1983-008 - Laserfiche WebLink

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L priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due, respectively, for principal and interest, to the persons entitled thereto without any discrimination or privilege, with interest on overdue installments of interest or principal, to the extent permitted by law, at the rate borne by the Bonds for which such interest is being computed. Any moneys remaining in the Bond Fund (other than amounts held therein for the payment of the principal of or interest on premium on any Bonds remaining unclaimed) after payment in full (or provisions for such payment having been made) of the principal of and premium, if any, and interest on the Bonds, the fees, charges and expenses of the Servicing Agent and all other amounts required to be paid hereunder shall be applied as provided in Section 5.10. W~enever moneys are to be applied pursuant to the provisions of this Section 8.06, such moneys shall be applied at such times, and from time to time, as the Servicing Agent shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future. Whenever the Servicing Agent shall apply such funds, it shall fix the date (which shall be a Payment Date unless it shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such dates shall cease to accrue. The Servicing Agent shall give such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date, and shall not be required to make payment to the Owner of any Bond until such Bond shall be presented to the Servicing Agent for appropriate endorsement or for cancellation if fully paid. \.. Section 8.07. Remedies Vested. All rights of action (including the right to file proof of claims and other papers or documents as may be necessary or advisable in order to have the claims of the Servicing Agent and the Bond Owners allowed in any judicial proceedings) under this Resolution or under any of the Bonds may be enforced by the Authority or the Servicing Agent without the possession of any of the Bonds or the production thereof in any trial or other proceeding relating thereto, and any such suit or proceeding instituted by the Servicing Agent shall be brought in the name of the Authority, and any recovery of judgment shall be for the equal and ratable benefit of the Owners of the Outstanding Bonds. Section 8.08. Rights and Remedies of Bond Owners. No Owner of any Bond shall have any right to institute any suit, action or proceeding at law or in equity for the enforcement of this Resolution or for any other remedy hereunder, unless an Event of Default has occurred of which the Servicing Agent has been notified, unless the Owners of at least twenty-five percent (25~~) in aggregate principal amount of Outstanding Bonds shall have made written request to the Servicing Agent on behalf of the Authority and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name or names, nor unless also they have offered to the Servicing Agent indemnity, nor unless the Servicing Agent shall thereafter fail or refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding. However, nothing contained in this Resolution shall affect or impair the right of any Bond Owner without his consent, to receive or to institute 21