Defaults Remedies. (a) Each of the following shall constitute an “Event of Default”: (i) A material misrepresentation by Company, PRF, or the City hereunder or under the Installment Contract; (ii) Any failure by PRF to pay an Installment Payment when due; provided that, it shall not be an Event of Default if such failure is due to the failure of the Bank to withdraw the amount of the Installment Payment from a PRF Account after authorized by PRF to do so in accordance with Subsection 4(a); (iii) Any other “Event of Default” by PRF under the Installment Contract; (iv) Commencement of any voluntary or involuntary bankruptcy or similar proceeding against PRF; (v) PRF becomes insolvent or generally is unable to pay its debts as they become due; and/or (vi) A receiver is appointed for a substantial portion of the property of PRF. (b) Company, PRF, and the City agree that, during the continuance of an Event of Default, the Bank shall have the right to exercise any right or remedy available to Company under the Installment Contract as a result of an “Event of Default” under the Installment Contract.
Appears in 5 contracts
Samples: Participation and Purchase Agreement, Participation and Purchase Agreement, Participation and Purchase Agreement
