|
indemnity to its satisfaction,and payment of its fees and expenses,including the fees and expenses of its
<br /> counsel,shall in its own name and as the Trustee of an express trust:
<br /> (a)by mandamus,or other suit,action or proceeding at law or in equity,enforce all rights of the
<br /> Owners under, and require the Authority or the affected Member to carry out any agreements with or
<br /> for the benefit of the Owners of Bonds and to perform its or their duties under the Act, the affected
<br /> Lease Agreement, and the Indenture, provided that any such remedy may be taken only to the extent
<br /> permitted under the applicable provisions of the affected Lease Agreement or the Indenture,as the case
<br /> may be;
<br /> (b)bring suit upon the Bonds;
<br /> (c) by action or suit in equity require the Authority to account as if it were the trustee of an
<br /> express trust for the Owners of Bonds;or
<br /> (d)by action or suit in equity enjoin any acts or things which may be unlawful or in violation of
<br /> the rights off the Owners of Bonds.
<br /> Upon the occurrence of an Event of Default, the Trustee shall be entitled as a matter of right to
<br /> the appointment of a receiver or receivers for the Leased Premises, and of the revenues, income,
<br /> product,and profits thereof,ex parte,and without notice,and the Authority consents to the appointment
<br /> of such receiver upon the occurrence of an Event of Default.In the case of any receivership,insolvency,
<br /> bankruptcy, or other judicial proceedings affecting the Authority or the affected Member, the Trustee
<br /> shall be entitled to file such proofs of claims and other documents as may be necessary or advisable in
<br /> order to have the claims of the Trustee and the Bond Owners allowed in such proceedings, without
<br /> prejudice,however, to the right of any Bond Owner to file a claim on his or her own behalf; provided,
<br /> the Trustee shall be entitled to compensation and reimbursement for the reasonable fees and expenses
<br /> of its counsel and indemnity for its reasonable expenses and liability from the Authority, the affected
<br /> Member or the Bond Owners,as appropriate.
<br /> Application of Revenues and Other Funds After Default. If an Event of Default shall occur and be
<br /> continuing, all Revenues and any other funds then held or thereafter received by the Trustee under
<br /> any of the provisions of the Indenture shall be applied by the Trustee as follows and in the following
<br /> order:
<br /> (a) To the payment of any expenses necessary in the opinion of the Trustee to protect the
<br /> interests of the Owners of the Bonds and payment of reasonable fees, charges and expenses of the
<br /> Trustee (including reasonable fees and disbursements of its counsel) incurred in and about the
<br /> performance of its powers and duties under the Indenture;
<br /> (b)To the payment of the principal of and interest then due on the Bonds (upon presentation of
<br /> the Bonds to be paid,and stamping or otherwise noting thereon of the payment if only partially paid,
<br /> or surrender thereof if fully paid)in accordance with the provisions of the Indenture,as follows:
<br /> First:To the payment to the persons entitled thereto of all installments of interest then
<br /> due in the order of the maturity of such installments,and, if the amount available shall not be
<br /> sufficient to pay in full any installment or installments maturing on the same date, then to the
<br /> payment thereof ratably,according to the amounts due thereon,to the persons entitled thereto,
<br /> without any discrimination or preference;and
<br /> Second: To the payment to the persons entitled thereto of the unpaid principal of any
<br /> Bonds which shall have become due, whether at maturity or by acceleration or redemption,
<br /> with interest on the overdue principal at the rate borne by the respective Bonds (to the extent
<br /> permitted by law), and, if the amount available shall not be sufficient to pay in full all the
<br /> Bonds, together with such interest, then to the payment thereof ratably, according to the
<br /> amounts of principal due on such date to the persons entitled thereto, without any
<br /> discrimination or preference.
<br /> Appendix A
<br /> Page 13
<br />
|