|
Second, to the payment of the whole amount then owing and unpaid upon the
<br />Bonds for principal and interest, as applicable, with interest on the overdue principal, and
<br />installments of interest at the net effective rate then borne by the Outstanding Bonds (to
<br />the extent that such interest on overdue installments of principal and interest shall have
<br />been collected), and in case such moneys shall be insufficient to pay in full the whole
<br />amount so owing and unpaid upon the Bonds, then to the payment of such principal and
<br />interest without preference or priority, ratably to the aggregate of such principal and
<br />interest.
<br />Section 8.03. Power of Trustee to Control Proceedings. In the event that the
<br />Trustee, upon the happening of an Event of Default, shall have taken any action, by judicial
<br />proceedings or otherwise, pursuant to its duties hereunder, whether upon its own discretion or
<br />upon the request of the Owners of a majority in principal amount of the Bonds then Outstanding,
<br />it shall have full power, in the exercise of its discretion for the best interests of the Owners of the
<br />Bonds, with respect to the continuance, discontinuance, withdrawal, compromise, settlement or
<br />other disposal of such action; provided, however, that the Trustee shall not, unless there no
<br />longer continues an Event of Default, discontinue, withdraw, compromise or settle, or otherwise
<br />dispose of any litigation pending at law or in equity, if at the time there has been filed with it a
<br />written request signed by the Owners of a majority in principal amount of the Outstanding Bonds
<br />hereunder opposing such discontinuance, withdrawal, compromise, settlement or other disposal
<br />of such litigation.
<br />Section 8.04. Limitation on Owner's Right to Sue. No Owner of any Bond issued
<br />hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for
<br />any remedy under or upon this Indenture, unless (a) such Owner shall have previously given to
<br />the Agency and the Trustee, the Series 2008 Insurer and any other Insurer written notice of the
<br />occurrence of an Event of Default; (b) the Owners of a majority in aggregate principal amount of
<br />all the Bonds then Outstanding shall have made written request upon the Trustee to exercise
<br />the powers hereinbefore granted or to institute such action, suit or proceeding in its own name;
<br />(c) said Owners shall have tendered to the Trustee indemnity reasonably acceptable to the
<br />Trustee against the costs, expenses and liabilities to be incurred in compliance with such
<br />request; and (d) the Trustee shall have refused or omitted to comply with such request far a
<br />period of sixty (60) days after such written request shall have been received by, and said tender
<br />of indemnity shall have been made to, the Trustee.
<br />Such notification, request, tender of indemnity and refusal or omission are hereby
<br />declared, in every case, to be conditions precedent to the exercise by any Owner of any remedy
<br />hereunder; it being understood and intended that no one or more Owners shall have any right in
<br />any manner whatever by his or their action to enforce any right under this Indenture, except in
<br />the manner herein provided, and that all proceedings at law or in equity to enforce any provision
<br />of this Indenture shall be instituted, had and maintained in the manner herein provided and for
<br />the equal benefit of all Owners of the Outstanding Bonds.
<br />The right of any Owner of any Bond to receive payment of the principal of (and premium,
<br />if any) and interest on such Bond as herein provided, shall not be impaired or affected without
<br />the written consent of such Owner, notwithstanding the foregoing provisions of this Section or
<br />any other provision of this Indenture.
<br />Section 8.05. Non-Waiver. Nothing in this Article VIII or in any other provision of this
<br />Indenture or in the Bonds, shall affect or impair the obligation of the Agency, which is absolute
<br />and unconditional, to pay from the Tax Revenues and other amounts pledged hereunder, the
<br />45
<br />
|