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1994-06-21 Minutes
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1994-06-21 Minutes
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(a) default in the payment of any interest on any Bond <br />• (other than Pledged Bonds) when and as the same shall-have become <br />due; or <br />(b) default in the payment of the principal of any Bond <br />or purchase price in event of tender of any Bond (other than <br />Pledged Bonds)•when and as the same shall become due, whether at <br />the stated maturity thereof, by proceedings for redemption, or upon <br />any Interest Payment Date, or upon the maturity thereof by <br />declaration; or <br />(c) receipt by the Trustee of a written notice from the <br />Credit Facility Issuer that an event of default has occurred and <br />is continuing and that the Credit Facility will terminate within <br />ten (10) days from the date of such notice; or <br />(d) receipt by the Trustee on or prior to the tenth <br />(10th) Business Day following the day a drawing for interest has <br />been made on the Credit Facility Issuer of written notice from the <br />Credit Facility Issuer that the amount of such drawing has not been <br />reinstated in accordance with the Credit Facility; or <br />(e) wrongful dishonor of any conforming draft and <br />certificates under the Credit Facility by the Credit Facility <br />Issuer; or <br />• (f) default in the observance or performance of any <br />other of the covenants, agreements or conditions on the part of the <br />Authority included in this Indenture or in the Bonds (other than <br />a Default set forth in Section 902 (a) or (b) above), and the <br />continuance thereof for a period of 30 days after receipt of <br />written notice to the Authority and the Credit Facility Issuer <br />given by the Trustee; or <br />(g) if the Authority: (1) admits in writing its <br />inability to pay its debts generally as they become due; (2) files <br />a petition in bankruptcy; (3) makes an assignment for the benefit <br />of its creditors; or (4) consents to or fails to contest the <br />appointment of a receiver or trustee for itself or of the whole or <br />any substantial part of the Project or any income therefrom; or <br />(h) if the Authority: (1) be adjudged insolvent by a <br />court of competent jurisdiction; (2) on a petition in bankruptcy <br />filed against the Authority be adjudged• a bankrupt; or (3) if an <br />order, 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; or <br />76 <br />
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