05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316323v3 40 ARTICLE VII EVENTS OF DEFAULT AND REMEDIES Section 7.01 Events of Default. The following shall be "Events of Default" under this Loan Agreement and the term "Event of Default" shall mean, whenever used in this Loan Agreement, any one or more of the following events: (a)If the Borrower fails to pay the amount of any Loan Repayment required to be paid under Section 4.02 hereof and if, as a result thereof, moneys sufficient to pay the principal of, premium, if any, or interest on any Bond then due shall not be available in the Bond Fund (but only after any transfers permitted to be made thereto from the Reserve Fund have been made) or if the Borrower fails to make a monthly payment in replenishing of the Reserve Fund, as and to the extent required by Section 5.03 of the Indenture; or (b)If the Borrower shall default in the due and punctual performance of any of the covenants, conditions, agreements and provisions contained in this Loan Agreement on the part of the Borrower to be performed, and such Default shall have continued for a period of thirty days after written notice, specifying such Default and requiring the same to be remedied, shall have been given to the Borrower by the Issuer or Trustee; or (c)If any representation or warranty of the Borrower made herein or in any report, certificate or financial statement provided by the Borrower in connection with this Loan Agreement shall prove to be false or misleading in any material respect; or (d)If any event of default shall exist under the Mortgage; or (e)[Reserved;] (f)If the Borrower files a petition in voluntary bankruptcy, for the composition of its affairs or for its reorganization under any state or federal bankruptcy or insolvency law, or makes an assignment for the benefit of creditors, or consents in writing to the appointment of a trustee or receiver for itself or for the whole or any substantial part of its property; or (g)If a court of competent jurisdiction shall enter an order, judgment or decree declaring the Borrower an insolvent, or adjudging the Borrower bankrupt, or appointing a trustee or receiver of the Borrower or of the whole or any substantial part of the property of the Borrower under any applicable law or statute of the United States of America or any State thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within 60 days from the date of the entry thereof; or (h)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 Borrower or of the whole or any substantial part of its property, and such custody or control shall not be terminated within 60 days from the date of assumption of such custody or control. The provisions of paragraph (b) of this Section are subject to the following limitations: (1) If by reason of force majeure the Borrower is unable in whole or in part to carry out its agreements