Common use of Disqualified Bonds Clause in Contracts

Disqualified Bonds. In determining whether the Owners of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the Indenture, Bonds which are actually known by the Trustee to be owned or held by or for the account of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except that, in determining whether the Trustee shall be protected in relying upon any such demand, request, direction, consent or waiver of an Owner, only Bonds which the Trustee actually knows to be owned or held by or for the account of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded unless all Bonds are so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determination. Bonds so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and the City shall specify in a certificate to the Trustee those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such certificate.

Disqualified Bonds. In determining whether the Owners Holders of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which are actually known by the Trustee to be owned or held by or for the account of the Authority or the City, Borrower or by any Person person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, Borrower shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except that, in . In determining whether the Bond Trustee shall be protected in relying upon any such demand, request, direction, approval or consent or waiver of an OwnerHolder, only Bonds which a Responsible Officer of the Bond Trustee actually knows to be owned or held by or for the account of the Authority or the City, Borrower or by any Person person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, Borrower shall be disregarded unless all Bonds are so owned or heldowned, in which case such Bonds shall be considered Outstanding outstanding for the purpose of such determination. Bonds so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Bond Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityBorrower. In case of a dispute as to such right, any decision by the Bond Trustee taken upon the advice of counsel shall be full protection to the Bond Trustee. Upon request of the Bond Trustee, the Authority and the City Borrower shall specify in a certificate to the Bond Trustee those Bonds disqualified pursuant to this Section and the Bond Trustee may conclusively rely on such certificate.

Disqualified Bonds. In determining whether the Owners of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which are actually known by the Trustee to be owned or held by or for the account of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except that, in determining whether the Trustee shall be protected in relying upon any such demand, request, direction, consent or waiver of an Owner, only Bonds which the Trustee actually knows to be owned or held by or for the account of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded unless all Bonds are so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determination. Bonds so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and the City shall specify in a certificate to Written Certificate of the Trustee City and Authority those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such certificateCertificate.

Disqualified Bonds. In determining whether the Owners Holders of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which are actually known by the Trustee to be owned or held by or for the account of the Authority or the CityBorrower, or by any other obligor on the Bonds, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityBorrower or any other obligor on the Bonds, shall be disregarded and deemed not to be Outstanding for the purpose of any such determinationdetermination unless all Bonds are so held; except provided that, in for the purpose of determining whether the Trustee shall be protected in relying upon on any such demand, request, direction, consent or waiver of an Ownerwaiver, only Bonds which the Trustee actually knows to be so owned or held by or for the account of shall be disregarded. The Trustee shall not be deemed to have knowledge that any Bond is disqualified unless the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, Borrower is the Authority Holder or the City, shall be disregarded unless all Bonds are Trustee has received written notification of a Bond so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determinationdisqualified. Bonds so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityBorrower or any other obligor on the Bonds. Upon the written request of the Trustee, the Authority and the Borrower shall each certify to the Trustee those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such Certificates. Notwithstanding the foregoing, with respect to the Certificate of the Authority, the Authority shall be required to specify only those Bonds that are owned or held by or for the account of the Authority or any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority, if any, of which the officer signing the Certificate on behalf of the Authority has actual knowledge. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and the City shall specify in a certificate to the Trustee those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such certificate.

Disqualified Bonds. In determining whether the Owners of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which that are actually known by the Trustee to be owned or held by or for the account of the Authority Community Facilities District, or by any other obligor on the CityBonds, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority Community Facilities District or any other obligor on the CityBonds, shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except thatprovided, in determining whether the Trustee shall be protected in relying upon any such demandhowever, request, direction, consent or waiver of an Owner, only Bonds which the Trustee actually knows to be owned or held by or for the account that if 100% of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded unless all Bonds are so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determinationdeemed to be Outstanding. Bonds so owned which that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority Community Facilities District or any other obligor on the CityBonds. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and the City Community Facilities District shall specify in a certificate Written Certificate of the Community Facilities District submitted to the Trustee those Bonds disqualified pursuant to this Section and Bonds, if any, that are, as of the Trustee may conclusively rely on date of such certificateWritten Certificate, owned or held by or for the account of the Community Facilities District.

Disqualified Bonds. In determining whether the Owners Holders of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which are actually known by the Trustee to be owned or held by or for the account of the Authority or the CityBorrower, or by any other obligor on the Bonds, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityBorrower or any other obligor on the Bonds, shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except determination provided that, in for the purpose of determining whether the Trustee shall be protected in relying upon on any such demand, request, direction, consent or waiver of an Ownerwaiver, only Bonds which a Responsible Officer of the Trustee actually knows to be so owned or held by or for the account of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded unless all Bonds are so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determinationdisregarded. Bonds so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityBorrower or any other obligor on the Bonds. Upon the written request of the Trustee, the Authority and the Borrower shall each certify to the Trustee those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such Certificates. Notwithstanding the foregoing, with respect to the Certificate of the Authority, the Authority shall be required to specify only those Bonds that are owned or held by or for the account of the Authority or any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority, if any, of which the officer signing the Certificate on behalf of the Authority has actual knowledge. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and the City shall specify in a certificate to the Trustee those Bonds disqualified pursuant to this Section and the Trustee may conclusively rely on such certificate.

Disqualified Bonds. In determining whether the Owners of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under the this Indenture, Bonds which that are actually known by the Trustee to be owned or held by or for the account of the Authority or the CityCity or any other obligor on the Bonds, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; except thatprovided, in determining whether the Trustee shall be protected in relying upon any such demandhowever, request, direction, consent or waiver of an Owner, only Bonds which the Trustee actually knows to be owned or held by or for the account that if 100% of the Authority or the City, or by any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the City, shall be disregarded unless all Bonds are so owned or held, in which case such Bonds shall be considered Outstanding for the purpose of such determinationdeemed to be Outstanding. Bonds so owned which that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Bonds and that the pledgee is not a Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, the Authority or the CityCity or any other obligor on the Bonds. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Authority and shall specify in a Written Certificate of the Authority delivered to the Trustee that Bonds, if any, are, as of the date of such Written Certificate, owned or held by or for the account of the Authority. Upon request of the Trustee, the City shall specify in a certificate Written Certificate of the City delivered to the Trustee those Bonds disqualified pursuant to this Section and that Bonds, if any, are, as of the Trustee may conclusively rely on date of such certificateWritten Certificate, owned or held by or for the account of the City.