RES 94045A - Laserfiche WebLink

Enterprises, and to cause the City to covenant to defend against any and all actions or proceedings m which the validity hereof is or might be questioned, or may pay or compromise any claim or demand asserted in any such actions or proceedings. So long as any Bonds are Outstanding, the Authority will not create or suffer to be creafed any pledge of or lien on the Installment Payments and the Net Revenues other than as pemtitted hereunder or under the Installment Purchase Contracts. Section 5.05. Prosecution and Defense of Suits. The Authority will cause the City to covenant to promptly, upon request of the Trustee or any Owner, take such action from time [o time as may be necessary or proper to remedy or cure any cloud upon or defect in the title to the Enterprises or any part thereof, whether now existing or hereafter developing, will prosecute all actions, suits or other proceedings as may be appropriate for such purpose and will indemnify and save the Trustee and every Owner hamdess from all cost, damage, expense or loss, including attorneys' fees, which they or any of them may incur by reason of any such cloud, defect, action, suit or other proceeding. Section 5.06. Accounting Records and Statements. The Trustee will keep proper accounting records in which complete and correct entries shall be made of all transactions relating tc the receipt, deposit and disbursement of the Installment Payments, and such accounting records shall be available for inspection by [he Authority, the City or any Owner or his agent duly authorized in writing on any Business Day upon reasonable notice a[ reasonable hours and under reasonable conditions prescribed by the Trustee. Not later than the fifteenth day of each May, August, November and February, commencing August 15, 1994, and continuing so long as any Bonds are Outstanding, the Trvstee will famish to the Authority, the City and any Owner who may so request in writing (at the expense of such Owner) a complete statement covering the receipts, deposits and disbursements of the Installment Payments for the preceding quarterly period. Section 5.07. Further Assurances. Whenever and so often as requested to do so by the Tmstee or any Owner, the Authority will promptly execute and deliver or cause to be executed and delivered allsuch other and further assurances, documents or instmments and promptly do or cause to be done all such other and further things as may be necessary or reasonably required in order to further and more fully vest in the Tmstee and the Owners all advantages, benefits, interests, powers, privileges and rights conferced or intended to be conferred upon them by this Tmst Agreement or the Installment Purchase Contracts. ARTICLE VI DEFAULT AND LIMITATIONS OF LIABILITX Section 6.01. Action on Default or Acceleration. Tf an Event of Default under Section 7.01 of either of the Installment Purchase Contmcts shall happen, [hen such Event of Default shall constitute an Event of Default hereunder. in each and every such case during the continuance of such Event of Default the Tmstee or, subject to the provisions of Section 6.08 hereof, the Owners of not less than a majority in aggregate principal amount represented by the Bonds at the time Outstanding upon notice given in writing to the City, and the Trustee may, 22 94U6]OIZLAI