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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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proceedings for the entire amount due and payable by the Authority <br />under this.. Agreement, may be enforced by the Trustee without the <br />possession of any_of:the Bonds or the production thereof in any <br />trial or other proceeding relating thereto, and any suit or <br />proceeding instituted by the Trustee shall be brought in its name <br />as Trustee, and any recovery shall be for the equal benefit of the <br />holders of the outstanding Bonds. <br />Sec. 7.08. It is hereby declared and agreed, as a condition <br />upon which each successive holder of all or any such Bonds receives <br />and holds the same, that no holder or holders of any such Bond <br />shall have the right to institute any proceeding at law or in <br />equity, or far the appointment of a receiver, or (except for filing <br />of claims with the Treasurer of the State of Indiana) for any other <br />remedy under this Agreement, without first giving notice in writing <br />to the Trustee of the occurrence and continuance of an event of <br />default as aforesaid, and unless the holders of at least twenty- <br />five percent (25~) in principal amount of the then outstanding <br />Bonds shall have made written request to the .Trustee and shall have <br />offered it reasonable opportunity either to proceed to exercise the <br />powers hereinbefore granted or to institute such action, suit or <br />proceeding in its own name, and without also having offered to the <br />Trustee adequate security and indemnity against the costs, expenses <br />and liabilities to be by the Trustee incurred therein or thereby; <br />and such notice, request, and offer of indemnity may be required <br />by the Trustee as conditions precedent to the execution of the <br />powers and trusts of this Agreement or to the institution of any <br />~ suit,` action or proceeding at law or in equity or for the <br />appointment of a receiver, or for any other remedy hereunder, or <br />otherwise, in-case of any such default as aforesaid; it being <br />understood and intended that no one or more holders of the Bonds <br />.shall have any right in any manner whatsoever, to affect, disturb <br />or prejudice the lien of this Agreement by his or their action, or <br />to enforce any ,right hereunder except in the manner herein <br />provided, and that all proceedings at law or in equity shall be <br />instituted, had and maintained in the manner herein provided, and <br />---for .the equal benefit of all holders of outstanding Bonds. <br />Notwithstanding any other provisions of this Agreement, the right <br />of any holder of any Bond to receive payment of the principal of <br />and premium, if any, and interest on such Bond on or after the <br />respective due dates therein expressed, or to institute suit for <br />the recovery of any such payment on or after such respective dates, <br />.shall not be impaired or affected without the consent of such <br />holder. <br />• -26- <br />
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