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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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(c) default in the .performance or observance of <br />• any other of the covenants or agreements of the <br />Authority in this Agreement or in any supplemental <br />agreement, or in the Bonds, contained, and the <br />continuance thereof for a period of sixty (60) days <br />after written notice thereof to the Authority by the <br />Trustee; <br />(d) if the Authority: (i) admits in writing its <br />inability to pay its debts generally as they become <br />due; (2) files a petition in bankruptcy; (3) makes an <br />assignment for the benefit of its creditors; or <br />(4) consents to or fails to contest the appointment of <br />a receiver or trustee for itself or of the whole or any <br />substantial part of the Facility or any income <br />therefrom; <br />(e) if the Authority: (1) be adjudged insolvent <br />by a court of competent jurisdiction; (2) on a petition <br />in bankruptcy filed against the Authority be adjudged a <br />bankrupt; or (3) if an order, judgment or decree be <br />entered by any court of competent jurisdiction <br />appointing, without the consent of the Authority, a <br />receiver or trustee of the Authority or of the whole or <br />any substantial part of .the Facility or any income <br />therefrom, and any of the aforesaid adjudications, <br />orders, judgments or decrees shall not be vacated or <br />set aside or stayed within sixty (60) days from the <br />• date of entry thereof; <br />(f) if any judgment shall be recovered against the <br />Authority or any attachment or other court process <br />issue that shall become or create a lien upon the Lease <br />or the Pledged Funds, and such judgment, attachment, or <br />court process shall not be discharged or effectually <br />secured within sixty (60) days; <br />(g) if the Authority shall file a petition under <br />the provisions of the U.S. Bankruptcy Code, as amended <br />("Bankruptcy Code"), or file answer seeking the relief <br />provided in said Bankruptcy Code; <br />(h) if a court of competent jurisdiction shall <br />enter an order, judgment or decree approving a petition <br />filed against the Authority under the provisions of <br />said Bankruptcy Code, and such judgment, order or <br />decree shall not be vacated or set aside or stayed <br />within one hundred twenty (120) days from the date of <br />the entry thereof; <br />(i) if, under the provisions of any other law now <br />or hereafter existing for the relief or aid of debtors, <br />any court of competent jurisdiction shall assume <br />• custody or control of the Authority or of the whole or <br />any substantial part of the Facility or the income <br />therefrom, and such custody or control shall not be <br />-22- <br />
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