|
delivered to the Trustee, and satisfaction of the provision of indemnity in accordance with Section
<br /> 9.1(1) of this Indenture (except with respect to acceleration, which shall require no indemnity), to
<br /> direct the Trustee as to the preferred remedy, the time, method and place of conducting all
<br /> proceedings to be taken in connection with the enforcement of the terms and conditions of this
<br /> Indenture, or for the appointment of a receiver or any other proceedings or remedies permitted
<br /> hereunder; provided that such direction shall not be otherwise than in accordance with the
<br /> provisions of law and of this Indenture.
<br /> SECTION 8.5. Appointment of Receivers. Upon the occurrence of an Event of
<br /> Default, and upon the filing of a suit or other commencement of judicial proceedings to enforce
<br /> the rights of the Trustee, or of the Bondholders under this Indenture or the Mortgage, the Trustee
<br /> shall be entitled to apply for the appointment of a receiver or receivers of the Company or the
<br /> Charter School or both, of the Trust Estate, and of the property covered by the Mortgage, as the
<br /> case may be, and of the revenues, earnings, rents, income, products and profits thereof, pending
<br /> such proceedings, with such powers as the court making such appointment shall confer.
<br /> SECTION 8.6. Waiver by Issuer. Upon the occurrence of an Event of Default, to the
<br /> extent that such rights may then lawfully be waived, neither the Issuer, nor anyone claiming
<br /> through or under it, shall set up, claim, or seek to take advantage of any appraisement, valuation,
<br /> stay, extension,or redemption laws of any jurisdiction now or hereafter in force,in order to prevent
<br /> or hinder the enforcement of this Indenture,and the Issuer, for itself and all who may claim through
<br /> or under it, hereby waives, to the extent that it lawfully may do so, the benefit of all such laws.
<br /> SECTION 8.7. Application of Money.
<br /> (a) If an Event of Default shall occur, all funds then held or thereafter received by the
<br /> Trustee pursuant to any right given or action taken under the provisions of this Indenture shall,
<br /> after payment of the costs and expenses necessary, in the opinion of Trustee,to protect the interests
<br /> of the Bondholders of the Bonds, including the costs and expenses of the Bondholders, and
<br /> payment to the Trustee of the fees, liabilities, advances and expenses incurred or made by the
<br /> Trustee, including reasonable fees and expenses of its counsel, be deposited in the Bond Fund and
<br /> all money in the Bond Fund shall be applied by the Trustee in the following order:
<br /> (i) Unless the principal of all the Bonds in default shall have become or shall
<br /> have been declared due and payable, all such money shall be applied:
<br /> First, to the payment to the persons entitled thereto of all installments of
<br /> interest then due on the Bonds, in the order of the maturity of the installments of
<br /> such interest and, if the amount available shall not be sufficient to pay in full any
<br /> particular installment, then to the payment ratably, according to the amounts due
<br /> on such installment, to the persons entitled thereto, without any discrimination or
<br /> privilege; and
<br /> Second,to the payment to the persons entitled thereto of the unpaid principal
<br /> of and premium, if any, on any of the Bonds which shall have become due (other
<br /> than Bonds matured or called for redemption for the payment of which money are
<br /> held pursuant to the provisions of this Indenture), in the order of their due dates
<br /> 57
<br /> 735810810
<br />
|