RES 94045A - Laserfiche WebLink

action to enforce any right under the Trust Agreement, except in the manner herein provided, and that all proceedings at law or in equity with respect to an Event of Default shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds. The right of any Owner of any Bond to receive payment as the same become due, or to institute suit for the enforcement of such payment, shall not be impaired or affected without the consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision hereof. Section 612. Owners as Third Party Beneficiaries. It is acknowledged by the parties hereto that the Owners, from time to time, of the Bonds are and shall be deemed to be third party beneficiaries of the right of the Authority to receive Lease Payments under and pursuant to the Lease Agreement. Section 613. Institution of Legal Proceedings. If one or more events of default under any Lease Agreement shall happen and be continuing, the Trustee in its discretion may, and upon the written request of the Owners of a majority in principal amount of the Bonds then Outstanding, and upon being indemnified to its satisfaction therefor, shall, proceed to protect or enforce its rights or the rights of the Owners of Bonds by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein, or in aid of the execution of any power herein granted, or by mandamus or other appropriate proceeding for the enforcement of any other legal or equitable remedy as the Trustee shall deem most effectual in support of any of its rights or duties hereunder. Section 614. Non-Waiver. Nothing in this Article Vi or in any other provision bf this Agreement or in the Bonds shall affect or impair the obligation of the City or the Authority which is absolute and unconditional, to pay the Lease Payments as provided in the Lease Agreement. No delay or omission of the Trustee or of any Owner of any of [he fonds to exercise any right or power arising upon the happening of any event of default shall impair any such right or power or shall be construed to be a waiver of any such event of default or an acquiescence therein, and every power and remedy given by [his Article VI to the Trustee or to the Owners of Bonds may be exercised from time to time and as often as shall be deemed expedient by the Trustee or the Bond Owners. Section 615. Remedies Not Exclusive. No remedy herein conferced upon or reserved to the Trustee or to the Bond Owners is intended to be exclusive of any other remedy, and every such remedy shall be 32 9406901M.IA1