Res13 15263 - Laserfiche WebLink

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(c) the City shall file a petition seeking azrangement or reorganization under federal bankruptcy laws or any other applicable law of the United States of America or any state therein, or if a court of competent jurisdiction shall approve a petition filed with the consent of the City seeking arrangement or reorganization under the federal bankruptcy laws or any other applicable law of the United States of America or any state therein, or 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 City or of the whole or any substantial part of its property; or (d) an event of default shall have occuned with respect to any Parity Obligations; then and in each and every such case during the continuance of such Event of Default the Authority may, by notice in writing to the City declaze the principal amount of the unpaid Installment Payments to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything contained herein to the contrary notwithstanding_ This provision, however, is subject to the condition that, except with respect to an Event of Default under subsection (c) above, if at any time after such principal amount of the unpaid Installment Payments shall have been so declared due and payable and before the acceleration date or the date of any judgment or decree for the payment of the money due shall have been obtained or entered, the City shall deposit with the Trustee a sum sufficient to pay such unpaid principal amount of the Installment Payments due prior to such date, with any interest due on such overdue installments, and the reasonable expenses of the Authority and the Trustee, and any and all other defaults known to the Authority(other than in the payment of such . principal amount of the unpaid Installment Payments due and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Authority or provision deemed by the Authority to be adequate shall have been made therefor, then and in every such case the Authority, by written notice to the City, may rescind and annul such declazation and its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default or shall impair or exhaust any right or power consequent thereon. Section 7.02. Anplication of Funds Uvon Acceleration All moneys and investments in the funds and accounts held hereunder and under the Indenture(othei than the Rebate Fund, if any) upon the date of the declaration of acceleration as provided in Section 7.01 and all Gross Revenues thereafter received shall be applied as provided for in the Indenture. Section 7.03. Other Remedies of the Authoritv ' The Authority may-- (a) by mandamus or other action or proceeding or suit at law or in equity enforce its rights against the City,or any board member, officer or employee thereof,and compel the City or any such board member, officer or employee to perform and carry out its or his duties 24 338529_I.DOC