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<br />. <br /> <br />. <br /> <br />. <br /> <br />(4) The Agency shall file a petition seeking <br />reorganization or arrangement under the federal <br />bankruptcy laws or any other applicable law of the <br />United States of America, or if a court of competent <br />jurisdiction shall approve a petition, filed with or <br />without the consent of the Agency, seeking <br />reorganization under the federal bankruptcy laws or <br />any other applicable law of the United States of <br />America, or if, under the provisions of any other law <br />for the relief or aid of debtors, any court of <br />competent jurisdiction shall assume custody or control <br />of the Agency or of the whole or any substantial part <br />of its property. <br /> <br />In each event of default described in (1) or (2) above <br />the Fiscal Agent shall, and in each case of default described <br />in (3) or (4) above, the Fiscal Agent may and shall, if <br />requested by the Bank or by the owners of not less than a <br />majority of the aggregate principal amount of the Bonds at the <br />time outstanding (such request to be in writing to the Fiscal <br />Agent and to the Agency), and with the prior written consent of <br />the Bank, declare the principal of all of the Bonds then <br />outstanding and the interest accrued thereon, to be due and <br />payable immediately. Upon any such declaration the Bonds shall <br />become and shall be immediately due and payable, anything in <br />this Resolution or in the Bonds to the contrary notwithstanding. <br /> <br />Provided the Initial Letter of Credit shall not have <br />been drawn upon with respect to such default, the declaration <br />may be rescinded by the owners of not less than a majority in <br />an aggregate principal amount of the Bonds then outstanding <br />provided the Agency cures the default or defaults and deposits <br />with the Fiscal Agent a sum sufficient to pay all principal on <br />the Bonds matured prior to the declaration and all matured <br />installments of interest (if any) upon all the Bonds, with <br />interest at the rate of twelve percent (12%) per annum on the <br />overdue installments of principal and, to the extent the <br />payment of interest on interest is lawful at that time, on such <br />overdue installments of interest, so that the Agency is <br />currently in compliance with all payment, deposit and transfer <br />provisions of this Resolution, and any expenses incurred by the <br />Fiscal Agent in connection with the default. <br /> <br />B. Certain Remedies of Bondholders. Any Bondholder <br />shall have the right, for the equal benefit and protection of <br />all Bondholders similarly situated-- <br /> <br />(1) by mandamus, suit, action or proceeding, to <br />compel the Agency and its members, officers, agents or <br />employees to perform each and every term, provision <br />and convenant contained in this Resolution and in the <br />Bonds, and to require the carrying out of any or all <br />covenants and agreements of the Agency and the <br />fulfillment of all duties imposed upon it by the Law; <br /> <br />12-02-85 <br />9563p/2281/01 <br /> <br />-35- <br />