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-44- <br />ARTICLE VIII <br />EVENTS OF DEFAULT AND REMEDIES OF OWNERS <br />Section 8.01. Events of Default and Acceleration of Maturities. The following events <br />shall constitute Events of Default hereunder: <br />(a)if default shall be made by the Successor Agencyin the due and punctual <br />payment of the principal of or interest on any Bond when and as the same shall become <br />due and payable, whether at maturity as therein expressed, by declaration or otherwise; <br />(b)if default shall be made by the Successor Agencyin the observance of <br />any of the covenants, agreements or conditions on its part in this Indenture or in the <br />Bonds or any Parity Debt Instrument contained, other than a default described in the <br />preceding clause (a), and such default shall have continued for a period of thirty (30) <br />days following receipt by the Successor Agencyof written notice from the Trusteeor any <br />Owner of the occurrence of such default, provided that if in the reasonable opinion of the <br />Successor Agencythe failure stated in the notice can be corrected, but not within such <br />30 day period, such failure will not constitute an event of default if corrective action is <br />instituted by the Successor Agencywithin such 30 day period and the Successor <br />Agencythereafter diligently and in good faith cures such failure in a reasonable period of <br />time; or <br />(c)If the Successor Agencyfiles a petition seeking reorganization or <br />arrangement under the federal bankruptcy laws or any other applicable law of the United <br />States of America, or if a court of competent jurisdiction will approve a petition seeking <br />reorganization under the federal bankruptcy laws or any other applicable law of the <br />United States of America, or, if under the provisions of any other law for the relief or aid <br />of debtors, any court of competent jurisdiction will approve a petition, seeking <br />reorganization under the federal bankruptcy laws or any other applicable law of the <br />United States of America, or, if under the provisions of any other law for the relief or aid <br />of debtors, any court of competent jurisdiction will assume custody or control of the <br />Successor Agencyor of the whole or any substantial part of its property. <br />If an Event of Default has occurred under this Section and is continuing, the Trustee <br />may, or, if requested in writing by the Owners of a majority in aggregate principal amount of the <br />Bonds then Outstanding the Trustee shall, (a) declare the principal of the Bonds, together with <br />the accrued interest thereon, to be due and payable immediately, and upon any such <br />declaration the same shall become immediately due and payable, anything in this Indenture or <br />in the Bonds to the contrary notwithstanding, and (b) the Trustee shall, subject to the provisions <br />of Section 8.06, exercise any other remedies available to the Trustee and the Bond Owners in <br />law or at equity. <br />Immediately upon receiving notice or actual knowledge of the occurrence of an Event of <br />Default, the Trustee shall givenotice of such Event of Default to the Successor Agencyby <br />telephone promptly confirmed in writing. Such notice shall also state whether the principal of <br />the Bonds shall have been declared to be or have immediately become due and payable. With <br />respect to any Event of Default described in clauses (a) or (c) above the Trustee shall, and with <br />respect to any Event of Default described in clause (b) above the Trustee in its sole discretion <br />may, also give such notice to the Owners by mail, which shall include the statement that interest