52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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that proceedings shall be instituted, had and maintained in the manner herein provided and for the benefit of the Holders of all such Bonds and Notes then outstanding. Nothing in this Ordinance or in the Bonds or Notes, however, shall affect the right of the Holder of any Bond or Note to enforce payment thereof at and after the date of maturity of the Bond or Note without reference to or consent of either the Fiscal Agent or other Holder of any other Bond or Note. (e) Termination of Proceedinas. In case the Fiscal Agent shall have proceeded to enforce any right under this General Bond Legislation or Bonds or Notes, and such proceeding shall have been discontinued or abandoned for any reason, or shall have been determined adversely, then and in every such case, the Issuer, the Fiscal Agent and the Holders of Bonds and Notes shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies and powers of the Fiscal Agent shall continue unimpaired as before. (f) Waivers of Events of Default. At any time the Fiscal Agent may waive any event of default under Section 30 hereof, other than an event of default notice of which was given to the Issuer at the written request of the Holders of not less than twenty-five percent (25%) in aggregate principal amount of outstanding Bonds and Notes, and its consequences, and shall do so upon the written request of the Holders of at least a majority percent in the aggregate principal amount of outstanding Bonds and Notes. The Fiscal Agent shall waive any event of default under Section 33 hereof, notice of which was given to the Issuer at the written request of the Holders of not less than twenty-five percent (25%) in aggregate principal amount of outstanding Bonds and Notes upon the written request of at least a majority percent in aggregate principal amount of outstanding Bonds and Notes. In case of any such waiver or rescission, or in case any proceeding taken by the Fiscal Agent on account of any such event of default shall have been discontinued or abandoned or determined adversely, then and in every such case, the Issuer, the Fiscal Agent and the Holders of Bonds and Notes shall be restored to their former positions and rights hereunder respectively, but no such waiver or rescission shall extend to any subsequent or other event of default, or impair any right consequent thereto. Section 35. Defeasance. (a) Release of Ordinance. If the Issuer shall payor causè to be paid and discharged all outstanding Bonds and Notes or there shall otherwise be paid to the Holders of outstanding Bonds and Notes all Bond Service Charges due or to become due thereon, and provision shall also be made for paying all other sums payable hereunder, then and in that event this Ordinance (except for sections 24 and 35(a» shall cease to be of further effect, and the covenants, agreements and other obligations of the Issuer hereunder shall be discharged and satisfied, and thereupon the Fiscal Agent shall at the request of the Issuer execute and deliver to the Issuer such instruments in writing as shall discharge the lien hereof and enter on. the records such discharge of the lien and such other instruments as may be reasonably required by the IsSuer, and the Fiscal Agent shall assign and deliver to the Issuer any property at the time subject to the lien of this Ordinance which may then be in its possession. (b) Payment and Discharae of Bonds and Notes. All outstanding Bonds and Notes shall be deemed to have been paid and discharged within the meaning of this Ordinance, including without limitation, Section 35(a) hereof, if: . (i) the Fiscal Agent shall hold in special accounts or sub- accounts, in trust for and irrevocably committed solely thereto, sufficient moneys, or (ii) the Fiscal Agent shall hold in special accounts, in trust for and irrevocably committed solely thereto, direct obligations of the United States certified by an independent public accounting firm of national reputation -28-