1988-06-17 Resolution 6 - Laserfiche WebLink

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~ f given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power, or shall be construed to be a waiver of any such default or acquiescence therein; and every such right or power maybe exercised from time to time and as often as may be deemed expedient. Sec. 7.05.. In case of an event of ..default hereunder and upon the filing of judicial proceedings to enforce the rights of the Trustee and of the Bondholders hereunder, the Trustee shall be entitled, as a matter of right, to the appointment of a receiver of the rents, xevenues, issues,. earnings,. income and proceeds thereof pending such proceedings, with such powers as the court making such appointment shall confer. - Sec. 7.06. All rights of action under this Agreement or under any of the Bonds, including the right to file and prove a claim in any receivership, insolvency, bankruptcy,. or other similar proceedings for the entire amount due and payable by the Authority under this Agreement, 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 suit or proceeding instituted by the Trustee shall be brought in its name as Trustee, and any recovery shall be for the equal benefit of the holders of the outstanding Bonds. Sec. 7..07. It is hereby declared and agreed, as a condition .upon which each successive holder of all or any such. Bonds receives and holds the same, that no holder or holders of any such Bond shall have the right to institute any proceeding at law or in equity, or for the appointment of a receiver, or (except for filing of claims with the Treasurer of the State of Indiana) for any other remedy under this Agreement, without first giving notice in writing to the Trustee of the occurrence and continuance of an event of default as aforesaid, and unless the holders of at least twenty-five percent (25%) in principal amount of the then outstanding Bonds shall have made written request to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name, and without also having offered to the Trustee adequate. security and indemnity against the costs, expenses and liabilities to be by the Trustee incurred therein or thereby; and such notice, request, and offer of indemnity may be required by the Trustee as conditions precedent to the execution of the powers and trusts of this Agreement or to the institution of any suit, action or proceeding at law or in equity or for the appointment of a receiver, or for any .other remedy hereunder, or otherwise, in case of any such default as aforesaid; it being understood and intended that no one or more holders of the Bonds shall have any • right in any manner whatsoever, to affect, disturb or prejudice the lien of this Agreement by his or their action, or to enforce any right hereunder except in the manner herein provided, and -32-