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1994-06-21 Minutes
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1994-06-21 Minutes
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controlling, controlled by or under common control with the <br />Authority shall be disregarded and deemed not to be outstanding, <br />except that for the purpose of determining whether the Trustee or <br />the Tender Agent shall be protected in relying on any such action, <br />only such Bonds which the Trustee or the Tender Agent knows are so <br />owned shall be so disregarded. Bonds so owned which have been <br />pledged in good faith (including but not limited to the Pledged <br />Bonds) may be regarded as outstanding if the pledgee establishes <br />to the satisfaction of the Trustee or the Tender Agent the <br />pledgee's right so to act with respect to such Bonds and that the <br />pledgee is not the Authority or any person directly or indirectly <br />controlling or controlled by or under direct or indirect common <br />control with the Authority, except that the Trustee and the Tender <br />Agent shall accept such right of the Credit Facility Issuer with <br />respect to the Pledged Bonds. In case of a dispute as to such <br />right, any decision by the Trustee or the Tender Agent taken upon <br />the advice of counsel shall be full protection to the Trustee or <br />the Tender Agent, as the case may be. <br />ARTICLE XIV <br />MISCELLANEOUS <br />Section 1401. Limitation of Rights. With the exception <br />of rights herein expressly conferred, nothing expressed or <br />mentioned in or to be implied from this Indenture or the Bonds is <br />• intended or shall be construed to give to any person other than the <br />Authority, the Trustee, the Tender Agent, the Remarketing Agent, <br />the Credit Facility Issuer and the owners of the Bonds, any legal <br />or equitable right, remedy or claim under or in respect to this <br />Indenture or any covenants, conditions and provisions herein <br />contained; this Indenture and all of the covenants, conditions and <br />provisions hereof being intended to be and being for the sole and <br />exclusive benefit of the Authority, the Trustee, the. Tender Agent, <br />the Remarketing Agent, the Credit Facility Issuer and the owners <br />of the Bonds as herein provided. <br />Section 1402. Severability. If any provision of this <br />Indenture shall be held or deemed to be or shall, in fact, be <br />inoperative or unenforceable as applied in any particular case in <br />any jurisdiction or jurisdictions or in all jurisdictions, or in <br />all cases because it conflicts with any other provision or <br />provisions or any constitution or statute~or rule of public policy, <br />or for any other reason, such circumstances shall not have the <br />effect of rendering the provision in question inoperative or <br />unenforceable in any other case or circumstance, or of rendering <br />any other provision or provisions herein contained invalid, <br />inoperative or unenforceable to any extent whatever. <br />• 107 <br />
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