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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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• ARTICLE VII. <br />Remedies in Case of Default <br />Sec. 7.01. If any of the following events occurs, it is <br />hereby defined as and is declared to be and to constitute an "event <br />of default": <br />(a) default in the due and punctual payment of the interest <br />on any Bonds hereby secured and outstanding; <br />(b) default in the due and punctual payment of the principal <br />and premium, if any, of any Bond hereby secured, whether at the <br />stated maturity thereof, or upon proceedings for the redemption <br />thereof, or upon the maturity thereof by declaration as hereinafter <br />provided; <br />(c) default in the performance or observance of any other of <br />the covenants or agreements of the Authority in this Agreement or <br />in any supplemental agreement, or in the Bonds, contained, and the <br />continuance thereof for a period of ninety (90) days after written <br />notice thereof to the Authority by the Trustee; <br />(d) if the Authority: (1) admits in writing its inability <br />to pay its debts generally as they become due; (2) files a petition <br />in bankruptcy; (3) makes an assignment for the benefit of its <br />creditors; or (4} consents to or fails to contest the appointment <br />• of a receiver or trustee for itself or of the whole or any <br />substantial part of the Project or any income therefrom; <br />(e) if the Authority: (1) be adjudged insolvent by a court <br />of competent jurisdiction; (2) on a petition in bankruptcy filed <br />against the Authority be adjudged a bankrupt; or (3) if an order, <br />judgment or decree be entered by any court of competent <br />jurisdiction appointing, without the consent of the Authority, a <br />receiver or trustee of the Authority or of the whole or any <br />substantial part of the Project or any income therefrom, and any <br />of the aforesaid adjudications, orders, judgments or decrees shall <br />not be vacated or set aside or stayed within sixty (60) days from <br />the date of entry thereof; <br />(f) if any judgment shall be recovered against the Authority <br />or any attachment or other court process issue that shall become <br />or create a lien upon the Lease or the Pledged Funds, and such <br />judgment, attachment, or court process shall not be discharged or <br />effectually secured within ninety (90) days; <br />(g) if the Authority shall file a petition under the <br />provisions of the U.S. Bankruptcy Code, as amended ("Bankruptcy <br />• -28- <br />
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