HomeMy WebLinkAbout0086 meaning of this paragraph if it shall refuse to make settlement
of strikes, lockouts and other industrial disturbances by
acceding to the demands of-the opposing party or parties
when such course is, in the sole judgment of the Company,
unfavorable to the Company.) . `
(C) The Company or Di Giorgio shall file a petition
in bankruptcy or for reorganization or for an arrangement '
pursuant to any present or future federal bankruptcy act ~
or under any similar federal or state law, or shall be adjudicated
a bankrupt or insolvent or shall make an assignment for the
benefit of its creditors or shall admit in writing its inability
to pay its debts generally as they become due, or if a petition
or~answer proposing the.adjudication of the Company or Di
Giorgio as a bankrupt or its reorganization under any present
or future federal bankruptcy act or any similar or state
law shall be filed in any court and such petition or answer
shall not be discharged or denied within ninety (90) days
after the filing thereof, or a receiver, trustee or liquidator
of the Company or Di Giorgio or of all or any substantial.
portion of the Mortgaged Property or the Project shall be
appointed in any proceeding brought against the Company and
shall not be discharged within ninety (90) days after such
appointment or if the Company or Di Giorgio shall consent ;
to or acquiesce in such appointment, or the estate or interest
of the Company or Di Giorgio in the Mortgaged Property or '
the Project or a part thereof shall be levied upon or attached ~
•in any proceedings and such process shall not be vacated =
or discharged within sixty (60) days after such levy or attachment, '
or the charter of the Company or Di Giorgio shall expire
or be annulled or the Company or Di Giorgio shall be dissolved
or liquidated (other than as a result of a merger or consolidation
of the Company or Di Giorgio into or with another corporation
under the conditions permitting such actions contained in
Section 6.03 hereof).
I (D) The occurrrence of any event which would allow
E the Trustee of the Concurrent Parity Bonds to accelerate
~ the maturity of said Concurrent Parity Bonds.
Section 7.02. REhiEDIES. OtJ DEFAULT. Y7henever any
event of default referred to in Section 7.01 hereof shall
~ have happened and be subsisting, and ten days after the Trustee
has given by registered mail written notice of such default
to the Company, to Di Giorgio and to the Issuer, the Trustee
may, and at the direction of the holders of fifty-one per
centum (51$) of the Bonds then outstanding shall, take one
or more of the following remedial steps (the choice of which
step or steps being in the sole discretion of the Trustee):
(A) Declare to be immediately due and payable, as
and for the balance of the full purchase price for the Project,
(1) the principal amount of all Bonds then outstanding, (2}
accrued interest and interest to accrue thereon to the next
succeeding redemption date which is at least sixty(60) days
' after the date of such declaration, (3) the redemption premium,
if any, for the year in which such default occurs, (4) all
fees and expenses of the Trustee incurred and to be incurred
~ for its services in the payment of all outstanding Bonds
and coupons and in the conclusion of its services under and
~ in enforcing this Agreement and as provided in the Resolution,
and (5) any balance of moneys owed by the Company to the
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