1978-12 CRA - Laserfiche WebLink

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Ii~ 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 123 24 25 25 27 28 29 30 31 32 33 34 35 35 37 38 39 40 41 " 42 .~ 43 44 45 45 47 48 49 50 51 52 53 64 55 56 57 58 59 60 61 62 63 .: 66 67 68 68 70 71 72 73 74 Proof of Fobruary 16, 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 20- (3) Default by the Agency in the performance or observance of any of the covenants, agree- ments or conditions in the Bonds or in the Reso- lution if such default continues for sixty (60) days after written notice thereof has been given to the Agency by the Fiscal Agent or by the holders of not less than 25% in aggregate prin- cipal amount of the Bonds then outstanding; (4) The assumption by any court of competent jurisdiction, under the provisions of any law for the relief or aid of debtors, of custody or control of the Agen~ or the whole or any substantial part of its property if such custody or control shall not be terminated or stayed within sixty (60) days from the date of assumption of such custody or controL In the case of an event of default, the Fiscal Agent may, and upon written request of the holders of not less than a majority in aggregate principal amount of the Bonds at the time outstanding must, declare the principal of all the Bonds then outstanding and the interest thereon to be due and payable imme- diately. In addition, in the case of an event of default, the Fiscal Agent may, and upon written request of the holders of not less than a majority in principal amount of the Bonds then outstanding must, pro- ceed to protect or enforce the rights of the Bond- holders by appropriate judicial proceedings or pro- ceedings, In the event that the Fiscal Agent, upon the occur- rence of an event of default, shall have taken some action, it shall have the full power, in the exercise of its discretion, to continue, discontinue, withdraw, compromise, settle or otherwise dispose of such ac- tion unless, if the event of default is still in existence, and if at the time there has been filed with them the written request signed by the holders of at least a majority in principal amount of the Bonds outstand- ing opposing such continuance, discontinuance, with- drawal, settlement or other disposal of such litiga- tion, then the Fiscal Agent may not discontinue, withdraw, compromise, settle or otherwise dispose of any litigation pending at law or in equity, The Resolution provides that no remedy conferred therein upon the Fiscal Agent or the Bondholders shall be exclusive of any other remedy, and that each and every remedy shall be cumulative and shall be in addition to every other remedy given under the Resolution or thereafter conferred upon the Fiscal Agent or Bondholders, However, the effect of any such remedies may be limited by the laws of the State of California affecting such remedies and may also be limited by laws governing bankruptcy, insol- vency or other matters affecting enforcement of creditors' rights,