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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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priority of principal over interest or of interest over <br />principal, or of any installment of interest or of preference <br />or priority of principal over interest or of interest over <br />principal, or of any installment of interest over any other <br />installment of interest, or of any Bond over any other Bond, <br />ratably, according to .the amount due respectively for <br />principal and interest, to the persons entitled thereto <br />without any discrimination or privilege. <br />Sec. ?.04. If default occurs with respect to the payment of <br />principal or interest due hereunder, interest shall be payable on <br />overdue principal and overdue interest both at the highest rate of <br />interest on any of the Bonds when sold, whether or not then <br />outstanding. <br />Sec.. 7.05.. In case of the happening and continuance of any <br />of the events of default specified in Section 7.01, the Trustee <br />may, and shall upon the written request of the holders of at least <br />twenty-five percent (25~) in principal amount of the Bonds then <br />outstanding hereunder and upon being indemnified to its reasonable <br />satisfaction, .proceed to protect and enforce its rights and the <br />rights of the holders of the Bonds by suit or suits in equity or <br />at law, or in any court of competent .jurisdiction, whether for <br />specific performance of any covenant or agreement contained herein <br />or in aid of any power herein granted, or for the. enforcement of <br />any other. appropriate legal or equitable remedy. <br />No remedy by the terms of this Agreement conferred upon or <br />reserved to the' Trustee or to the Bondholders is intended to be <br />exclusive of any other remedy, but each and every such remedy shall <br />be cumulative and shall be in addition to any other remedy given <br />hereunder or now or hereafter existing at law or in equity or by <br />statute. <br />No delay or omission to exercise any right or power accruing <br />upon any default shall impair any such right or power, or shall be <br />- - -construed to be a waiver of any such default or acquiescence <br />therein; and every such right or power may be .exercised from time <br />to time and as often as may be deemed expedient. <br />.Sec. 7.06. In case of an event of default hereunder and upon <br />the filing of judicial proceedings to enforce the rights of the <br />Trustee and of the Bondholders hereunder, the Trustee shall be <br />entitled, as a matter of right, to the appointment of a receiver <br />of the rents, revenues, issues, earnings, income and proceeds of <br />the Facility pending such proceedings, with such powers as the <br />court making such appointment shall confer. <br />Sec. 7.07. All rights of action under this Agreement or under <br />any of the Bonds, including the right to file and prove a claim in <br />any receivership, insolvency, bankruptcy, or other similar <br />• -25- <br />
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