REMEDIES OF THE TRUSTEE. AND SECURITYHOLDERS ON EVENT OF DEFAULT
REMEDIES OF THE TRUSTEE. AND NOTEHOLDERS ON AN EVENT OF DEFAULT
REMEDIES OF THE TRUSTEE. AND DEBENTUREHOLDERS ON EVENT OF DEFAULT.....................................31 7.1
REMEDIES OF THE TRUSTEE. AND SECURITYHOLDERS ON EVENT OF DEFAULT SECTION 5.01.
REMEDIES OF THE TRUSTEE and Holders in Event of Default -------------------------------------------------------
REMEDIES OF THE TRUSTEE. The Trustee shall not be required to institute any action or proceedings at law or in equity against Statia Canada for the collection of sums due and unpaid or enforce the performance of any provision of the Notes against Statia Canada, or prosecute any such action or proceedings to judgment or decree, unless (i) such action is requested by Holders of a majority in aggregate principal amount of the Notes (evidenced as provided in Section 8.01 of the Original Indenture) and (ii) any Event of Default with respect to the Company shall have occurred and be continuing.
REMEDIES OF THE TRUSTEE. Section 5.01. Pursuant to Section 6.02 (k) of the General Conditions, the following additional events are specified:
(a) a situation has arisen which shall make it improbable that the EAP, or a significant part thereof, will be carried out; and
(i) subject to subparagraph (ii) of this paragraph:
(A) the right of the Recipient to withdraw the proceeds of any loan made to the Recipient for the financing of the Project shall have been suspended, cancelled or terminated in whole or in part, pursuant to the terms of the agreement providing therefor, or
(B) any such loan shall have become due and payable prior to the agreed maturity thereof; and
(ii) subparagraph (i) of this paragraph shall not apply if the Recipient establishes to the satisfaction of the Trustee that: (A) such suspension, cancellation, termination or prematuring is not caused by the failure of the Recipient to perform any of its obligations under such agreement; and (B) adequate funds for the Project are available to the Recipient from other sources on terms and conditions consistent with the obligations of the Recipient under this Agreement.
REMEDIES OF THE TRUSTEE. AND NOTEHOLDERS ON EVENTS OF DEFAULT SECTION 8.01 -- Events of Default................................... 25 SECTION 8.02 -- Payment of Notes on Default; Suit Therefor.......... 27 SECTION 8.03 -- Application of Moneys Collected by Trustee.......... 28 SECTION 8.04 -- Proceedings by Noteholders.......................... 28 SECTION 8.05 -- Proceedings by Trustee.............................. 29 SECTION 8.06 -- Remedies Cumulative and Continuing.................. 29 SECTION 8.07 -- Direction of Proceedings and Xxxxxx of Defaults by Majority of Noteholders............................. 29 SECTION 8.08 -- Notice of Default................................... 30 SECTION 8.09 -- Undertaking to Pay Costs............................ 30
REMEDIES OF THE TRUSTEE. If an Event of Default occurs and is continuing: (1) The Trustee may, and upon written request of the Holders of 25% in principal amount of the Senior Bonds Outstanding shall, in its own name by action or proceeding in accordance with the Civil Practice Law and Rules:
(A) enforce all rights of the Holders and require the Authority or, to the extent permitted by law, the State or the City to carry out its agreements with the Holders and to perform its duties under the Act;
(B) xxx upon such Bonds and Notes;
(C) require the Authority to account as if it were the trustee of an express trust for the Holders of such Bonds and Notes; and
(D) enjoin any acts or things which may be unlawful or in violation of the rights of the Holders of such Bonds and Notes.
REMEDIES OF THE TRUSTEE. And Noteholders On An Event Of Default
