1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

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