679 - Laserfiche WebLink

Home Browse Search

I I . 4 93 that no one or more holders of the bonds or coupons shall have any right in any manner whatsoever to affect, disturb, or prejudice the lien of this Indenture by his or their action or to enforce any right hereunder except in the manner herein provided, and that all proceed- ings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal benefit of the holders of all bonds outstanding hereunder. Nothing in this Indenture con- tained shall, however, affect or impair the right of any bondholder which is absolute and unconditional to enforce the payment of the principal of and interest on any bond at and after the maturity thereof, or the obligation of the City which is also absolute and un- conditional, to pay the principal of and interest on each of the bonds issued hereunder to the respective holders thereof at the time and place in said bonds and the appurtenant coupons expressed. Section 1011. In case the Trustee shall have proceeded to enforce any right under this Indenture by the appointment of a re- ceiver, by entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been deter- mined adversely to the Trustee, then and in every such case the City and the Trustee shall be restored to their former positions and rights hereunder with respect to the property herein conveyed, and all rights, remedies and powers of the Trustee shall continue as if no such proceedings had been taken. Section 1012. The Trustee may in its discretion waive any event of default hereunder and its consequences and rescind any declaration of maturity of principal, and shall do so upon the writ- ten request of the holders of (1) one-half in aggregate principal amount of all the bonds outstanding hereunder in respect of which de- fault in the payment of principal and/or interest exists, or (2) 50% in principal amount of all the bonds outstanding hereunder