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<br />22 <br />ARTICLE VII <br /> <br />EVENTS OF DEFAULT AND REMEDIES <br /> <br />Section 7.01. Events of Default and Events of Mandatory Acceleration; <br />Acceleration of Maturities. <br /> <br />If one or more of the following Events of Default shall happen: <br /> <br />(a) default shall be made in the due and punctual payment by the City of any <br />Installment Payment when and as the same shall become due and payable; <br /> <br />(b) default shall be made by the City in the performance of any of the other <br />agreements or covenants contained herein or in the Indenture required to be performed <br />by it, and such default shall have continued for a period of sixty (60) days after the City <br />shall have been given notice in writing of such default by the Authority or the Trustee; <br /> <br />(c) the City shall file a petition seeking arrangement or reorganization under <br />federal bankruptcy laws or any other applicable law of the United States of America or <br />any state therein, or if a court of competent jurisdiction shall approve a petition filed with <br />the consent of the City seeking arrangement or reorganization under the federal <br />bankruptcy laws or any other applicable law of the United States of America or any state <br />therein, or if under the provisions of any other law for the relief or aid of debtors any <br />court of competent jurisdiction shall assume custody or control of the City or of the whole <br />or any substantial part of its property; or <br /> <br />(d) an event of default shall have occurred with respect to any Parity <br />Obligations; <br /> <br />then and in each and every such case during the continuance of such Event of Default the <br />Authority may, by notice in writing to the City declare the principal amount of the unpaid <br />Installment Payments to be due and payable immediately, and upon any such declaration the <br />same shall become immediately due and payable, anything contained herein to the contrary <br />notwithstanding. <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 principal amount of the unpaid <br />Installment Payments shall have been so declared due and payable and before the acceleration <br />date or the date of any judgment or decree for the payment of the money due shall have been <br />obtained or entered, the City shall deposit with the Trustee a sum sufficient to pay such unpaid <br />principal amount of the Installment Payments due prior to such date, with any interest due on <br />such overdue installments, and the reasonable expenses of the Authority and the Trustee, and <br />any and all other defaults known to the Authority (other than in the payment of such principal <br />amount of the unpaid Installment Payments due and payable solely by reason of such <br />declaration) shall have been made good or cured to the satisfaction of the Authority or provision <br />deemed by the Authority to be adequate shall have been made therefor, then and in every such <br />case the Authority, by written notice to the City, may rescind and annul such declaration and its <br />consequences; but no such rescission and annulment shall extend to or shall affect any <br />subsequent default or shall impair or exhaust any right or power consequent thereon. <br /> <br />8.C. - Page 184