201103788 - Laserfiche WebLink

Browse

2011037�8 of the City, be repaid by the Trustee to the City as unclaimed portions of the Payments and as the City's property and be free from the trust crea.ted by this Indenture, and the Trustee shall thereupon be released and discharged with respect thereto, and the owners of the bonds payable from such monies sha11 look only to the City for the payment of such bonds, provided, however, tha.t the Trustee or the Corporation or the City, or any one of them, shall be permitted to discharge a11 responsbility with respect to any such monies or Government Obligations by making payment to the Treasurer of the State of Nebraska in accordance with Section 69-1301 to 69-1329 RRS. Neb. 2003, as now or hereafter amended, or to the appropriate officer of any other state for which similar la.ws are determined by the Trustee, the Corporation or the City to apply to funds so held by the Trustee, the Corporation or the City, as the case ma.y be. ARTICLE IX DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS Section 9.01. If any of the following events occur, it is hereby defined as and declared to be and to constitute an"event of defa.ult": (a) default in the due and punctual payment of the principal of or the interest on any bond hereby issued, secured and outstanding; (b) default in the due and punctual making of the Payrnents as required to be paid by the City under the Agreement to the Trustee as descnbed in Article V hereof and the continuance thereof for period of five (5) days, or the default in the due and punctual payment of additional payments required to be paid by the City to the Trustee as descnbed in Article V hereof and the continuance thereof for period ofthirty (30) days, or (c) default in the performance or observance of any other of the covenants, agreements or conditions on the Corporation's part contained in this Indenture or the bonds outstanding hereunder and the continuance thereof for a period of thirty (30) days after written notice thereof to the Corporation by the Trustee, or notice given to the Trustee and the Corporation by the registered owners of not less than fifty-one percent (51%) or more in aggregate principal amount of bonds outstanding hereunder. The term "default" shall mean default by the Corporation in the performance or observance of any of the covenants, agreements or conditions on its part contained in this Indenture, or in the bonds outstanding hereunder, exclusive of any period of grace required to constitute a default as an "event of default", as hereinabove provided, after giving notice to the Corporation, if applicable. Notwithstanding any other proyision of this Indenture, no default shall be declared to be an"event of default" until after the expiration of ten (10) days after written notice of such default has been given to the City. Section 9.02. Upon the occurrence of an event of default, the Trustee may, and u�n the written request of the registered owners of fifty-one percent (51 %) or more in aggregate 23