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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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exercise the power hereinbefore granted, or to institute such action, suit or proceeding in its, <br />his or their own name or names; and 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 <br />the enforcement of this Indenture, or for the appointment of a receiver or for any other <br />remedy hereunder; it being understood and intended that no one or more holders of the <br />Bonds shall have any right in any manner whatsoever to affect, disturb or prejudice the lien <br />of this Indenture by its, his or their action or to enforce any right hereunder except in the <br />manner herein provided, and that all proceedings at law or in equity shall be instituted, had <br />and maintained in the manner herein provided and for the ratable benefit of the holders of <br />all Bonds then outstanding. Nothing in this Indenture contained shall, however, affect or <br />impair the right of any Bondholder to enforce the payment of the principal of and interest <br />on any Bond at and after maturity thereof, or the obligation of the Issuer to pay the <br />principal of and interest on each of the Bonds issued hereunder to the respective holders <br />thereof at the time, place, from the source and in the manner in said Bonds expressed. <br />Section 908. Termination of Proceedings. In case the Trustee shall have proceeded <br />to enforce any right under this Indenture and such proceedings shall have been discontinued <br />or abandoned for any reason, or shall have been determined adversely, then and in every <br />such case the Issuer, the Borrower and the Trustee shall be restored to their former <br />positions and rights hereunder and all rights, remedies and powers of the Trustee shall <br />continue as if no such proceedings had been taken. <br />Section 909. Waivers of Events of Default. The Trustee shall waive any Event of <br />Default hereunder and its consequences and rescind any declaration of acceleration of <br />maturity of principal of and interest on the Bonds upon the written request or consent of the <br />holders of at least a majority in aggregate principal amount of all Bonds then outstanding; <br />provided, however, that there shall not be waived or rescinded any Event of Default <br />specified in subsection (a) of Section 901 hereof unless prior to such waiver or rescission all <br />arrears of principal and of interest, with interest on overdue installments of principal and (to <br />the extent permitted by law) on overdue installments of interest at a rate per annum <br />determined by adding four percent (4 %) to the interest rate on or with respect to such <br />installment of principal in effect at the payment date of such installment, and with all <br />delinquency charges payable pursuant to Section 202, and all expenses of the Trustee, in <br />connection with such Default shall have been paid or provided for, and in case of any such <br />waiver or rescission, or in case any proceeding taken by the Trustee on account of any such <br />Default shall have been discontinued or abandoned or determined adversely, then and in <br />every such case the Issuer, the Trustee and the Bondholders shall be restored to their former <br />positions and rights hereunder respectively, but no such waiver or rescission shall extend to <br />any subsequent or other Default, or impair any right consequent thereon. <br />-30- <br />
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