Laserfiche WebLink
Section 5. 08 . Delays and Omissions Not to Impair Rights. <br /> No delay or omission in respect of exercising any right or power <br /> accruing upon any Event of Default shall impair such right or power <br /> or be a waiver of such Event of Default and every remedy given by <br /> this Article may be exercised from time to time and as often as may <br /> be deemed expedient. <br /> Section 5. 09 . Application of Money in Event of Default. <br /> Any money received by the Trustee under this Article V shall be <br /> applied: <br /> First: To the payment of all amounts due the Trustee <br /> under Section 6. 03 hereof; <br /> Second: To the payment of principal or prepayment price <br /> (as the case may be) and interest then owing on the Lease <br /> Payments represented by the Certificates, including any <br /> interest on overdue interest, and in case such money shall be <br /> insufficient to pay the same in full, then to the payment of <br /> principal or prepayment price and interest ratably, without <br /> preference or priority of one over another or of any <br /> installment of interest over any other installment of <br /> interest; and <br /> Third: Once no Certificate is Outstanding, the payment <br /> of expenses of the City, including reasonable Counsel fees, <br /> actually incurred in connection with this financing, and <br /> remaining unpaid. <br /> Upon termination of this trust, the surplus, if any, shall be <br /> paid to the City or the person or persons lawfully entitled to <br /> receive the same as a court of competent jurisdiction may direct. <br /> Section 5. 10. Moneys Held by Trustee One Year After Due <br /> Date. Moneys or investments held by the Trustee in trust for the <br /> payment and discharge of any of the Certificates which remain <br /> unclaimed for one (1) year after the date when such Certificates <br /> shall have become due and payable, either at their stated maturity <br /> dates or by call for earlier prepayment, if such moneys were held <br /> by the Trustee at such date or for one year after the date of <br /> deposit of such moneys if deposited with the Trustee after the said <br /> date when such Certificates become due and payable, shall at the <br /> written request of the City be repaid by the Trustee to the City <br /> as the City's property, and the Trustee shall thereupon be released <br /> and discharged with respect thereto, and the owners of the Certifi- <br /> cates payable from such moneys shall look only to the City for the <br /> payment of such Certificates. <br /> Section 5. 11. Trustee's Right to Receiver. The Trustee <br /> shall, to the extent permitted by law, be entitled as of right to <br /> C-18 KR173 92/01/27 <br />