Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
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filing <strong>of</strong> any such petition or to the appointment <strong>of</strong> a receiver, liquidator, assignee, trustee or<br />
sequestrator (or other similar <strong>of</strong>ficial) <strong>of</strong> the <strong>Commission</strong> or <strong>of</strong> any substantial part <strong>of</strong> its<br />
property, or fails to timely controvert an involuntary petition filed against it under the<br />
federal Bankruptcy Code, or consents to entry <strong>of</strong> an order for relief under the federal<br />
Bankruptcy Code or makes an assignment for the benefit <strong>of</strong> creditors, or admits in writing<br />
its inability to pay its debts generally as they become due; <strong>and</strong><br />
(g) the occurrence <strong>of</strong> any other Event <strong>of</strong> Default with respect to such Series <strong>of</strong> Bonds as is<br />
provided in a Supplemental Resolution.<br />
An Event <strong>of</strong> Default with respect to one Series <strong>of</strong> Bonds will not in <strong>and</strong> <strong>of</strong> itself constitute an Event<br />
<strong>of</strong> Default with respect to any other Series <strong>of</strong> Bonds unless such event or condition on its own constitutes an Event <strong>of</strong><br />
Default with respect to such other Series <strong>of</strong> Bonds pursuant to the 1991 Master Resolution.<br />
No Acceleration<br />
The Bonds are not subject to acceleration under any circumstance or for any reason, including<br />
without limitation upon the occurrence <strong>and</strong> continuance <strong>of</strong> an Event <strong>of</strong> Default under the 1991 Master Resolution or<br />
any Supplemental Resolution. Moreover, the Bonds will not be subject to m<strong>and</strong>atory redemption or m<strong>and</strong>atory<br />
purchase or tender for purchase upon the occurrence <strong>and</strong> continuance <strong>of</strong> an Event <strong>of</strong> Default to the extent the<br />
redemption or purchase price is payable from Net Revenues.<br />
Remedies Upon Default<br />
Upon the occurrence <strong>and</strong> continuance <strong>of</strong> an Event <strong>of</strong> Default with respect to one or more Series <strong>of</strong><br />
Bonds, the Trustee may, or upon the written request <strong>of</strong> the Holders <strong>of</strong> not less than a majority in aggregate Principal<br />
Amount <strong>of</strong> the Bonds <strong>of</strong> all such Series together with indemnification <strong>of</strong> the Trustee to its satisfaction therefor shall,<br />
proceed forthwith to protect <strong>and</strong> enforce its rights <strong>and</strong> the rights <strong>of</strong> the Bondholders under the 1991 Master Resolution<br />
<strong>and</strong> under the Act <strong>and</strong> such Bonds by such suits, actions or proceedings as the Trustee, being advised by counsel,<br />
deems expedient, including but not limited to:<br />
(a) Actions to recover money or damages due <strong>and</strong> owing;<br />
(b) Actions to enjoin any acts or things, which may be unlawful or in violation <strong>of</strong> the rights <strong>of</strong><br />
the Holders <strong>of</strong> such Bonds; <strong>and</strong><br />
(c) Enforcement <strong>of</strong> any other right <strong>of</strong> such Bondholders conferred by law, including the Act, or<br />
by the 1991 Master Resolution, including without limitation by suit, action, injunction,<br />
m<strong>and</strong>amus or other proceedings to enforce <strong>and</strong> compel the performance by the <strong>Commission</strong><br />
<strong>of</strong> actions required by the Act or the 1991 Master Resolution, including the fixing, changing<br />
<strong>and</strong> collection <strong>of</strong> fees or other charges.<br />
Regardless <strong>of</strong> the happening <strong>of</strong> an Event <strong>of</strong> Default, the Trustee, if requested in writing by the<br />
Holders <strong>of</strong> not less than 25% in aggregate Principal Amount <strong>of</strong> the Bonds <strong>of</strong> one or more Series, shall upon being<br />
indemnified to its satisfaction therefor, institute <strong>and</strong> maintain such suits <strong>and</strong> proceedings as it may be advised shall be<br />
necessary or expedient (i) to prevent any impairment <strong>of</strong> the security under the 1991 Master Resolution by any acts or<br />
omissions to act which may be unlawful or in violation <strong>of</strong> the 1991 Master Resolution, or (ii) to preserve or protect the<br />
interests <strong>of</strong> the Holders, provided that such request is in accordance with law <strong>and</strong> the provisions <strong>of</strong> the 1991 Master<br />
Resolution <strong>and</strong>, in the sole judgment <strong>of</strong> the Trustee, is not unduly prejudicial to the interests <strong>of</strong> the Holders <strong>of</strong> Bonds <strong>of</strong><br />
each Series not making such request.<br />
Notwithst<strong>and</strong>ing anything else in the 1991 Master Resolution to the contrary, the remedies provided<br />
for with respect to obtaining moneys on deposit in funds or accounts shall be limited to the funds or accounts pledged<br />
to the applicable Series <strong>of</strong> Bonds with respect to which an Event <strong>of</strong> Default exists. Furthermore, while a Credit Facility<br />
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