2008-11-01 - Laserfiche WebLink

Home Browse Search

• Section 1006. Appointment of Receiver. Upon the occurrence of an Event of Default, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of the Trustee and of the bondholders under this Indenture,the Trustee shall be entitled,as a matter of right, to the appointment of a receiver or receivers of the Trust Estate and of the tolls, rents, revenues, issues, earnings,income,products and profits thereof,pending such proceedings with such powers as the court making such appointment shall confer. Section 1007. Waiver. In case of an Event of Default on its part, as aforesaid,to the extent that such rights may then lawfully be waived, neither the Issuer nor anyone claiming through it or under it shall or will set up, claim, or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or thereafter in force, in order to prevent or hinder the enforcement of this Indenture,but the Issuer, for itself and all who may claim through or under it, hereby waives,to the extent that it lawfully may do so, the benefit of all such laws and all right of appraisement and redemption to which it may be entitled under the laws of the State of Arkansas. Section 1008. Application of Moneys. Moneys remaining after discharge of costs, charges and liens prior to this Indenture shall be applied by the Trustee as follows: (a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be applied: First: To the payment to the persons entitled thereto of all installments of • interest then due,in the order of the maturity of the installments of such interest,and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably,according to the amounts due on such installment,to the persons entitled thereto, without any discrimination or privilege; Second: To the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due(other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in the order of their due dates,with interest on such Bonds from the respective dates upon which they become due, and,if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or privilege of any Bond over any other Bond and without preference or priority of principal over interest or of interest over principal; and Third: To the payment of the interest on and the principal of the Bonds, and to the redemption of Bonds, all in accordance with the provisions of Article III and Article V of this Indenture. • 26