Official Statement Airport Commission City and County of San ...

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