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104 <br /> <br />ARTICLE VII <br /> <br />EVENTS OF DEFAULT; REMED~S <br /> <br /> Section 7.01 Events of Default. Each of the following events is hereby defined as, and is <br />declared to be and to constitute, an "Event of Default" (whatever the reason for such Event of <br />Default and whether it shall be voluntary or involuntary or be effected by operation of law or <br />pursuant to any decree or order of any court or any order, rule or regulation of any administrative <br />or governmental body): <br /> <br /> (a) If payment of the principal of any of the Bonds, when the same shall become due <br />and payable, whether at maturity or by proceedings for redemption (by redemption, declaration <br />or otherwise), shall not be made; or ~. <br /> <br /> (b) If payment of any interest on the Bonds when the same'shall become due and <br />payable (in which case interest shall be payable to the extent permitted by law on any overdue <br />installments of interest, in each case at the interest rate borne by the Bonds in respect of which <br />such interest is overdue) shall not be made; or <br /> <br /> (c) If the Issuer should default in the performance, or breach,' any covenant or <br />warranty of the Issuer contained in this Indenture (other than a covenant or warranty a default in <br />whose performance or whose breach is elsewhere in this section specifically dealt with), and <br />continuance of such default or breach (i) for a period of thirty days after there has been given, by <br />registered or certified mail, to the Issuer by the Trustee, or to the Issuer and the Trustee by the <br />Holder or Holders of at least twenty-five percent in aggregate principal amount of the Bonds <br />then Outstanding, a written notice specifying such defauIt or breach and requiring it to be <br />remedied (unless the party giving the notice shall agree in writing to an extension of such time <br />prior to its expiration), or (ii) for such longer period as may be reasonably necessary to remedy <br />such. default provided that the 'Issuer, is proceeding with reasonable diligence to remedy the <br />same; or <br /> <br />(d) If an event of default shall occur under Section 12.1 of the Lease; <br /> <br />(e) Ifa.ny Non-appropriation shou'id occur under the Lease. <br /> <br /> Section 7.02 EnforCement of Covenants and Conditions. In any case of default or breach' <br />of any of the covenants and conditions of this Indenture, or to protect the Trust Estate, the <br />Trustee, with the consent or at the direction of the Insurer, anything herein contained to the <br />contrary notwithstanding and without any request from any Bondholder (subject, however, to the <br />provisions of Section 8.06), shall take such action or actions for the enforcement of its rights and <br />the rights of the Bondholders and the rights of the Issuer under the Lease and other Collateral <br />Documents as due diligence, prudence and cam.would require, including without limitation filing <br />fids Indenture with the County Recorder of Anoka County, and to pursue the same with tike <br />diligence, prudence and care. <br /> <br /> Upon the occurrence of an Event of Default, the Trustee may, and shall upon the written <br />request of the Holders of a majority in aggregate principal amount of Outstanding Bonds but <br /> <br />1763903vl 34 <br /> <br /> <br />