764 - Laserfiche WebLink

Home Browse Search

en holders of all bonds outstanding hereunder. Nothing in this Indenture contained shall, however, affect or impair the right of any bondholder to enforce the pay- ment of the principal of and interest on any bond at aid alter the maturity thereof, or the obligation of the City 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 receiver, by entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined 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 de- fault hereunder and its consequences and rescind any declaration of maturityof principal and shall do so upon the written request of the holders of fifty per cent (50%) in principal amount of all bonds outstanding hereunder, provided, however, that there shall not be waived (a) any event of default in the payment of the principal of any bonds issued hereunder and outstanding hereunder at the date of maturity specified therein or (b) any default in the payment of the interest unless prior to such waiver or rescission all arrears of principal (due otherwise than by declaration) and interest and all expenses of the Trustee and Paying Agent, shall have been paid or provided for, and in case of any such waiver or rescis- sion the City, Trustee and the bondholders shall be restored to their former positions and rights hereunder respectively; but no such waiver or rescission shall extend to any subsequent or other default, or impair any right consequent thereon.