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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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(vi) Any judgment is recovered against the Authority or any attachment or other court process <br />• issues that becomes or creates alien upon the Lease or the Pledged Funds, and such judgment, attachment <br />or court process is not discharged or effectually secured within 60 days; <br />(vii) The Authority files a petition under the provisions of the United States Bankruptcy Code, <br />or files answer seeking the relief provided in said Bankruptcy Code; <br />(viii) A court of competent jurisdiction enters an order, judgment or decree approving a petition <br />filed against the Authority under the provisions of said Bankruptcy Code, and such judgment, order or <br />decree is not vacated, set aside or stayed within 120 days from the date of the entry thereof; <br />(ix) Under the provisions of any other law now or hereafter existing for the relief or aid of <br />debtors, any court of competent jurisdiction assumes custody or control of the Authority or of the whole <br />or any substantial part of the financed property or the income therefrom, and such custody or control is <br />not terminated within 120 days from the date of assumption of such custody or control; <br />(x) Failure of the Authority to bring suit to mandate the Lessee to levy a tax to pay the rental <br />provided in the Lease, or take such other action to enforce the Lease as is reasonably requested by the <br />Trustee, if such rental is more than 30 days in default; <br />(xi) The lease rental provided for in the Lease is not paid when due; or <br />(xii) Any default occurs and is continuing under the Lease. <br />Remedies. In the case of the happening and continuance of any of the events of default, the Trustee, by <br />notice in writing mailed to the Authority, may, and upon written request of the registered owners of 25 % in <br />• principal amount of the Bonds then outstanding must, declare the principal of all Bonds outstanding, and the interest <br />accrued thereon, immediately due and payable. Upon such declaration, the principal and interest will become <br />immediately due and payable. However, the registered owners of a majority in principal amount of all outstanding <br />Bonds, by written notice to the Authority and to the Trustee, may annul each declaration and destroy its effect at . <br />any time if all agreements with respect to which default has been made are fully performed and all such defaults <br />are cured, and all arrears of interest upon all Bonds outstanding and the reasonable expenses and charges of the <br />Trustee, its agents and attorneys, and all other indebtedness secured by the Trust Agreement, except the principal <br />of any Bonds not then due by their terms and interest accrued thereon since the then. last interest payment date, are <br />paid or the amount thereof is paid to the Trustee for the benefit of those entitled thereto. <br />C� <br />Incase of the happening and continuance of any event of default, the Trustee may, and shall upon the <br />written request of the registered owners of at least 25 % in principal amount of the Bonds then outstanding and upon <br />being indemnified to its reasonable satisfaction, proceed to protect and enforce its rights and the rights of the <br />registered owners of the Bonds by suit or suits in equity or at law, or in any court of competent jurisdiction, <br />whether for specific performance of any covenant or agreement contained in the Trust Agreement or in aid of any <br />power granted in the Trust Agreement, or for the enforcement of any other appropriate legal or equitable remedy. <br />All money received by the Trustee pursuant to any right given or action taken by the Trustee upon default <br />will be applied as follows: <br />(i) to the payment of all costs and expenses of the proceedings resulting in the collection of <br />such money and the expenses incurred by the Trustee; <br />(ii) unless the principal of all the Bonds shall have become or have been declared due and <br />payable, all such moneys shall be applied: <br />C -7 <br />
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