1998-10-19 Resolution 130 - Laserfiche WebLink

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• Events of Default and Remedies Events of Default. The following are each an "event of default" under the Trust Agreement: (i) Default in the payment on the due date of the interest on any Bond; (ii) Default in the payment on the due date of the principal of or premium on any Bond, whether at the stated maturity thereof, or upon proceedings for the redemption thereof, or upon the maturity thereof by declaration; (iii) Default in the performance or observance of any other of the covenants or agreements of the Authority in the Trust Agreement, any supplemental agreement, or the Bonds, and the continuance thereof for a period of 60 days after written notice thereof to the Authority by the Trustee; (iv) The Authority: (a) admits in writing its inability to pay its debts generally as they become due, (b) files a petition in bankruptcy, (c) makes an assignment for the benefit of its creditors, or (d) consents to or fails to contest the appointment of a receiver or trustee for itself or of the whole or any substantial part of the financed property or any income therefrom; (v) (a) The Authority is adjudged insolvent by a court of competent jurisdiction, (b) the Authority, on a petition in bankruptcy filed against the Authority, is adjudged a bankrupt, or (c) an order, judgment or decree is entered by any court of competent jurisdiction appointing, without the consent of the Authority, a receiver or trustee of the Authority or of the whole or any substantial part of the financed property or any income therefrom, and any of the aforesaid adjudications, orders, judgments or decrees is not vacated, set aside or stayed within 60 days from the date of entry thereof; (vi) Any judgment is recovered against the Authority or any attachment or other court process issues that becomes or creates a lien upon the Lease or the Pledged Funds, and such judgment, attachment or court process is not discharged or effectually secured within 60 days; (vii) The Authority files a petition under the provisions of the United States Bankruptcy Code, or files an answer seeking the relief provided in said Bankruptcy Code; (viii) A court of competent jurisdiction enters an order, judgment or decree approving a petition filed against the Authority under the provisions of said Bankruptcy Code, and such judgment, order or decree is not vacated, set aside or stayed within 120 days from the date of the entry thereof; (ix) Under the provisions of any other law now or hereafter existing for the relief or aid of debtors, any court of competent jurisdiction assumes custody or control of the Authority or of the whole or any substantial part of the financed property or the income therefrom, and such custody or control is not terminated within 120 days from the date of assumption of such custody or control;