or is no longer the
holder of the Debt Securities, the Company shall:
(A)
DELIVER TO EACH SECURITYHOLDER (1) EACH
REPORT ON FORM 10-K AND FORM 10-Q PREPARED BY THE COMPANY AND FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE EXCHANGE ACT WITHIN 90
DAYS AFTER THE FILING OF EACH FORM 10-K AND WITHIN 30 DAYS AFTER THE FILING OF
EACH FORM 10-Q, (2) IF THE COMPANY IS AT ANY TIME NEITHER SUBJECT TO SECTION 13
OR 15(D) OF THE EXCHANGE ACT NOR EXEMPT FROM REPORTING PURSUANT TO
RULE 12G3-2(B) THEREUNDER, THE INFORMATION REQUIRED TO BE PROVIDED BY RULE
144A(D)(4) UNDER THE SECURITIES ACT AND (3) 30 DAYS AFTER THE END OF THE FISCAL
YEAR OF THE COMPANY FORM 1099 OR SUCH OTHER ANNUAL U.S. FEDERAL INCOME TAX
INFORMATION STATEMENT REQUIRED BY THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE "CODE"), CONTAINING SUCH INFORMATION WITH REGARD TO THE DEBT SECURITIES
HELD BY SUCH HOLDER AS IS REQUIRED BY THE CODE AND THE INCOME TAX REGULATIONS OF
THE U.S. TREASURY THEREUNDER; AND
(B)
IF AND FOR SO LONG AS ALESCO PREFERRED
FUNDING I, LTD. IS THE HOLDER OF THE DEBT SECURITIES, DELIVER TO ALESCO
PREFERRED FUNDING I, LTD. THE COMPANY'S REPORTS ON FORM H-B(11), PROMPTLY
FOLLOWING THEIR FILING WITH THE OTS.
24
ARTICLE V
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
SECTION 5.01
EVENTS OF
DEFAULT.
The following events shall be "Events of Default" with respect to Debt
Securities:
(A)
THE COMPANY DEFAULTS IN THE PAYMENT OF ANY
INTEREST UPON ANY DEBT SECURITY WHEN IT BECOMES DUE AND PAYABLE, AND CONTINUANCE
OF SUCH DEFAULT FOR A PERIOD OF 30 DAYS; FOR THE AVOIDANCE OF DOUBT, AN
EXTENSION OF ANY INTEREST PAYMENT PERIOD BY THE COMPANY IN ACCORDANCE WITH
SECTION 2.11 OF THIS INDENTURE SHALL NOT CONSTITUTE A DEFAULT UNDER THIS CLAUSE
5.01(A); OR
(B)
THE COMPANY DEFAULTS IN THE PAYMENT OF ALL
OR ANY PART OF THE PRINCIPAL OF (OR PREMIUM, IF ANY, ON) ANY DEBT SECURITIES AS
AND WHEN THE SAME SHALL BECOME DUE AND PAYABLE, WHETHER AT MATURITY, UPON
REDEMPTION, BY ACCELERATION OF MATURITY PURSUANT TO SECTION 5.01 OF THIS
INDENTURE OR OTHERWISE; OR
(C)
THE COMPANY DEFAULTS IN THE PERFORMANCE OF,
OR BREACHES, ANY OF ITS COVENANTS OR AGREEMENTS IN SECTIONS 3.06, 3.07, 3.08 OR
3.09 OF THIS INDENTURE (OTHER THAN A COVENANT OR AGREEMENT A DEFAULT IN WHOSE
PERFORMANCE OR WHOSE BREACH IS ELSEWHERE IN THIS SECTION SPECIFICALLY DEALT
WITH), AND CONTINUANCE OF SUCH DEFAULT OR BREACH FOR A PERIOD OF 90 DAYS AFTER
THERE HAS BEEN GIVEN, BY REGISTERED OR CERTIFIED MAIL, TO THE COMPANY BY THE
TRUSTEE OR TO THE COMPANY AND THE TRUSTEE BY THE HOLDERS OF NOT LESS THAN 25% IN
AGGREGATE PRINCIPAL AMOUNT OF THE OUTSTANDING DEBT SECURITIES, A WRITTEN NOTICE
SPECIFYING SUCH DEFAULT OR BREACH AND REQUIRING IT TO BE REMEDIED AND STATING
THAT SUCH NOTICE IS A "NOTICE OF DEFAULT" HEREUNDER; OR
(D)
A COURT HAVING JURISDICTION IN THE PREMISES
SHALL ENTER A DECREE OR ORDER