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(c) Amendatory or Supplemental Ordinances Requiring Consent of All Registered <br />Owners. Notwithstanding the foregoing, no supplemental or amendatory ordinance shall: <br />(1) Extend the fixed maturity of any Parity Bonds, or reduce the rate of interest <br />thereon, or extend the time of payment of interest from their due date, or reduce the amount of the <br />principal thereof, or reduce any premium payable on the redemption thereof, without the consent of <br />the Registered Owner of each Parity Bond so affected; or <br />(2) Reduce the aforesaid percentage of bondholders required to approve any <br />supplemental or amendatory ordinance, without the consent of the Registered Owners of all of the <br />Parity Bonds then outstanding. <br />(d) Effect of Passage of Amendatory or Supplemental Ordinance. Upon the effective date <br />of any amendatory or supplemental ordinance passed and approved, if required, pursuant to the <br />provisions of this section, this ordinance shall be, and shall be deemed to be, amended and <br />supplemented accordingly. The respective rights, duties and obligations under this ordinance of the <br />City, the Bond Registrar, and all Registered Owners shall thereafter be determined, exercised, and <br />enforced under this ordinance subject in all respects to such supplements and amendments, and all <br />terms and conditions of any such supplemental ordinance shall be deemed to be part of the terms and <br />conditions of this ordinance for any and all purposes. <br />Any Bonds executed and. delivered pursuant to this ordinance after the effective date of any <br />amendatory or supplemental ordinance passed in accordance with this section may include a notation <br />as to any matter provided for in such amendatory or supplemental ordinance. If such amendatory or <br />supplemental ordinance shall so provide, new Bonds bearing the same principal amounts and terms <br />that are modified so as to conform, in the opinion of the City Council, to the supplement or <br />amendment of this ordinance, may be prepared and delivered without cost to the holders of any <br />affected Bonds, upon surrender for cancellation of such original Bonds (together with all unmatured <br />coupons and all matured coupons not fully paid, if any). <br />Section 22. Defaults and Remedies. <br />(a) Events of Default. The following shall constitute "Events of Default" with respect to <br />the Bonds: <br />(1) If a default is made in the payment of the principal of or interest on any of the <br />Bonds when the same shall become due and payable; or <br />(2) If the City files a petition in bankruptcy or is placed in receivership under any <br />state or federal bankruptcy or insolvency law; or <br />(3) If the City defaults in the observance and performance of any other of its <br />covenants, conditions and agreements set forth in this ordinance and such default or defaults have <br />continued for a period of six months after they have received from the registered owners of not less <br />than 25% in outstanding principal amount of the Parity Bonds, a written notice specifying and <br />demanding the cure of such default. However, if the default in the observance and performance of <br />any other of the covenants, conditions and agreements is one which cannot be completely remedied <br />within the six-month period, it shall not be an Event of Default with respect to the Bonds as long as <br />the City has taken active steps within 90 days to remedy the default and is diligently pursuing such <br />remedy. <br />(b) No Acceleration. Nothing contained in this ordinance shall, in any event or under any <br />circumstance, be deemed to authorize the acceleration of maturity of principal of the Parity Bonds. <br />The remedy of acceleration is expressly denied to the Owners of the Parity Bonds under any <br />25 <br />