1985-61 CRA - Laserfiche WebLink

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. . 8 . . for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the Agency or of the whole or any substantial part of its property. In each event of default described in (1) or. (2) above the Fiscal Agent shall, and in each case of default d~scribed in (3) or (4) above, the Fiscal Agent may and shall, If requested by the Bank or by the owners of not less than a majority of the aggregate principal amount of the Bonds at the time outstanding (such request to be in writing to the Fiscal Agent and to the Agency), and with the prior written consent of the Bank, declare the principal of all of the Bonds then outstanding and the interest accrued thereon, to be due and payable immediately. Upon any such declaration the Bonds shall become and shall be immediately due and payable, anything in this Resolution or in the Bonds to the contrary notwithstanding. Provided the Initial Letter of Credit shall not have been drawn upon with respect to such default, the declaration may be rescinded by the owners of not less than a majority in an aggregate principal amount of the Bonds then outstanding provided the Agency cures the default or defaults and deposits with the Fiscal Agent a sum sufficient to pay all principal on the Bonds matured prior to the declaration and all matured installments of interest (if any) upon all the Bonds, with interest at the rate of twelve percent (12%) per annum on the overdue installments of principal and, to the extent the payment of interest on interest is lawful at that time, on such overdue installments of interest, so that the Agency is currently in compliance with all payment, deposit and transfer provisions of this Resolution, and any expenses incurred by the Fiscal Agent in connection with the default, B. Certain Remedies of Bondholders. Any Bondholder shall have the right, for the equal benefit and protection of all Bondholders similarly situated -- (1) by mandamus, suit, action or proceeding, to compel the Agency and its members, officers, agents or employees to perform each and every term, provision and convenant contained in this Resolution and in the Bonds, and to require the carrying out of any or all covenants and agreements of the Agency and the fulfillment of all duties imposed upon it by the Law; (2) by suit, action or proceeding in equity, to enjoin any acts or things which are unlawful, or the violation of any of the Bondholders' rights; or 12-28-85 0063k/2281/0S -38-