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05-22-2017 Packet
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05-22-2017 Packet
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(c) If the principal of all the Bonds shall have been declared due and payable, and if <br /> such declaration shall thereafter have been rescinded and annulled under the provisions of this <br /> Article then, subject to the provisions of subsection (b) of this Section in the event that the <br /> principal of all the Bonds shall later become due or be declared due and payable, the moneys <br /> shall be applied in accordance with the provisions of subsection(a)of this Section. <br /> Whenever moneys are to be applied pursuant to the provisions of this Section, such <br /> moneys shall be applied at such times, and from time to time, as the Trustee shall determine, <br /> having due regard to the amount of such moneys available for application and the likelihood of <br /> additional moneys becoming available for such application in the future. Whenever the Trustee <br /> shall apply such funds, it shall fix the date(which shall be an interest payment date unless it shall <br /> deem another date more suitable) upon which such application is to be made. The Trustee shall <br /> give such notice as it may deem appropriate of the deposit with it of any such moneys and of the <br /> fixing of any such date and shall not be required to make payment to the holder of any Bond <br /> until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation <br /> if fully paid. <br /> Section 7.6. Remedies Vested In Trustee. All rights of action (including the right to file <br /> proof of claims) under this Indenture or under any of the Bonds may be enforced by the Trustee <br /> without the possession of any of the Bonds or the production thereof in any trial or other <br /> proceedings relating thereto, and any such suit or proceeding instituted by the Trustee shall be <br /> brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any <br /> holders of the Bonds, and any recovery of judgment shall, subject to the provisions of <br /> Section 7.5 hereof, be for the equal benefit of the holders of the outstanding Bonds. When the <br /> Trustee incurs costs or expenses (including reasonable attorney's fees, costs or expenses) or <br /> renders services after the occurrence of an Event of Default, such costs and expenses and the <br /> compensation for such services are intended to constitute expenses of administration under any <br /> federal or state bankruptcy, insolvency, arrangement, moratorium, reorganization or other debtor <br /> relief law. <br /> Section 7.7. Ri hts and Remedies of Bondholders. No holder of any Bond shall have <br /> any right to institute any suit, action or proceeding in equity or at law for the enforcement of this <br /> Indenture or for the execution of any trust thereof or for the appointment of a receiver or any <br /> other remedy hereunder, unless a default has occurred of which the Trustee has been notified as <br /> provided in subsection (g) of Section 8.1, or of which by said subsection it is deemed to have <br /> notice, nor unless also such default shall have become an event of default and the holders of all <br /> Bonds then outstanding shall have made written request to the Trustee and shall have offered <br /> reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to <br /> institute such action, suit or proceeding in its own name, nor unless also they have offered to the <br /> Trustee indemnity as provided in Section 8.1 hereof,nor unless the Trustee shall thereafter fail or <br /> refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding <br /> in its, his, or their own name or names. Such notification, request and offer of indemnity are <br /> hereby declared in every case at the option of the Trustee to be conditions precedent to the <br /> execution of the powers and trusts of this Indenture, and to any action or cause of action for the <br /> enforcement of this Indenture, or for the appointment of a receiver or for any other remedy <br /> hereunder; it being understood and intended that no one or more holders of the Bonds shall have <br /> any right in any manner whatsoever to affect, disturb or prejudice the lien of this Indenture by <br /> -31 - <br /> 1\11860514.2 <br />
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