1988-06-17 Resolution 8 - Laserfiche WebLink

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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 that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided, and for the equal benefit of all holders of outstanding Bonds. Notwithstanding any other provisions of this Agreement, the right of any holder of any Bond to receive payment of the principal of and premium, if any, and. interest on such Bond on or after the respective due dates therein expressed, or to institute suit for the recovery of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. ARTICLE VIII. Defeasance. Payment, Release. Sec. 8.01. If, when the Bonds secured hereby shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to .call the Bonds for redemption shall have been given by the Authority to the Trustee, the whole amount of the principal and • the interest and the premium, if any, so due and payable upon all of the Bonds then outstanding shall be paid or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America the principal of and the interest on which when due will provide sufficient moneys, or (iii) time certificates of deposit fully secured•as to both principal and interest by obligations of the kind described in (ii) above of a bank or banks the principal of and interest on which when due will provide. sufficient moneys, or (iv) any combination of (i), (ii) or (iii) above which will provide sufficient moneys, shall be held by the Trustee for such purpose under the provisions of .this Agreement, and provision shall also be made for paying all Trustee's fees and expenses and other sums payable hereunder by the Authority, then and in that case the right, title and interest of the Trustee shall thereupon cease, determine and become void. Upon any such termination of the Trustee's title, on demand of the Authority, the Trustee shall release this Agreement and shall execute such documents to evidence such release as may be reasonably required by the Authority, and shall turn over to the Authority or to such officer, board or body as may then be entitled by law to receive the same any surplus in the Sinking -Fund created by Sec. 3.01 hereof and in the Operation Fund created by Sec. 3.02 hereof and all balances remaining in any . other fund or accounts other than moneys and obligations held for the redemption or payment of Bonds; provided, however, that in the event direct obligations of, or obligations the principal of -25-