11-14-01 1. INDENTURE OF TRUST - Laserfiche WebLink

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contained to the contrary notwithstanding and without any request from any holder of Senior Bonds(subject, however,to the provisions of Section 8.06),may take such action or actions for the enforcement of its rights and the rights of the holders of Senior Bonds and the rights of the City under the Loan Agreement as due diligence,prudence and care would require and to pursue the same with like diligence,prudence and care. Upon the happening and continuance of an Event of Default, the Trustee may, and shall upon the written request of Holders of not less than twenty-five percent(25%) in aggregate principal amount of all outstanding Senior Bonds,proceed forthwith by suit or suits at law or in equity or by any other appropriate remedy to enforce payment of the Senior Bonds, to enforce application to such payment of the funds, revenues and income appropriated thereto by this Indenture and by the Senior Bonds, to enforce remedies under the Loan Agreement,to foreclose enforce the Mortgage and/or enforce the provisions of the Mortgage and any such other appropriate legal or equitable remedy as the Trustee,being advised by counsel,shall deem most effectual to protect and enforce any of its rights or any of the rights of the holders of Senior Bonds. Notwithstanding the foregoing, the Trustee need not proceed upon any such written request of such Bondholders,as aforesaid,unless such Bondholders shall have offered to the Trustee surety and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby. For as long as any Senior Bonds are outstanding, neither the Trustee nor any holder of the Subordinate Bonds shall take any action or remedies hereunder in the event of default in payment of the Subordinate Bonds or other Events of Default relating to the Subordinate Bonds. Section 7.04 Appointment of Receivers. 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 the Holders of Bonds 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 revenues, issues, payments and profits thereof, pending such proceedings,with such powers as the court making such appointment shall confer. Section 7.05 Application of Moneys. (a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Indenture,the Loan Agreement,or the Mortgage shall,after payment of the cost and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Trustee, be deposited in the Revenue Fund for application as provided in Section 5.01. (b) If the principal of all the Bonds shall have become or shall have been declared due and payable, all moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Indenture, the Loan Agreement, the Mortgage or the Subordinate Mortgage shall,after payment of the cost and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Trustee,together with all other moneys constituting a part of the Trust Estate be applied to the payment of the principal and interest then due and unpaid upon the Bonds and any other Senior Indebtedness,without preference or priority of principal over interest or of interest over principal,or of any instal I ment of interest over any other installment of interest,or of any Bond or such indebtedness over any other Bond or such Indebtedness, ratably, according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or privilege. - 50 -