Laserfiche WebLink
1 Payment Fund and the Debt Service Reserve Fund are insufficient <br /> to provide for deposit of security for Basic Premium or <br />3 optional prepayment of all Participants pursuant to <br /> Section 11.2 hereof, this Agreement may be amended only with <br />5 the consent of all Participants. <br /> <br /> 7 <br /> <br /> 9 <br /> <br />11 <br /> <br />ARTICLE X <br /> <br />EVENTS OF DEFAULT AND.REMEDIES <br /> <br />19 <br /> <br />21 <br /> <br />23 <br /> <br />25 <br /> <br />27 <br /> <br />29 <br /> <br />31 <br /> <br />33 <br /> <br />35 <br /> <br />37 <br /> <br /> SECTION 10.1 Events of Default. The following shall be <br />13 "events of default" under this Agreement and the'terms "events <br /> of default" and "default" shall mean, whenever they are used in <br />15 this Agreement with respect to a Participant, any one or more <br /> of the following,events: <br />17 <br /> (i) failure by such Participant to pay any Basic <br /> Premium or Supplemental Basic Premium required to be paid <br /> hereunder on the Basic Premium Payment Date; <br /> <br /> (ii) failure by such Participant to observe and <br />perform any covenant, condition or agreement on its part to <br />be observed or performed herein or otherwise with respect <br />hereto, other than as referred to in clause (i) of this <br />Section, for a period of thirty (30) days after written <br />notice specifying such failure and requesting that it be <br />remedied has been given to such Participant by the <br />Authority, the Trustee or the Owners of not less than <br />twenty-five percent (25%) in aggregate principal amount of <br />Bonds Outstanding; provided, however, if the failure stated <br />in the notice cannot be corrected within the applicable <br />period, the Authority, the Trustee or such Owners, as the <br />case may be, shall not unreasonably withhold their consent <br />to an extension of such time if corrective action is <br />instituted by the Participant within the applicable period <br />and diligently pursued until the default is corrected; or <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br />45 <br /> <br />47 <br /> <br />49 <br /> <br />51 <br /> <br /> (iii) the filing by such Participant of a case in <br />bankruptcy, or the subjection of any right or interest of <br />such Participant under this Agreement to any execution, <br />garniskment or attachment, or adjudication of such <br />Participant as a bankrupt, or assignment by such <br />Participant for the benefit of creditors, or the entry by <br />such Participant into an agreement of composition with <br />creditors, or the approval by a court of competent <br />jurisdiction of a petition applicable to the Participant in <br />any proceedings instituted under the provisions of the <br />federal bankruptcy code, as amended, or under any similar <br />act which may hereafter be enacted. <br /> <br />2658002/2 <br /> <br />38 <br /> <br /> <br />