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

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and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or privilege. (ii) If the principal of all the Bonds shall have become due or shall have been declared due and payable, all such money shall be applied to the payment of the principal and interest then due and unpaid upon all of the Bonds, without preference or priority of principal over interest or of interest over principal, or of any Bond over any other Bond, ratably, according to the amounts due respectively for principal and interest,to the persons entitled thereto without any discrimination or privilege. (b) Whenever money is to be applied pursuant to the provisions of this Section, such money shall be applied at such times, and from time to time, as the Trustee shall determine, having due regard to the amount of such money available for application and the likelihood of additional money becoming available for such application in the future. Whenever the Trustee shall apply such funds, it shall fix the date (which shall be an Interest Payment Date unless it shall deem another date more suitable)upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such dates shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such money and of the fixing of any such date and shall not be required to make payment to the owner of any Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. (c) Whenever the Majority Bondholders determine that no additional funds are likely to be received or collected by the Trustee, the Majority Bondholders may notify the Trustee in writing of such determination and instruct the Trustee that the application of any money remaining after paying the expenses allowed under paragraph (a)(i) above, constitutes a final distribution of the Bonds and the Bonds will be cancelled and considered no longer Outstanding under this Indenture, regardless of whether all the principal of, and interest on, the Bonds has been paid in full. SECTION 8.8. Remedies Vested in the Trustee. All rights of action (including the right to file proof of claims) under this Indenture or under any of the Bonds may be enforced by the Trustee without the possession of any of the Bonds or the production thereof in any trial or other proceeding relating thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its name as the Trustee without the necessity of joining as plaintiffs or defendants any Bondholders of the Bonds, and any recovery of judgment shall be for the equal and ratable benefit of the Bondholders of the Outstanding Bonds. SECTION 8.9. Ri2hts and Remedies of Bondholders. Except as provided in Section 8.4 above, no Bondholder of any Bond shall have any right to institute any suit, action or proceeding at law or in equity for the enforcement of this Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless a default has occurred of which the Trustee has been notified as provided in Section 9.1(h)of this Indenture, or of which by said subsection it is deemed to have notice, nor unless there has been an Event of Default and the Majority Bondholder(s) shall have made written request to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore 58 735810810