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

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