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36. Default. <br />(a) Event of. If one or more of the following <br />events (herein called "events of default ") shall happen: <br />(1) Principal. If default shall be made <br />in the due and punctual payment of the principal of <br />any bond when and as the same shall become due and <br />payable whether at maturity as therein expressed, <br />by proceedings for redemption, by declaration, or <br />otherwise; <br />(2) Interest. If default shall be made in <br />the due and punctual payment of any installment of <br />interest on any bond when and as such interest <br />installment shall become due and payable, and such <br />default shall have continued for a period of thirty <br />(30) days; <br />(3) Covenants. If default shall be made by <br />the City in the observation of any of the covenants, <br />agreements or conditions on its part in this reso- <br />lution or in the bonds contained, and such default <br />shall have continued for a period of thirty (30) <br />days; or <br />(4) Bankruptcy. If said City shall file a <br />petition or answer seeking reorganization or arrange- <br />ment under the Federal Bankruptcy Laws or other <br />applicable laws or statutes of the United States <br />of America, or if a Court of competent jurisdiction <br />shall approve a petition, filed with or without the <br />consent of the City seeking reorganization under <br />the Federal Bankruptcy Laws or any other applicable <br />laws or statutes of the United States of America, <br />or if under the provisions of any other law for the <br />relief or aid of debtors any Court of competent <br />jurisdiction shall assume custody or control of the <br />City or of the whole or of any substantial part of <br />its property; <br />(b) Acceleration.. Then and.in each and every such <br />case the holder of not less than sixty per cent (60 %) <br />in aggregate principal amount of the bonds at the time <br />outstanding shall be entitled, upon notice in writing to <br />the City, to declare the principal of all of the bonds <br />then outstanding hereunder and the interest accrued there- <br />on to be due and payable immediately, and upon any such <br />declaration the same shall become and shall be immediately <br />due and payable, anything in this resolution or in the <br />bonds contained to the contrary notwithstanding. <br />_21_ <br />