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<br />. <br />I <br /> <br />I <br />II <br /> <br />I <br /> <br />. <br /> <br />A. Events of Default, Each of the following shall <br />constitute an event of default: <br /> <br />(1) Default in the due and punctual payment by <br />the Agency of any installment of interest on any Bond <br />when the interest installment becomes due and payable; <br /> <br />(2) Default in the due and punctual payment by <br />the Agency of the principal and premium, if any, of <br />any Bond when the principal becomes due and payable, <br />whether at maturity, by declaration or otherwise; <br /> <br />(3) Default made by the Agency in the observance <br />of any of the covenants, agreements or conditions <br />contained in this Resolution or in the Bonds, where <br />the default continues for a period of thirty (30) days <br />following written notice to the Agency: or <br /> <br />(4) The Agency shall file a petition seeking <br />reorganization or arrangement under the federal <br />bankruptcy laws or any other applicable law of the <br />United States of America, or if a court of competent <br />jurisdiction shall approve a petition, filed with or <br />without the consent of the Agency, seeking <br />reorganization under the federal bankruptcy laws or <br />any other applicable law of the United States of <br />America, or if, under the provisions of any other law <br />for the relief or aid of debtors, any court of <br />competent jurisdiction shall assume custody or control <br />of the Agency or of the whole or any substantial part <br />of its property; <br /> <br />In each event of default described in (1) or (2) above the <br />Fiscal Agent shall, and in each case of default described in <br />(3) or (4) above, the Fiscal Agent shall upon written request <br />of the Bond Insurer or if requested by the owners of not less <br />than a majority of the aggregate principal amount of the Bonds <br />at the time outstanding (such request to be in writing to the <br />Fiscal Agent and to the Agency) with the consent of the Bond <br />Insurer, declare the principal of all of the Bonds then <br />outstanding and the interest accrued thereon, to be due and <br />payable immediately; provided, however, if a policy of bond <br />insurance insuring the payments of principal and interest shall <br />be in force, and if the Agency and/or the insurer shall have <br />promptly paid Bond interest and principal when due, then no <br />such acceleration of maturities shall occur unless requested in <br />writing by the Bond Insurer, Upon any such declaration the <br />Bonds shall become and shall be immediately due and payable, <br />anything in this Resolution or in the Bonds to the contrary <br />notwithstanding, <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />-32- <br />