Laserfiche WebLink
<br />25 <br />such deposit shall constitute a special fund for the payment of such unpaid Installment <br />Payments in accordance with the provisions of this Installment Purchase Contract. . <br /> <br />In the event of a deposit pursuant to this Section 6.03 for all of the unpaid Installment <br />Payments, and provided that all other amounts payable by the City hereunder have been paid in <br />full, all obligations of the City under this Installment Purchase Contract shall cease and <br />terminate, excepting only the obligation of the City to make, or cause to be made, all Installment <br />Payments from the deposit made by City pursuant to this Section 6.03 and the obligation to pay <br />amounts due the Trustee. Said deposit shall be deemed to be and shall constitute a special <br />fund for the payment of Installment Payments in accordance with the provisions of this <br />Installment Purchase Contract. <br /> <br /> <br />ARTICLE VII <br /> <br />EVENTS OF DEFAULT AND REMEDIES <br /> <br />Section 7.01. Events of Default and Events of Mandatory Acceleration; <br />Acceleration of Maturities. <br /> <br />If one or more of the following Events of Default shall happen: <br /> <br />(a) default shall be made in the due and punctual payment by the City of any <br />Installment Payment when and as the same shall become due and payable; <br /> <br />(b) default shall be made by the City in the performance of any of the other <br />agreements or covenants contained herein or in the Indenture required to be performed <br />by it, and such default shall have continued for a period of sixty (60) days after the City <br />shall have been given notice in writing of such default by the Authority or the Trustee; <br /> <br />(c) the City shall file a petition seeking arrangement or reorganization under <br />federal bankruptcy laws or any other applicable law of the United States of America or <br />any state therein, or if a court of competent jurisdiction shall approve a petition filed with <br />the consent of the City seeking arrangement or reorganization under the federal <br />bankruptcy laws or any other applicable law of the United States of America or any state <br />therein, or if under the provisions of any other law for the relief or aid of debtors any <br />court of competent jurisdiction shall assume custody or control of the City or of the whole <br />or any substantial part of its property; or <br /> <br />(d) an event of default shall have occurred with respect to any Parity <br />Obligations; <br /> <br />then and in each and every such case during the continuance of such Event of Default the <br />Authority may, by notice in writing to the City declare the principal amount of the unpaid <br />Installment Payments to be due and payable immediately, and upon any such declaration the <br />same shall become immediately due and payable, anything contained herein to the contrary <br />notwithstanding. <br /> <br />This provision, however, is subject to the condition that, except with respect to an Event <br />of Default under subsection (c) above, if at any time after such principal amount of the unpaid <br />Installment Payments shall have been so declared due and payable and before the acceleration <br />8.A. - Page 193 of 255 <br />821