52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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í ( section 33. Events of Default. occur, it is hereby defined as and declared to default" with respect to the Bonds and Notes. If any of the following events be and to constitute an "event of (a) Failure to pay any Bond Service Charges on any Bond or Note when and as the same shall have become due and payable; (b) Failure to make any deposit with the Fiscal Agent required pursuant to this General Bond Legislation and any Series Legislation in the amount so required, which failure or default shall have continued for a period of five (5) days after the Fiscal Agent's giving of written notice, by registered or certified mail, to the Issuer specifying the failure or default and requiring the same to be remedied, which notice shall be given by the Fiscal Agent on the Business Day immediately succeeding the Business Day on which a scheduled deposit was not made as scheduled; (c) Failure by the Issuer to perform or observe any other covenant, agreement or condition on the part of the Issuer contained in this General Bond Legislation or i¡l any Bonds or Notes, which failure or default shall have continued for a period of thirty (30) days after written notice, by registered or certified mail, to the Issuer specifying the failure or default and requiring the same to be remedied, which notice may be given by the Fiscal Agent in its discretion and which notice shall be given by the Fiscal Agent at the written request of the Holders of not less than twenty-five percent (25%) in aggregate principal amount of the outstanding Bands and Notes; provided, that if such failure is of such nature that it cannot reasonably be expected to be corrected within such thirty (30) day period, such failure shall not constitute an event of default so long as, in the judgment of the Fiscal Agent, the Issuer institutes appropriate corrective action within said thirty (30) day period and is diligently pursuing such action to completion, and further provided that, except in the case of such written request by Holders of twenty-five percent (25%) of the aggregate principal amount of outstanding Bonds and Notes, the Fiscal Agent shall be protected in withholding súch notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or responsible officers of the Fiscal Agent in good faith determines that the withholding of such notice is in the interest of the Holders of the Bonds and Notes; (d) The entry or order of a court having jurisdiction for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or the appoi¡ltment of a receiver, liquidator, assignee, custodian, trustee, sequestrator of similar official or for any substantial part of its property, or an order to wind-up or liquidate the Issuer's affairs and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (e) The Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law ¡lOW or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official of the property or assets of the Issuer or for any substantial part of its property or assets, or make any general assignment for the benefit of creditors. If (i) an event of default occurs under subsections (a), (b), (d) and (e) hereof, or (ii) circumstances occur which would give rise to an event of default under subsection (c) hereof if notice were given of such circumstances and such circumstances were not remedied as provided in such subsection, the Fiscal Agent shall, within five days after knowledge of such event of default, give written notice thereof, by registered or certified mail, to the Holders of the Bonds and Notes whose names and addresses appear on the Bond Register provided for in section 17 hereof, and the Fiscal Agent shall also give notice -25-