Laserfiche WebLink
of not less than twenty -five per cent (25 %) in aggregate principal amount of Bonds Outstanding, <br />shall, by notice in writing to the Agency, declare the principal of all of the Bonds then <br />Outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any <br />such declaration the same shall become and shall be immediately due and payable, For all <br />purposes tinder this Article X, the 2016 Bond. Insurer is deemed to be an owner of one hundred <br />percent (100 %) of the Bonds insured by it imless such Bond Insurer is in default under the teens <br />of its Bond Insurance Policy. <br />The maturity of Insured Series 2016 Bonds shall not be accelerated without the consent <br />of the 2016 Bond Insurer and in the event the maturity of the Insured Series 2016 Bonds is <br />accelerated, the 2016 Bond Insurer may elect, in its sole discretion, to pay accelerated principal <br />and interest accrued, on such principal to the date of acceleration (to the extent unpaid by the <br />Agency) and the Trustee shall be required to accept such amounts. Upon payment of such <br />accelerated principal and interest accrued to the acceleration date as provided above, the 2016 <br />Bond Insurer's obligations under the 2016 Bond Insurance Policy with respect to such Insured <br />Series 2016 Bonds shall be fully discharged. <br />If, at any time after the principal of the Bonds shall have been so declared due and <br />payable, and before any judgment or decree for the payment of the money due shall have been <br />obtained or entered, the Agency shall deposit with the Trustee a sum sufficient to pay all <br />principal on the Outstanding Bonds and any Parity Debt matured prior to such declaration and all <br />matured installments of interest (if any) upon all the Bonds, with interest at the rate of ten per <br />cent (10 %) per annum on such overdue installments of principal and interest, and the reasonable <br />expenses of the Trustee, and any and all other defaults known to the Trustee (other than in the <br />payment of principal of and interest on the Outstanding Bonds and any Parity Debt due and <br />payable solely by reason of such declaration) shall have been made good or cured to the <br />satisfaction of the Trustee or provision deemed by the Trustee to be adequate shall have been <br />made therefor, then, and in every such case, the Owners of at least twenty -five per cent (25 0/0) in <br />aggregate principal amount of Bonds Outstanding, by written notice to the Agency and to the <br />Trustee, may, on behalf of the Owners of all of the Bonds, rescind and annul such declaration <br />and its consequences. No such rescission and annulment shall extend to or shall affect any <br />subsequent default, or shall impair or exhaust any right or power consequent thereon. <br />An Event of Default shall continue to exist under subsections (a) and (b) of this Section <br />10.01 after payment is made by the Bond Insurer when due, pursuant to the terms of its Bond <br />Insurance Policy. <br />Section 10.02 Application of Funds Upon Acceleration. All money in the funds and <br />accounts provided for in the Indenture upon the date of the declaration of acceleration by the <br />Trustee as provided in Section 10.01, and subject to the prior application and lien in favor of the <br />Senior Bonds, all Tax Revenues thereafter received by the Agency hereunder, shall be <br />transmitted to the Trustee and shall be applied by the Trustee in the following order: <br />First, to the payment of the costs and expenses of the Trustee, if any, in carrying out the <br />provisions of this Article, including reasonable compensation to its agents, attorneys and counsel <br />and then to the payment of the costs and expenses of the Owners in providing for the declaration <br />W, <br />• <br />