Common use of Institution of Legal Proceedings by Trustee Clause in Contracts

Institution of Legal Proceedings by Trustee. Subject to the provisions of Section 7.06, if an Event of Default shall occur and be continuing, the Trustee in its discretion may, and upon the written request of the Bondholder Representative (if any) or the Credit Facility Provider (if any) (if the Credit Facility is in effect and the Credit Facility Provider (if any) is not in default under its payment obligations under the Credit Facility) or the Holders of a majority in aggregate principal amount (if a Bondholder Agreement is in effect) and otherwise two-thirds in principal amount of the Bonds then Outstanding and upon being indemnified to its satisfaction therefor pursuant to Section 8.03(D) shall, proceed to protect or enforce its rights or the rights of the Holders of Bonds under this Bond Indenture and the Loan Agreement by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein or therein, or in aid of the execution of any power herein or therein granted, or by mandamus or other appropriate proceeding for the enforcement of any other legal or equitable remedy as the Trustee shall deem most effectual in support of any of its rights or duties hereunder.

Institution of Legal Proceedings by Trustee. Subject to If one or more of the provisions of Section 7.06, if an Event Events of Default shall occur happen and be continuing, the Trustee in its discretion may, and upon the written request of the Bondholder Representative (if any) or the Credit Facility Enhancement Provider (if any) (if the Credit Facility is in effect and the Credit Facility Provider (if any) is not in default under its payment obligations under the Credit Facility) or the Holders of not less than a majority in aggregate principal amount (if a Bondholder Agreement is in effect) and otherwise two-thirds in principal amount of the Bonds then Outstanding outstanding, and upon being indemnified to its reasonable satisfaction therefor pursuant to Section 8.03(D) therefor, shall, proceed to protect or enforce its rights or the rights of Credit Enhancement Provider and the Holders of Bonds under this Bond Indenture and the Loan Agreement by a suit in equity or action at law, either for the specific performance of any covenant or agreement contained herein or thereinherein, or in aid of the execution of any power herein or therein granted, or by mandamus for the foreclosure of this Indenture, or other appropriate proceeding for the enforcement of any other appropriate legal or equitable remedy as the Trustee shall deem most effectual in support of any of its rights or duties hereunder; and upon instituting such proceeding, or in order to take possession of the Trust Estate as hereinabove provided, the Trustee shall be entitled as of right to the appointment of a receiver of the Trust Estate, without notice or demand to or upon the Authority, which notice and demand are hereby expressly waived.