RES 97108 - Laserfiche WebLink

ARTICLE 14 - PURCHASE OF INSURANCE In conformance with the procedures and criteria developed by it, the Board may cause ABAG POWER to purchase commercial insurance or reinsurance or terminate commercial insurance or reinsurance upon a majority vote. ARTICLE IS - EVENTS OF DEFAULT AND REMEDIES 15. 1 . Events of Default Defined. The following are "events of default" under the J'PA and these Bylaws, and the terms "events ofdefault" and "default" means, whenever they are used in the JPA and these Bylaws, with respect to a Member, any one or more of the following events: 15.1.1. failure by such Member to observe and perform any covenant, condition or agreement on its part to be observed or performed under the/PA, to comply with these Bylaws or to comply with a ABAG POWER program requirement (including but not limited to any contract execmed by the Member in connection with any program, any bond or other evidence of indebtedness for which the Member has agreed to assume responsibility, in whole or in part) other than as referred to in clause 15.1.2. of this Section, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied has been given to such Member by ABAG POWER or the Secretary; provided. however, fithe failure stated in the notice cannot be corrected within the applicable period, ABAG POWER, or the Secretary, as the case may be, will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the Member within the applicable period and diligently pursued until the default is corrected. After such an extension, failure to diligen~y pursue or to achieve corrective action is a separate "event of dealt. under this clause requiring notice but not requiring that ABAG POWER consent to any extension. 1S. 1.2. non-payment of any fees assessed by the Board; or 15.1.3. the filing by such Member'ofa case in bankruptcy, or the subjection of any right or interest of such Member under the JPA or these Bylaws to any execution, garnishment or attachment, or adjudication of such Member as a bankrupt, or assignment by such Member for the benefit of creditors, or the entry by such Member into an agreement of composition with ~tors, or the approval by a court of competent jurisdiction of a petition applicable to the Member in any proceedings instituted under the provisions of the Federal Bankruptcy Code, as amended, or under any similar act which may fiereafter be enacted. 10 ABAG POWER Bylaws