Agenda 03/23/1999 - Laserfiche WebLink

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(e) If the City for any reason shall be rendered incapable of fulfilling its obligations under this Ordinance. . · Upon the occurrence of an Event of Default, the Holders of not less than twenty-five percent (25%) in principal amount of the Notes then Outstanding may declare the principal of all of the Outstanding Notes and all accrued and unpaid interest thereon to be due and payable immediately. This provision is subject to the condition that if, at any time after such declaration and before any such further action has been taken, all arrears of interest on, and principal of, the Notes shall have been paid and all other Events of Default, if any, which shall have occurred have been 'remedied, then the Holders of such majority in principal amount of the Outstanding Notes may waive such default and annul such declaration. If an Event of Default shall have occurred and be continuing, then the Holders of not less than twenty-five percent (25%) in principal amount of the-Notes then Outstanding may call a meeting of the Holders of Notes for the purpose of selecting a Noteholders' committee (the "Noteholders' Committee"). At such meeting the Holders of not less than a majority in principal amount of the Outstanding Notes must be present in person or by proxy in order to constitute a quorum for the transaction of business. A quorum being present at such meeting, the Noteholders present may, by a majority of the votes cast, elect one or more persons who may or may not be Noteholders to the Noteholders' Committee. The Noteholders' Committee is empowered to exercise, as trustee for the Noteholders, all the rights and powers conferred on the Noteholders in the Ordinance. In case an Event of Default shall occur, subject to the provisions referred to in the preceding paragraph, the Holders of the Outstanding Notes shall have the right to protect the rights vested in such Holders by the Ordinance by such appropriate judicial proceeding 'as such Holders shall determine either by suit in equity or by action at law. Section 12 - Enforcement by Noteholders The Holders of the Notes may by mandamus or other appropriate proceeding at law or in equity in any court of competent jurisdiction, enforce and compel performance of this Ordinance and every provision and covenant thereof, including without limiting the generality of the foregoing, 'the enforcement of the performance of all obligations and duties and requirements to be done or performed by the City by the Ordinance or by the applicable laws of the Commonwealth. Section .13 - Modification of Note Ordinance The City may, without the consent of the Noteholders, make any modification or amendment of this Ordinance required to cure any ambiguity or error herein contained or to make any amendments hereto or to grant to the Noteholders additional rights. 15