owners. No remedy or rights by the terms of this Indenture conferred upon or reserved to the Trustee (or to the Registered Owners) are intended to be exclusive of any other remedy or right, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given to the Trustee or to the Registered Owners hereunder or now or hereafter existing at law or in equity. 36 5600797v 1