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1994-06-21 Minutes
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1994-06-21 Minutes
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• terms and conditions of this Indenture, including enforcement of <br />the rights of the Authority under the Lease or the appointment of <br />a receiver or any other proceedings hereunder; provided that such <br />direction shall not be otherwise than in accordance with the <br />provisions of law and of this Indenture; and provided further, <br />however, that the owners of not less than 51~ in aggregate <br />principal amount of all then outstanding Bonds bearing interest at <br />a Weekly Rate or at an Adjustable Long Rate shall have the right <br />at any time by an instrument or instruments in writing executed and <br />delivered to the Trustee to direct the method and place of <br />conducting all proceedings to be taken in connection with the <br />enforcement of the terms and conditions of the Credit Facility. <br />Section 906. Appointment of Receivers. Upon the <br />occurrence of an Event of Default, and upon the filing of a suit <br />or other commencement of judicial proceedings to enforce the rights <br />of the Trustee and the owners of Bonds under this Indenture, the <br />Trustee shall be entitled, as a matter of right, to the appointment <br />of a receiver or receivers of the rents, revenues, issues, <br />earnings, income and proceeds thereof, pending such proceedings, <br />with such powers as the court making such appointment shall confer. <br />Section 907. Application of Moneys. Subject to the <br />provisions of Section 401(b) hereof, all moneys received by the <br />Trustee or the Tender Agent, by any receiver or by any Bondholder <br />pursuant to any right given or action taken under the provisions <br />• of this Article IX shall, after payment of the costs and expenses <br />of the proceedings resulting in the collection of such moneys and <br />of the expenses, liabilities and advances incurred or made by the <br />Trustee (provided that moneys received under a Credit Facility for <br />the payment of principal, premium, if any, or interest on Bonds <br />shall be used only for payment of the Bonds other than Pledged <br />Bonds, Bonds bearing interest at a Fixed Rate or Bonds held of <br />record by the Authority), be deposited in the Sinking Fund or, in <br />the case of amounts received as a result of draws on the Credit <br />Facility, in the LOC Principal Sub-account or the LOC Interest Sub- <br />account of the Sinking Fund, as the case may be, and all moneys so <br />deposited during the continuance of an Event of Default (other than <br />moneys for the payment of Bonds which have previously matured or <br />otherwise become payable prior to such Event of Default or for the <br />payment of interest due prior to such Event of Default), together <br />with all moneys in the funds maintained by the Trustee or the <br />Tender Agent under Articles III and IV hereof other than the Bond <br />Purchase Fund, shall be applied as follows. <br />(a) Unless the principal of all the Bonds shall have <br />become or shall have been declared due and payable, all such moneys <br />shall be applied (subject to the limitations imposed by the first <br />sentence of this Section 907): <br />80 <br />
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