1994-05-17 Resolution 91 - Laserfiche WebLink

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(a) default in the due and punctual payment of the interest • on any Bonds hereby :secured and outstanding; (b) default in the due and punctual payment of the principal and premium, if any, of any Bond hereby secured, whether at the stated maturity thereof, or upon proceedings for the redemption thereof, or upon the maturity thereof by declaration as hereinafter provided; (c) default in the performance or observance of any other of the covenants or agreements of the Authority in this Agreement or in any supplemental agreement, or in the Bonds, contained, and the continuance thereof for a period of sixty (60) days after written notice thereof to the Authority by the Trustee; (d) if the Authority: (1) admits in writing its inability to pay its debts generally as they become due; (2) files a petition in bankruptcy; (3) makes an assignment for the benefit of its creditors; or (4) consents to or fails to contest the appointment of a receiver or trustee for itself or of the whole or any substantial part of the Project or any income therefrom; (e) if the Authority: (1) be adjudged insolvent by a court of competent jurisdiction; (2) on a petition in bankruptcy filed against the Authority be adjudged a bankrupt; or (3) if an order, judgment or decree be entered by any court of competent • jurisdiction appointing, without the consent of the Authority, a receiver or trustee of the Authority or of the whole or any substantial part of the Project or any income therefrom, and any of the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof; (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; is -33-