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<br />28 <br /> <br /> <br />ARTICLE VI <br /> <br />DEFAULT AND LIMITATIONS OF LIABILITY <br /> <br />Section 6.01. Events of Default. One or more of the following shall constitute an Event <br />of Default hereunder: <br /> <br />(a) default shall be made in the due and punctual payment by the Authority of <br />any payment of principal of or interest on the Bonds when and as the same shall <br />become due and payable; <br /> <br />(b) default shall be made by the Authority in the performance of any of the <br />other agreements or covenants contained herein required to be performed by it, and <br />such default shall have continued for a period of sixty (60) days after the Authority shall <br />have been given notice in writing of such default by the Trustee; <br /> <br />(c) the Authority shall file a petition seeking arrangement or reorganization <br />under federal bankruptcy laws or any other applicable law of the United States of <br />America or any state therein, or if a court of competent jurisdiction shall approve a <br />petition filed with the consent of the Authority seeking arrangement or reorganization <br />under the federal bankruptcy laws or any other applicable law of the United States of <br />America or any state therein, or if under the provisions of any other law for the relief or <br />aid of debtors any court of competent jurisdiction shall assume custody or control of the <br />Authority or of the whole or any substantial part of its property; <br /> <br />(d) an event of default shall have occurred with respect to any Additional <br />Bonds; or <br /> <br />(e) an event of default shall have occurred under the Installment Purchase <br />Contract. <br /> <br />The Trustee shall notify the Authority promptly of any default under Section 6.01(a) <br />hereof. Upon the occurrence of an Event of Default hereunder, the Trustee may declare the <br />principal and interest with respect to all such Bonds immediately due and payable and such <br />principal and interest shall thereupon be due and payable immediately. The Trustee shall apply <br />amounts on deposit in the funds and accounts in accordance with Section 6.07 hereof. <br /> <br />This provision, however, is subject to the condition that, except with respect to an Event <br />of Default under subsection (c) above, if at any time after such Outstanding principal amount of <br />the Bonds and the accrued interest thereon shall have been so declared due and payable and <br />before the acceleration date or the date of any judgment or decree for the payment of the <br />money due shall have been obtained or entered, the Authority shall deposit with the Trustee a <br />sum sufficient to pay such amount due prior to such date and the accrued interest thereon, with <br />interest on such overdue payments at the rate on such Bonds, and the reasonable fees and <br />expenses of the Trustee, including those of its attorneys, and any and all other defaults known <br />to the Authority (other than in the payment of such principal amount of the Bonds and the <br />accrued interest thereon due and payable solely by reason of such declaration) shall have been <br />made good or cured to the satisfaction of the Trustee or provision deemed by the Trustee to be <br />adequate shall have been made therefor, then and in every such case the Trustee, by written <br />8.C. - Page 139