1988-06-17 Resolution 6 - Laserfiche WebLink

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(d) if the Authority: (1) admits in writing its inability to pay its debts generally as they become ! due; (2) files a petition in bankruptcy; (3) makes. an assignment for the benefit of its creditors; or (4) 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 Facility or any income therefrom; (e) if the Authority: (1) be adjudged insolvent by a court of competent jurisdiction; (2) on a petition in bankruptcy .filed against the Authority be adjudged a bankrupt;. or (3) if an order, judgment or decree be 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 Facility or any income therefrom, and any of the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within-sixty (60) days from the date of entry thereof; - (f) if any judgment shall be recovered against the Authority or any attachment or other court process issue that shall become or create a lien upon the Lease or the Pledged Funds, and such judgment, attachment, or court process shall not be discharged. or effectually secured within sixty (60) days; (g) if the Authority shall file a petition under the .provisions of the U.S. Bankruptcy Code, as amended ("Bankruptcy Code"), or file answer. seeking the relief provided in said Bankruptcy Code; (h) if a court. of competent jurisdiction shall enter 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 shall not be vacated or set aside or stayed within one hundred twenty (120) days from the date of the entry thereof; (i) if, under the provisions of any other law now or hereafter existing for the relief or aid. of debtors, any court of competent jurisdiction shall assume custody or control. of the Authority or of the whole or any substantial part of the Facility or the income therefrom, and such custody or control shall not be terminated within one hundred twenty (120). days from ~~ the date of assumption of such custody or control; (j) failure of the Authority to bring suit to mandate the governing board or officials of the Lessee to levy a tax to pay the rental provided in the Lease. referred to in Article V, or take such other action to '~ enforce the Lease as is reasonably requested by the j ,I -30-