Agenda - Council - 07/12/2022 - Laserfiche WebLink

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ARTICLE VIII DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS SECTION 8.1. 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 on any Interest Payment Date; (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 this Indenture or in the Bonds and failure to remedy the same after notice thereof pursuant to Section 8.12 of this Indenture; (d) The cancellation or non-renewal of the School's Charter Contract/Agreement (after all administrative appeal periods have expired) with the School's authorizer and a new charter contract is not immediately in place so that there is no time period that the School is without a valid Charter Contract/Agreement. (e) The occurrence of an "Event of Default" under Section 9.1 of the Loan Agreement, or under any provision of any other Security Document (including the Mortgage and the Pledge Agreement); and (f) Receipt by the Trustee of written notification of the occurrence and continuation of any event of default under any other parity Indebtedness of the Company or any agreement (including the Intercreditor Agreement) in connection with or securing such parity Indebtedness and such written notification states that as a result of such event of default the holder of such parity Indebtedness would have the right to declare the principal thereof to be immediately due and payable. SECTION 8.2. Remedies for Events of Default Under Bond Indenture. (a) Upon the occurrence of an Event of Default hereunder, the Trustee shall have the following rights and remedies: (i) Acceleration. Subject to the provisions of Section 8.11 of this Indenture, during the continuation of an Event of Default, and after the expiration of all applicable notice and cure periods, the Trustee may, and shall, at the direction of the Majority Bondholder(s) (without requirement of indemnification under Section 9.1(1) of this Indenture), by notice in writing delivered to the Issuer, the Bondholders 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 55 735810810