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ARTICLE VI DEFAULT AND LIMITATIONS OF LIABILITY Section 6.01. Events of Default. One or more of the following shall constitute an Event of Default hereunder: (a) default shall be made in the due and punctual payment by the Authority of any payment of principal of or interest on the Bonds when and as the same shall become due and payable; (b) default shall be made by the Authority in the performance of any of the other agreements or covenants contained herein required to be performed by it, and such default shall have continued for a period of sixty (60) days after the Authority shall have been given notice in writing of such default by the Trustee; (c) the Authority shall file a petition seeking arrangement or reorganization under federal bankruptcy laws or any other applicable law of the United States of America or any state therein, or if a court of competent jurisdiction shall approve a petition filed with the consent of the Authority seeking arrangement or reorganization under the federal bankruptcy laws or any other applicable law of the United States of America or any state therein, or if under the • provisions of any other law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or control of the Authority or of the whole or any substantial part of its property; (d) an event of default shall have occurred with respect to any Additional Bonds; or (e) an event of default shall have occurred under the Installment Purchase Contract. The Trustee shall notify the Authority promptly of any default under Section 6.01(a) hereof. Upon the occurrence of an Event of Default hereunder, the Trustee may declare the principal and interest with respect to all such Bonds immediately due and payable and such principal and interest shall thereupon be due and payable immediately. The Trustee shall apply amounts on deposit in the funds and accounts in accordance with Section 6.07 hereof. This provision, however, is subject to the condition that, except with respect to an Event of Default under subsection (c) above, if at any time after such Outstanding principal amount of the Bonds and the accrued interest thereon shall have been so declared due and payable and before the acceleration date or the date of any judgment or decree for the payrnent of the money due shall have been obtained or entered, the Authority shall deposit with the Trustee a sum sufficient to pay such amount due prior to such date and the accrued interest thereon, with interest on such overdue paytnents at the rate on such Bonds, and the reasonable fees and -32- 338471 1.DOC