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 ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
with respect to any Bonds is in effect, a Supplemental Resolution may provide that so long as the Credit Provider is not<br />
Insolvent <strong>and</strong> is not in default under the Credit Facility, no right, power or remedy under the 1991 Master Resolution<br />
with respect to such Bonds may be pursued without the prior written consent <strong>of</strong> the Credit Provider.<br />
If an Event <strong>of</strong> Default with respect to one or more but not all Series <strong>of</strong> Bonds outst<strong>and</strong>ing shall have<br />
occurred <strong>and</strong> be continuing, the Holders <strong>of</strong> a majority in aggregate principal amount <strong>of</strong> the Bonds <strong>of</strong> such one or more<br />
Series then outst<strong>and</strong>ing shall have the right at any time, by an instrument or instruments in writing executed <strong>and</strong><br />
delivered to the Trustee, to direct the method <strong>and</strong> place <strong>of</strong> conducting any proceeding to be taken with respect to funds<br />
or assets solely securing such one or more Series in connection with the enforcement <strong>of</strong> the terms <strong>and</strong> conditions <strong>of</strong> the<br />
1991 Master Resolution; provided, that such direction is in accordance with law <strong>and</strong> the provisions <strong>of</strong> the 1991 Master<br />
Resolution (including any indemnity to the Trustee as provided in the 1991 Master Resolution) <strong>and</strong>, in the sole<br />
judgment <strong>of</strong> the Trustee, is not unduly prejudicial to the interests <strong>of</strong> Bondholders <strong>of</strong> each Series <strong>of</strong> Bonds not joining in<br />
such direction; <strong>and</strong> provided further, that the Trustee shall have discretion to take any other action under the 1991<br />
Master Resolution which it may deem proper <strong>and</strong> which is not inconsistent with such direction by Bondholders.<br />
If an Event <strong>of</strong> Default with respect to all Series <strong>of</strong> Bonds shall have occurred <strong>and</strong> be continuing, the<br />
Holders <strong>of</strong> a majority in aggregate Principal Amount <strong>of</strong> all Bonds then outst<strong>and</strong>ing shall have the right, at any time, by<br />
an instrument in writing executed <strong>and</strong> delivered to the Trustee to direct the method <strong>and</strong> place <strong>of</strong> conducting any<br />
proceeding to be taken with respect to Net Revenues or other assets securing all Bonds in connection with the<br />
enforcement <strong>of</strong> the terms <strong>and</strong> conditions <strong>of</strong> the 1991 Master Resolution; provided, that such direction is in accordance<br />
with law <strong>and</strong> the provisions <strong>of</strong> the 1991 Master Resolution (including indemnity to the Trustee as provided in the 1991<br />
Master Resolution) <strong>and</strong>, in the sole judgment <strong>of</strong> the Trustee, is not unduly prejudicial to the interests <strong>of</strong> Holders <strong>of</strong><br />
Bonds not joining in such direction; <strong>and</strong> provided further, that the Trustee shall have discretion to take any other action<br />
under the 1991 Master Resolution which it may deem proper <strong>and</strong> which is not inconsistent with such direction by<br />
Holders <strong>of</strong> Bonds.<br />
The 1991 Master Resolution provides that no Holder <strong>of</strong> any Bond <strong>of</strong> a Series shall have any right to<br />
institute any suit, action or proceeding in equity or at law for the enforcement <strong>of</strong> the 1991 Master Resolution unless:<br />
(a) an Event <strong>of</strong> Default has occurred with respect to such Series <strong>and</strong> the Trustee is deemed to<br />
have notice <strong>of</strong> such Event <strong>of</strong> Default, the Trustee has actual knowledge <strong>of</strong> such Event <strong>of</strong><br />
Default or the Trustee has been notified in writing <strong>of</strong> such Event <strong>of</strong> Default by the<br />
<strong>Commission</strong> or by the Holders <strong>of</strong> at least 25% in aggregate Principal Amount <strong>of</strong> all such<br />
Series <strong>of</strong> Bonds with respect to which an Event <strong>of</strong> Default has occurred;<br />
(b) the Holders <strong>of</strong> at least a majority in aggregate Principal Amount <strong>of</strong> Bonds <strong>of</strong> all such Series<br />
then outst<strong>and</strong>ing with respect to which an Event <strong>of</strong> Default has occurred shall have made<br />
written request to the Trustee to proceed to exercise the powers granted under the 1991<br />
Master Resolution or to institute such action, suit or proceeding in its own name;<br />
(c) such Holders <strong>of</strong> Bonds shall have <strong>of</strong>fered the Trustee indemnity as provided under the 1991<br />
Master Resolution; <strong>and</strong><br />
(d) the Trustee shall have failed or refused to exercise the powers granted under the 1991<br />
Master Resolution or to institute such action, suit or proceedings in its own name for a<br />
period <strong>of</strong> 60 days after receipt by it <strong>of</strong> such request <strong>and</strong> <strong>of</strong>fer <strong>of</strong> indemnity.<br />
No one or more Holders <strong>of</strong> Bonds <strong>of</strong> such Series shall have any right in any manner whatsoever to<br />
affect, disturb or prejudice the security <strong>of</strong>, or to enforce any right under, the 1991 Master Resolution except for the<br />
equal benefit <strong>of</strong> the Holders <strong>of</strong> all Bonds <strong>of</strong> such Series then outst<strong>and</strong>ing.<br />
No Holder <strong>of</strong> any Bond <strong>of</strong> such Series may institute or prosecute any such suit or enter judgment<br />
therein if, <strong>and</strong> to the extent that, the institution or prosecution <strong>of</strong> such suit or the entry <strong>of</strong> judgment therein would, under<br />
applicable law, result in the surrender, impairment, waiver or loss <strong>of</strong> the lien <strong>of</strong> the 1991 Master Resolution on the<br />
C-24