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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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11/7/2018 2:09:11 PM
Creation date
11/20/2018 8:47:21 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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their former positions and rights hereunder, and all rights, remedies and powers of the Trustee <br /> shall continue as if no such proceedings had been taken. <br /> Section 7.8 Waivers of Events of Default. The Trustee may in its discretion waive any <br /> event of default hereunder and its consequences and rescind any declaration of maturity of <br /> principal of and interest on the Bonds, and shall do so upon the written request of(1) the holders <br /> of all of the Bonds then outstanding in respect of which default in the payment of principal or <br /> interest exists, or (2) the Requisite Bondholders in the case of any other default; provided, <br /> however, that there shall not be waived without the consent of all Bondholders (a) any event of <br /> default in the payment of the principal of any outstanding Bonds at the date of maturity specified <br /> therein, or (b) any default in the payment when due of the interest on any such Bonds unless <br /> prior to such waiver or rescission, arrears of interest, with interest (to the extent permitted by <br /> law) at the rate borne by the Bonds in respect of which such default shall have occurred on <br /> overdue installments of interest or all arrears of payments of principal when due, as the case may <br /> be, and all expenses of the Trustee in connection with such default shall have been paid or <br /> provided for, and in case of any such waiver or rescission, or in case any proceeding taken by the <br /> Trustee on account of any such default shall have been discontinued or abandoned or determined <br /> adversely, then and in every such case the Issuer, the Trustee and the Bondholders shall be <br /> restored to their former positions and rights hereunder, respectively, but no such waiver or <br /> rescission shall extend to any subsequent or other default, or impair any right consequent <br /> thereon. <br /> (End of Article VII) <br /> 34 <br />
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