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1994-06-21 Minutes
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1994-06-21 Minutes
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Section 903. Acceleration. (a) Upon the occurrence of <br />• an Event of Default other than those specified in subsection (a), <br />(b), (c) or (d) of Section 902 hereof the Trustee may, (but only <br />with the consent of the Credit Facility Issuer) without any action <br />on the part of the Bondholders; or <br />(b) upon the occurrence of an Event of Default other <br />than those specified in subsection (a), (b), (c), or (d) of <br />Section 902 hereof and the written request of the owners of not <br />less than 25% in principal amount of the Bonds then outstanding <br />hereunder (exclusive of Pledged Bonds and any Bonds the registered <br />owner of which is the Authority) and upon being indemnified to its <br />satisfaction as provided in Section 1001(c) hereof (with the <br />consent of the Credit Facility Issuer if the Bank's Percentage is <br />at least equal to 50% and subject to Section 1301 hereof,) the <br />Trustee shall; or <br />(c) upon the occurrence and continuance of an Event of <br />Default specified in subsection (a), (b), (c), (d), or (e) of <br />Section 902 hereof the Trustee shall declare the entire principal <br />amount of the Bonds then outstanding hereunder and the interest <br />accrued thereon immediately due and payable, -and the entire <br />principal and interest shall thereupon become and be immediately <br />due and payable, subject, however, to the provisions of Section 911 <br />hereof with respect to waivers of Events of Default. The Trustee <br />shall give notice thereof by first class mail, postage prepaid, to <br />• all owners of outstanding Bonds. During the period any Credit <br />Facility is in effect, the Trustee shall immediately draw moneys <br />under the Credit Facility, to the extent available thereunder, in <br />an amount sufficient to pay principal of and accrued interest to <br />the date of acceleration. <br />Section 904. Remedies; Rights of Bondholders. Upon the <br />occurrence and continuance of any Event of Default, the Trustee <br />may, with the consent of the Credit Facility Issuer subject to <br />Section 1301 hereof,.. without any action on the part of the <br />Bondholders, or upon the occurrence and continuance of any Event <br />of Default and the written request of the owners of not less than <br />25% in principal amount of the Bonds then outstanding hereunder <br />(exclusive of Pledged Bonds and any Bonds the registered owner of <br />which is the Authority) and upon being indemnified to its <br />satisfaction as provided in Section 1001(c) hereof the Trustee <br />shall, but only with the consent of the Credit Facility Issuer if <br />the Bank's Percentage is at least equa'1 to 50% and subject to <br />Section 1301 hereof, <br />(a) by mandamus, or other suit, action or proceeding at <br />law or in equity, enforce all rights of the owners under, and <br />require the Authority or the Credit Facility Issuer to carry out <br />any agreements with or for the benefit of the owners of Bonds and <br />to perform its or their duties under the Act, the Credit Facility <br />_ and this Indenture, provided that any such remedy may be taken only <br />78 <br />
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