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32-17 Economic Development Revenue Bonds (Studebaker Project)
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32-17 Economic Development Revenue Bonds (Studebaker Project)
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5/17/2017 1:41:10 PM
Creation date
6/7/2017 1:24:57 PM
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City Council - City Clerk
City Counci - Date
5/22/2017
Bill Number
32-17
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ARTICLE V. <br /> EVENTS OF DEFAULT <br /> Section 5.1. Events of Default. (a) The occurrence and continuance of any of the <br /> following events shall constitute an "event of default" hereunder: <br /> (i) failure of the Developer to observe and perform any covenant, condition <br /> or provision hereof, including all warrants and representations, and to remedy such <br /> default within 30 days after notice thereof from the Trustee to the Borrower, unless the <br /> Issuer shall have consented thereto in writing; or <br /> (ii) the entry of a decree or order for relief by a court having jurisdiction in the <br /> premises in respect of the Developer in an involuntary case under any applicable <br /> bankruptcy, insolvency or similar law now or hereafter in effect, or appointing a receiver, <br /> liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the <br /> Developer or for any substantial part of its property, or ordering the windup or liquidation <br /> of its affairs; or the filing and pendency for ninety days without dismissal of a petition <br /> initiating an involuntary case under any other bankruptcy, insolvency or similar law; or <br /> (iii) the commencement by the Developer of any voluntary case under any <br /> applicable bankruptcy, insolvency or other similar law now or hereafter in effect, whether <br /> consent by it to an entry to an order for relief in an involuntary case and under any such <br /> law or to the appointment of or the taking possession by a receiver, liquidator, assignee, <br /> trustee, custodian, sequestrator (or other similar official) of the Developer or of any <br /> substantial part of its property, or the making by the Developer of any general assignment <br /> for the benefit of creditors, or the failure of the Developer generally to pay its debts as <br /> such debts become due, or the taking of corporate action by the Developer in furtherance <br /> of any of the foregoing. <br /> (b) Subject to the further provisions of this Article V, during the occurrence and <br /> continuance of any Event of Default hereunder, Issuer shall have the rights and remedies <br /> hereinafter set forth in addition to any other remedies herein or provided at law or in equity <br /> (provided that the Issuer shall have the right to assign and delegate all such remedies to the <br /> Trustee, who may exercise any or all such remedies): <br /> (i) Advances to Cure. In addition to the provisions of Section 3.5, the Issuer <br /> may, but shall have no obligation to, cure such Event of Default or make advances to do <br /> so and shall be entitled to recover such sums from the Construction Fund or other 2017 <br /> Bond proceeds or from the Developer. <br /> (ii) No Further Proceeds. The Issuer shall, upon an Event of Default, be <br /> entitled to direct the Trustee to cease honoring draw requests from the Construction Fund <br /> or from other proceeds of the 2017 Bonds and the Developer shall not be entitled to <br /> further draws from the Construction Fund or be entitled to other proceeds from the 2017 <br /> Bonds. <br /> - 14 - <br /> I\11853148.2 <br />
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