Resolution No. 4624 - Laserfiche WebLink

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9.2 Events of Default. The following shall constitute "Events of Default": (A) If the City shall fail to pay any Bond principal or interest when due, either at maturity, upon exercise of a right of tender, by proceedings for redemption or otherwise; (B) Except as provided in Sections 4.3 and 9.3, if the City shall default in the observance and performance of any other of its covenants, conditions and agreements in this Master Resolution, if such default continues for sixty (60) days after the City receives a written notice, specifying the Event of Default and demanding the cure of such default, from the Owners of not less than ten percent (10%) in aggregate principal amount of the Bonds Outstanding; (C) If an order, judgment or decree shall be entered by any court of competent jurisdiction: (1) appointing a receiver, trustee or liquidator for the City or the whole or any part of the Airport; (2) approving a petition filed against the City seeking the bankruptcy, arrangement or reorganization of the City under any applicable law of the United States or the State; or (3) assuming custody or control of the City or of the whole or any part of the Airport under the provisions of any other law for the relief or aid of debtors and such order, judgment or decree shall not be vacated or set aside or stayed (or, in case custody or control is assumed by said order, such custody or control shall not be otherwise terminated) within sixty (60) days from the date of the entry of such order, judgment or decree; or (D) If the City shall: (1) admit in writing its inability to pay its debts generally as they become due; (2) file a petition in bankruptcy or seeking a composition of indebtedness under any state or federal bankruptcy or insolvency law; (3) make an assignment for the benefit of its creditors; (4) consent to the appointment of a receiver of the whole or any part of the Airport; or (5) consent to the assumption by any court of competent jurisdiction under the provisions of any other law for the relief or aid of debtors of custody or control of the City or of the whole or any part of the Airport. 9.3 Exception. A default described in Section 9.2(B) shall not constitute an Event of Default if the default cannot practicably be remedied within sixty days after the City receives notice of the default, so long as the City promptly commences reasonable action to remedy the default after the notice is received, and continues reasonable action to remedy the default until the default is remedied. Page 16 - Resolution March 23, 2000