RES 02047 - Laserfiche WebLink

(a) default shall be made in the due and punctual payment by the City of any Debt Service Payment when and as the same shall become due and payable: (b) default shall be made by the City in the perfonnance of any of the agreements or covenants contained herein required to be perfonned by it. and such default shall have continued for a period of sixty (60) days after the City shall have been given notice in wTiting of such default by the Trustee: (c) the City shall file a petition seeking arrangement or reorganization under federal bankruptcy laws or any other applicable law of the United States of America or any state therein. or if a court of competent jurisdiction shall approve a petition filed with the consent of the City seeking arrangement or reorganization under the federal bankruptcy laws or any other applicable law of the United States of America or any state therein. or if under the provisions of any other law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or control of the City or of the whole or any substantial part of its property: or (d) Bonds: an event of default shall have occurred with respect to any Contracts or Parity then and in each and every such case during the continuance of such Event of Default. the Trustee or. subject to the provisions of Section 6.06 hereof. the Owners of not less than a majority in aggregate principal amount represented by the Bonds at the time Outstanding upon notice given in \\Titing to the City. and the Trustee may. subject to receipt of indemnity as provided herein. exercise the remedies provided herein. The Trustee shall notify the City promptly of any default under Section 6.01(a) hereof. Upon the occurrence of an Event of Default hereunder. the Trustee may declare the principal and interest with respect to all such Bonds imrnediately due and payable and such principal and interest shall thereupon be due and payable immediately, The Trustee shall apply amounts on deposit in the funds and accounts in accordance with Section 6.07 hereof. This provision. however. is subject to the condition that. except with respect to an Event of Default under subsection (c) above. if at any time after such Outstanding principal amount of the Bonds and the accrued interest thereon shall have been so declared due and payable and before the acceleration date or the date of any judgment or decree for the payment of the money due shall have been obtained or entered. the City shall deposit with the Trustee a surn sufficient to pay such amount due prior to such date and the accrued interest thereon. with interest on such overdue payments at the rate on such Bonds. and the reasonable fees and expenses of the Trustee. including those of its attorneys. and any and all other defaults known to the City (other than in the payment of such principal amount of the Bonds and the accrued interest thereon due and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Trustee or provision deemed by the Trustee to be adequate shall have been made therefor. then and in every such case the Trustee. by written notice to the City. rnay rescind and annul such declaration and its consequences: but no such rescission and annulment shall " --'-'- Pleasant on Cross Town Indenture (l).DOC