HomeMy WebLinkAbout0085 the corresponding provisions of such permanent regulations.
The Issuer, the Company and the Trustee understand that this
covenant imposes an obligation on the Issuer, the Company
and the Trustee throughout the term of the issue to comply
with the requirements of Section 103(d) of the Internal Revenue
Code of 1954, as amended, and to comply with the requirements
of Treasury Regulations Sections 1.103-13 and 1.103-14 or,
after permanent regulations interpreting such Code section
are promulgated, the corresponding provisions of such permanent
regulations.
ARTICLE VII
EVENTS OF DEFAULT AND REMEDIES
Section 7.01. ACTS CONSTITUTING EVENTS OF DEFAULT.
The following shall be "events of default" under this Agree-
ment and the terms "event of default" or "default" shall~
mean, whenever they are used in this Agreement,-any one or
more of the following events:
(A) Failure on the part of the Company to pay the
installments upon the purchase price required to be paid
under Section 3.03 hereof within ten (10) days after the
date that the payment is due. _
(B) Failure on the part of the Company to observe
and perform any covenant, condition or agreement other than
as described in Section 7.01(A) above which it has herein
or in the Resolution agreed to observe or perform, for a
period of thirty (30) days (except that such period shall
be ten (10) days for furnishing proof of renewing insurance
policies) after written notice specifying such failure and
i requesting that it be remedied shall have been given by registered
~ mail to the Cor.tpany by the Issuer or the Trustee, unless
i the Issuer and the Trustee shall agree in writing to an extension
{ of such time prior to its expiration. However, such a default
! shall be deemed to be cured, if promptly and in good faith
upon receipt of such notice the Company proceeds diligently
to correct such default and corrects it within the applicable
period or as soon thereafter as reasonably practicable, provided
that the rights of the bondholders have not been unduly prejudiced
thereby. If such failure by the Company to observe and perform
any such covenant, condition or agreement shall result from -
a change in the Constitution of the United States or of the
State of Florida, or administrative or legislative action
(whether state or federal), or a final judgment, decree or
order of any court or administrative body entered after the
Company's contest thereof in good faith, or an Act of God,
an act of a publi~ enemy, an order or action of military
authorities (whether state or federal, a strike or lockout
or other industrial disturbance, insurrection, riot, epideanic,
-drought, arrests, civil or military restraints, accidental
damage to ths Mortgaged Property or Project or injury to
~ employees of the Company, a failure of utilities or any other
~ cause or event not reasonably within the control of the Company,
then the Company shall not be deemed to be in default during
the continuance of such inability. (The settlement of strikes,
lockouts and other industrial disturbances shall not be deemed
to be entirely within the discretion of the Comgany, and
the Company shall not be deemed to be in default within the
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