1. MIDA Bond-Bethany on 42nd
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1. MIDA Bond-Bethany on 42nd
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<br />the Trustee within fifteen (15) days after the occurrence thereof(unless such Event of Default shall <br />have been cured) shall give written notice of such Event of Default to the holders of the Outstanding <br />Bonds then shown on the Bond Register. One or more holders with combined holdings of not less <br />than a majority ofthe principal amount of Outstanding Bonds may by written instrument filed with <br />the Trustee (i) notify the Trustee of the existence of an Event of Default, upon which notice the <br />Trustee shall be conclusively presumed to have such notice; (ii) request the Trustee to give written <br />notice of an Event of Default to the Company or give such notice themselves under the provisions <br />of Section 8.1, (iii) request the Trustee to exercise any ofthe remedies under Section 8.2, upon which <br />request, subject to right of indemnification, the Trustee shall exercise such remedy, (iv) direct the <br />method and place of conducting all proceedings to be taken in connection with the exercise of any <br />remedy, (v) request the waiver of any Event of Default and rescission of the declaration of maturity <br />of principal or termination of any proceedings in connection with the exercise of any remedies; <br />provided, however, that there shall be no such waiver, rescission, or termination unless all arrears <br />of principal and interest on the Bonds, together with interest thereon (to the extent permitted by law <br />and by the terms of this Indenture) at the applicable rate of interest borne by the Bonds and all <br />expenses of the Trustee in connection with such Event of Default shall have been paid or provided <br />for, and (vi) request the Trustee to intervene in any judicial proceeding to which the Issuer or the <br />Company is a party which may have substantial bearing on the interests of holders ofthe Bonds, and <br />the Trustee shall so intervene, subject to the approval of a court exercising jurisdiction. <br /> <br />In the event the holder or holders of combined holdings of not less than a majority of the <br />principal amount of Outstanding Bonds shall direct the Trustee to exercise one or more of the <br />foregoing rights or one or more of the remedies upon Event of Default herein authorized and shall <br />reasonably indemnify the Trustee for all costs and expenses in the exercise of said rights and <br />remedies as provided in Section 9.1(i), and the Trustee shall fail to take such designated action as <br />directed within fifteen (15) days after receiving written notice ofthe same and being so indemnified, <br />such Bondholders shall have the right to exercise any and all of the rights and remedies herein <br />authorized in the same manner as ifthe same had been instituted by the Trustee. Bondholders shall <br />have the right to bring individual action only to enforce payment of the principal of interest on the <br />Bonds of the respective holders thereof at the respective due dates thereof, but only if the Trustee <br />has not taken similar action. <br /> <br />(Remainder of this page intentionally left blank.) <br /> <br />8-5 <br />
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