Agmt15 Raymond James and Assoc. Port of RWC sale of refunding bonds

Browse Search

Contract when and as the same shall become due and payable,whether At maturity as therein expressed, by declarationorotherwise; (c) A default shail be made by the Port in the observance or performance of any of the other agreements,conditions,covenants or terms on its part contained herein or in ihe f3onds or in any Contract or Parity Repayment Obligation,and such default shall have continued for a period of sixty(60)days after the PoA shall have been given notice in writing of such dtfault by the Trustee, which may give notice in its discretion and shall give notice at the written request of the Owners of not less than 25%in ag�regate principa]amount of the Bonds then Outstandin�;provided, that such default shall not constitute an Event of Default hereunder if the port shall commence to cure such default within such sixty(60)-day period and thereafter diligently and in good faith shall proceed to cure such default within a reasonable period of time;or (d) '1'he Port shal) file a pctition or answer seekin�reorganization or arrangcment under the federal bankruptcy Iaws or any other applicablc law of the United States of America,or if a court of competent jurisdiction shall approve a petition,filed with or without the consent of the Port, seeking reorganization under the federal bankruptcy laws or any other applicable Iaw of the United Stptcs of America,or if,under the provisions of nny other law for the relief or aid of debtors,any court of competent jurisdiction shall assume ciistody or contro!of the Port or of the whole or any substantial part of its property. Section 7.2. Remedies of Owners. Upon a declaration by the T'rustee of an Event of Default,any Owner shall have the right for the equal benefit and protection of all Owners similarly situated: (a) By mandamus or other suit or proceeding at Iaw or in equity to enforce his rights against the Port and any of the directors,officers and employees of the Port,and to compel the Port or any such directors,officers or employees to perform and carry out their duties under the Law and other applicable law and their agreementsand covenants with tlie owners as providcd herein; � (b) By suit in equity to enjoin any acts or things which are unlawful or violate the rights of the Owners;or (c) Upon the happening of an Event of Default,by a suit in equity to require the �. Port and its directors,officers and employees to account as the trustee of an express tn�st. {d} In no event,upon the occurrence and continuationof a�Event of Default,shall the Trustee,the Owners,or any other party have the right to accelerate the payment of principal of and intereston the OutstandingBonds. Section 7.3. Non-Waiver. Nothing in this Article Vll or in any other provision hereof,or in the Bonds,shall af'fect or impair the obligation of the Port,which is absolute and unconditional,to pay the interest on and principal of and redemption premiums, if any, on the Bonds to the respectivc Owners of the Bonds at the respective dates of maturity or upon prior redemption as herein provided out of the Net Revenues pledged for such payment,or affect or impair the right of action,which is also absolute and unconditional,of such Owners to institute suit to enforce such payment by virtue of the contract embodied in the Bonds and herein. 12094.9{Z2931 Q005 42