Fort Walton Beach Resolution — 90-10-IDRB-Guidance Clinic — reading text

purpose of determining the amount of money in such fund, the securities therein shall be valued at their market value. Trustee shall not beliable or responsible for any loss resulting from any investment permitted hereby or resulting from the redemption, sale or maturity of any such investment. If Company does not 34- 5769q  Section 9. 05. 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 Trustee and of the Bondowners under this Indenture, 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, earnings, income, products and profi ts thereof, pending such proceedings, with such powers as the court making such appointment shall confer. Section 9. 06. Waiver. Upon the occurrence of an Event of Default, to the extent that such rights may then lawfully be waived, neither Issuer, nor. anyone claiming through or under it or Company by their acceptance hereof, shall set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption under the laws of any jurisdiction now or hereafter in force, in order to prevent or hinder the enforcement of this Indenture, and Issuer, for itself and all who may claim through or under it, and by the acceptance hereof Company hereby waives, to the extent that it lawfully may do so, the benefit of all such laws. Section 9. 07. Application of Moneys. All moneys received by Trustee pursuant to any right given or action taken under the provisions of this Article or pursuant to the Mortgage shall, after payment of the costs and expenses of the proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by Trustee, be deposited in the Bond Fund and all moneys in the Bond Fund shall be applied as follows: a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be applied: FIRST - To the payment persons entitled to the thereto of all installments of interest then due on the Bonds, in the order of the maturity of the installments of such interest beginning with the earliest such maturity ( with interest on installments 15 or more days overdue of such interest, to the extent permitted by law, at the Late Payment Rate) and, if available the amount shall not be sufficient pay in to full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or privilege; and 42- 5769q  SECOND - To the payment to the persons entitled thereto of the unpaid principal of and premium, if any, on any of the Bonds which shall have become due ( other than Bonds matured previously or called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in the order of their due dates and beginning with the earliest due date ( with interest on installments 15 or more days overdue of principal and premium, if any, to the extent permitted by law, at the Late Payment Rate) and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any discrimination or privilege; and THIRD - be To held for the payment to the persons entitled thereto as the same shall become due of the principal of and premium, if any, and interest on the Bonds which may thereafter become due either at maturity or upon call for redemption prior to maturity and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with interest then due and owing thereon, payment shall be made ratably according to the amount of principal due on such date to the persons entitled thereto without any discrimination or privilege. b) If the principal of all the Bonds shall have become due or shall have been declared due and payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due, respectively, for principal and interest, to the persons entitled thereto without any discrimination or privilege, with interest on overdue installments of interest or principal, to the extent permitted by law, at the Late Payment Rate. c) If the principal of all the Bonds shall have been declared due and payable and if such declarations shall thereafter have been rescinded and annulled under the provisions of this Article, then, subject to the provisions of Section 9. 07( b) hereof, in the event that the principal of all the Bonds shall later become due or 43- 5769q  be declared due and payable, the moneys shall be applied in accordance with the provisions of Section 9. 07( a) hereof. Whenever moneys are to be applied pursuant to the provisions of this Section, such moneys shall be applied at such times, and from time to time, as Trustee shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future. Whenever Trustee shall apply such funds, it shall fix the date ( which shall be an interest payment date unless it shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to paid on such dates shall cease to be accrue. Trustee shallgive such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date, and shall not be required to make payment to the owner of any Bond until such Bond shall be presented to Trustee for appropriate endorsement for partial payment or for cancellation if fully paid. Whenever the principal of and premium, if any, and interest on all Bonds have been paid under the provisions of this Section 9. 07 and all expenses and charges of Trustee and the Issuer have been paid, any balance remaining in the Bond Fund shall be paid to Company as provided in Section 5. 11 hereof. Section 9. 08. Remedies Vested in Trustee. All rights of action ( including the right to file proof of claims) under this Indenture or under any of the Bonds may be enforced by Trustee without the possession of any of the Bonds or the production thereof in any trial or other proceeding relating thereto, and any such suit or proceeding instituted by Trustee shall be brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any owners of the Bonds, and any recovery of judgment shall be for the equal and ratable benefit of the Owners of the Outstanding Bonds. Section 9. 09. Riqhts of Bondowners. and Remedies No Owner of any Bond shall any right have institute any suit, to action or proceeding at law or in equity for the enforcement of this Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless ( i) a Default has occurred of which Trustee has been notified as provided in Section 10. 01( h) hereof, or of which by said subsection it is deemed to have notice, ii) the Owners of not less than twenty- five percent ( 25%) in 44- 5769q aggregate principal amount of Outstanding Bonds shall have made written request to Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in thei r own name or names and they have offered to Trustee indemnity as provided in Section lO. Ol( l), and ( iii) Trustee shall thereafter fail or refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding in its own name within a reasonable time. Such notification, request and offer of indemnity are hereby declared in every case at the option of Trustee to be conditions precedent to the execution of the powers and trusts of this Indenture, and to any action or cause of action for the enforcement of this Indenture, or for the appointment of a receiver or for any other remedy hereunder; it being understood and intended that no one or more Owners of the Bonds shall have any right in any manner whatsoever to affect, disturb or prejudice the lien of this Indenture by its, his, her or their action or to enforce any right hereunder except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal and ratable benefit of the Owners of all Outstanding Bonds. However, nothing contained in this Indenture shall affect or impair the right of any Bondowner to enforce the payment of the principal of and premium, if any, and interest on any Bond at and after the maturity thereof,