RES 94044 - Laserfiche WebLink

ARTICLE VII EVENTS OF DEFAULT AND REMEDIES Section 7.01. Events of Default and Events of Mandatory Acceleration; Acceleration of Maturities. If one or more of the following Events of Default shall .happen: (a) default shall be made in the due and punctual payment by the City of any Installment Payment or any interest thereon when and as the same shall become due and payable; (b) default shall be made by the City in the performance of any of the agreements or covenants contained herein or in the Trust Agreement required to be performed by it, and such default shall have continued for a period of thirty (30) days after the City shall have been given notice in writing of such default by the Authority or 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) an event of default shall have occurred with respect to any Contracts or Parity Bonds, or with respect to that certain Installment Purchase Contract, dated as of May 1, 1994, relating to certain sewer improvements of the City, and payments under which are pledged to secure the same series of Bonds as the Installment Payments; then and in each and every such case during the continuance of such Event of Default the Authority may by notice in writing to the City declare the principal amount of the unpaid Installment Payments, and the accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything contained herein to the contrary notwithstanding. This provision, however, is subject to the condition that, except with respect to an Event of Default under subsection (c) above and subject to section 2.11 (a) of the Trust Agreement, if at any time after such principal amount of the unpaid Installment Payments 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 sum sufficient to pay 22 9406701W.LA 1