11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

Home Browse Search

ARTICLE VII EVENTS OF DEFAULT AND REMEDIES Section 7.01 Events of Default. The following shall be "Events of Default" under this Agreement and the term"Event of Default"shall mean,whenever used in this 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(a)hereof and if,as a result thereof,the principal of,premium, if any, or interest on any Bond is not paid; or (b) If the Borrower shall fail to punctually perform any of the other covenants, conditions, agreements and provisions contained in this Agreement on the part of the Borrower to be performed, and (except in the case of a payment due under Section 4.07(c)) such Default shall have continued for a period of 30 days after written notice,specifying such Default and requiring the same to be remedied,shall have been given to the Borrower by the City or the 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 Agreement shall prove to be false or misleading in any material respect; or (d) If any Event of Default shall exist under the other Loan Documents; or (e) 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 (f) 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; (g) 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; (h) If a court of competent jurisdiction shall enter an order,judgment or decree(which is not subject to further appeal or rehearing)declaring that the Borrower owes any amount in excess of$50,000,and such amount is not paid within 30 days after such -52-