1990-12-17 Resolution 26 - Laserfiche WebLink

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• (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 Project 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 Trustee, if such rental is more than sixty (60) days in default; (k) if the lease rental provided for in said Lease is not paid within sixty (60) days after each date it is due; or (1) any event of default. as defined in Section 15 of the Lease shall occur and be continuing. Sec. 7.02. In the case of the happening and continuance of any of the events of default specified in Section 7.01, then in any such case the Trustee, by notice in writing mailed to the Authority,. may, and upon written request of the holders of twenty-five percent (25~) in principal amount of the Bonds then outstanding hereunder shall, declare the principal of all Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall thereupon become. and be immediately due and payable; subject, however, to the right of the holders of a majority in principal amount of all such outstanding . -30-