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(a) If the waterworks fails to pay any Credit Facility Costs in accordance with <br />the requirements set forth above, the Credit Facility Issuer shall be entitled to exercise <br />any and all remedies available at law or under the authorized documents other than (i) <br />acceleration of the maturity of the Bonds or (ii) remedies which would adversely affect <br />the Bondholders. <br />(b) This Ordinance shall not be discharged and the Bonds defeased until all <br />Credit Facility Costs owing to the Credit Facility Issuer shall have been paid in full. <br />(c) The Credit Facility Issuer is granted a security interest (subordinate to that <br />of the Bondholders) in all revenues and collateral pledged as security for the Bonds, for <br />the repayment of the Credit Facility Costs. <br />(d) No additional bonds will be issued without the Credit Facility Issuer's <br />prior written consent as long as Credit Facility Costs are past due and still owing to the <br />Credit Facility Issuer. <br />(e) This Ordinance shall not be modified or amended without the prior written <br />consent of the Credit Facility Issuer. <br />The Credit Facility Issuer shall be provided with written notice of the resignation or <br />removal of the Registrar and Paying Agent and the appointment of a successor thereto <br />and of the issuance of additional indebtedness of the City's waterworks at such address as <br />maybe specified, from time to time, by the Credit Facility Issuer. <br />PASSED AND ADOPTED by the Common Council of the City of South Bend, <br />Indiana, this 'Z S~ day of 7 - , 2005. <br />\~~ <br />Member of the Common Co cil <br />Atte <br />ity erk <br />Presented by me to the Mayor of the City of South Bend, Indiana on the <br />?~~~. day of `~ , 2 0~ , at Z'• t S o'clock ~. m. <br />~ a. <br />City Clerk <br />Approved and signed by me on the ~ day <br />~° ~D o'clock ~. m. <br />Mayor; City o S t Bend, Indiana <br />1 st READING b'ts-a.~ <br />PUBLIC HEARING 1-Lyo3'' <br />3 rd READING ~ -7~S-~S~ <br />NOT APPROVED <br />REFERRED <br />PASSED ~ LS~~~ <br />200 ~~ , at <br />Filed In Clerk's Offlce <br />JUiI - 8 "'~ <br />~Wa <br />JOHN YOORDE <br />CRY CLERK, S0. BEND, !N, <br />