Cleveland Clinic Health System Obligated Group - FMSbonds.com

(g) any Obligated Issuer shall fail to pay or provide for the payment of the tender price ofany bond or Master Note when and as the same shall become due and payable in accordance with the termsof the Master Indenture, of the Bond Indenture or of the Lease if such tender price is not otherwise paid.Remedies. Upon the occurrence of an Event of Default, then and in each and every such case, unless theprincipal of Master Notes shall have already become due and payable, the Master Trustee may, and if requested bythe holders of, or one or more Related Bond Trustees acting on behalf of, not less than twenty-five percent (25%) inaggregate principal amount of (i) Master Notes of any series then Outstanding, if such Event of Default arises byreason of the failure of any Obligated Issuer to pay the principal of, or premium or interest on, any Master Note ofsuch series or by reason of the acceleration of the maturity of any Indebtedness evidenced, collateralized or securedby such Master Notes, or (ii) all Master Notes then Outstanding, if such Event of Default arises for any other reason,the Master Trustee shall, by notice in writing to the Obligated Issuers, declare the principal of all Master Notes orthe Master Notes of such series, as the case may be, to be due and payable immediately, and upon any suchdeclaration the same shall become and shall be immediately due and payable, anything in the Master Indenture or inthe Master Notes contained to the contrary notwithstanding. The provision summarized in this paragraph, however,is subject to the condition that if, at any time after the principal of all Master Notes or the Master Notes of suchseries shall have been so declared due and payable, and before any judgment or decree for the payment of themoneys due shall have been obtained or entered as provided in the Master Indenture, the Obligated Issuers shall payor shall deposit with the Master Trustee a sum sufficient to pay all matured installments of interest upon all suchMaster Notes and the principal and premium, if any, of all such Master Notes that shall have become due otherwisethan by acceleration (with interest on overdue installments of interest and on such principal and premium, if any, atthe rate specified in the Related Supplemental Indenture) and the expenses of the Master Trustee, and any and allEvents of Default under the Master Indenture, other than the nonpayment of principal of and accrued interest onsuch Master Notes that shall have become due by acceleration, shall have been remedied, the Master Trustee may,and upon the written request of the holders of (i) a majority of the aggregate principal amount of Master Notes ofeach series then Outstanding in respect of which default in the payment of principal, premium or interest occurred(other than by reason of acceleration) either on such Master Notes or any Indebtedness evidenced, collateralized orsecured by such Master Notes, or (ii) the holders of a majority in aggregate principal amount of all Master Notesthen Outstanding, in the case of any other default, shall waive all Events of Default and rescind and annul suchdeclaration and its consequences; but no such waiver or rescission and annulment shall extend to or affect anysubsequent Event of Default, or shall impair any right consequent thereon.In case a default occurs in the payment of any installment of interest on or the principal of any MasterNotes as and when the same shall have become due and payable, and any Obligated Issuer fails to pay the amountsdue upon demand of the Master Trustee, the Master Trustee may institute any actions or proceedings at law or inequity for the collection of the sums so due and unpaid, and may prosecute any actions or proceedings to judgmentor final decree, and may enforce any judgment or final decree against each Obligated Issuer, and collect in themanner provided by law out of the Property of each Obligated Issuer the moneys adjudged or decreed to be payable.The Master Trustee, upon the bringing of any action or proceeding, as a matter of right, without notice and withoutgiving bond to any Obligated Issuer, to the extent permitted by law, may have a receiver appointed of all of theProperty of each Obligated Issuer pending the action or proceeding, with the powers conferred by the court makingthe appointment.Upon the happening and continuance of an Event of Default, each Obligated Issuer, upon demand of theMaster Trustee, is required forthwith to surrender the possession of, and it is to be lawful for the Master Trustee, bythe officer or agent as it may appoint, to take possession of, all or any part of the Leased Premises, the Leased RealProperty, the Existing Facilities and the Projects, together with the books, papers and accounts of the ObligatedIssuer pertaining thereto, and including the rights and the position of the Obligated Issuer under the Lease or anysubsequent lease or instrument in substitution therefor, and to hold, operate and manage the Leased Premises, theLeased Real Property, the Existing Facilities and the Projects and maintain separate accounts therefor, and from timeto time make all needed repairs and improvements as the Master Trustee shall deem wise.SUITS BY NOTEHOLDERSNo Noteholder shall have any right by virtue of any provisions of the Master Indenture to institute any suit,action or proceeding in equity or at law upon or under or with respect to the Master Indenture or for any otherC-34