Laserfiche WebLink
<br />29 <br /> Third: To the payment of the balance, if any, to the Company or its successors or <br />assigns, upon the written request of the Company or to whomsoever may be lawfully <br />entitled to receive the same upon its written request, or as any court of competent <br />jurisdiction may direct, except for any remaining TIF Revenues which shall be paid to the <br />Redevelopment Commission. <br />(2) If the principal of all the Bonds shall have become due or shall have been declared <br />due and payable, all such moneys shall be applied to the payment of the principal and interest then <br />due and unpaid upon the Bonds, without preference or priority of principal over interest or of <br />interest over any other installment of interest, according to the amounts due respectively for <br />principal and interest, to the persons entitled thereto without any discrimination or privilege. <br />(3) If the principal of all the Bonds shall have been declared due and payable, and if <br />such declaration shall thereafter have been rescinded and annulled under the provisions of this <br />Article then, subject to the provisions of subsection (b) of this Section in the event that the principal <br />of all the Bonds shall later become due or be declared due and payable, the moneys shall be applied <br />in accordance with the provisions of subsection (a) of this Section. <br />Whenever moneys are to be applied pursuant to the provisions of this Section, such <br />moneys shall be applied at such times, and from time to time, as the Trustee shall determine, having <br />due regard to the amount of such moneys available for application and the likelihood of additional <br />moneys becoming available for such application in the future. Whenever the Trustee shall apply <br />such funds, it shall fix the date (which shall be an interest payment date unless it shall deem another <br />date more suitable) upon which such application is to be made and upon such date interest on the <br />amounts of principal to be paid on such dates shall cease to accrue. The Trustee shall give such <br />notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of <br />any such date and shall not be required to make payment to the holder of any Bond until such Bond <br />shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. <br />Remedies Vested In Trustee. All rights of action (including the right to file proof of claims) under <br />this Indenture or under any of the Bonds may be enforced by the Trustee without the possession <br />of any of the Bonds or the production thereof in any trial or other proceedings relating thereto, and <br />any such suit or proceeding instituted by the Trustee shall be brought in its name as Trustee without <br />the necessity of joining as plaintiffs or defendants any holders of the Bonds, and any recovery of <br />judgment shall, subject to the provisions of Section 7.5 hereof, be for the equal benefit of the <br />holders of the outstanding Bonds. <br />Rights and Remedies of Bondholders. No holder of any Bond shall have any right to institute any <br />suit, action or proceeding in equity or at law for the enforcement of this Indenture or for the <br />execution of any trust thereof or for the appointment of a receiver or any other remedy hereunder, <br />unless a default has occurred of which the Trustee has been notified as provided in subsection (g) <br />of Section 8.1, or of which by said subsection it is deemed to have notice, nor unless also such <br />default shall have become an event of default and the Requisite Bondholders shall have made <br />written request to the Trustee and shall have offered reasonable opportunity either to proceed to <br />exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own <br />name, nor unless also they have offered to the Trustee indemnity as provided in Section 8.1 hereof, <br />nor unless the Trustee shall thereafter fail or refuse to exercise the powers hereinbefore granted, <br />or to institute such action, suit or proceeding in its, his, or their own name or names. Such <br />notification, request and offer of indemnity are hereby declared in every case at the option of the