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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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(f) if any judgment shall be recovered against the <br />Authority or any attachment or other court process issue that <br />shall become or create a lien upon the Lease or the Pledged <br />Funds, and such judgment, attachment, or court process shall <br />not be discharged or effectually secured within sixty (60) <br />days.; <br />(g) if the Authority. shall file a petition under the <br />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 enter an <br />order, judgment or decree approving a petition filed against <br />the Authority under the provisions of said Bankruptcy Code, <br />and such judgment, order or decree shall not be vacated or set <br />aside or stayed within one hundred twenty (12A) days from the <br />date of the entry thereof; <br />(i) if, under the provisions of any other law now or <br />hereafter existing for the relief or aid of debtors, any court <br />of competent jurisdiction shall assume custody or control of <br />the Authority or of the whole or any substantial part of the <br />Facility or the income therefrom, and such custody or control <br />shall not be terminated within one hundred twenty (120) days <br />from the date of assumption of such custody or control; <br />(j) failure of the Authority to bring suit to mandate <br />the governing board or officials of the Lessee to levy a tax <br />to .pay the rental provided in the Lease or take such other <br />action to enforce the Lease as is reasonably requested by the <br />Trustee, if such rental is more than sixty (60) days in <br />default; <br />(k) if-the lease rental provided for in said Lease is <br />not paid within sixty (60} days after each date it is due; or <br />(1) any event of default as defined in Section 16 of the <br />Lease shall occur-and be continuing. <br />Sec. 7.02. In the case of the happening and continuance of <br />any of the events of default specified in Section 7.01, then in any <br />such case the Trustee, by notice in writing mailed to the <br />Authority, may, and upon written request of the holders of twenty- <br />five percent (25%) in principal amount of the Bonds then <br />outstanding hereunder shall, declare the principal of all Bonds <br />hereby secured and then outstanding, and the interest accrued <br />thereon, immediately due and payable, and upon such declaration <br />such principal and interest shall thereupon become and be <br />immediately due and payable; subject, however, to the right of the <br />holders of a majority in principal amount of all such outstanding <br />. -23- <br />
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