Agenda - 11-16-1993 - VIII-A (2)

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51.9 ARTICLE IX DEFAULTS AND REMEDIES Section 9.01.Events of Default. If any of the following events occur it is hereby defined as and shall be deemed an "Event of Default" under this Indenture: (a) Default in the due and punctual payment of any installment of interest on any Bond when the interest installment becomes due and payable; (b) Default in the due and punctual payment to the principal and premium, if any, of any Bond when the principal becomes due and payable, whether at maturity, by declaration or otherwise; (c) A failure by the Corporation to observe and perform any covenant, condition, agreement or provisions(other than as described in subsections(a), (b), (d) or(e)of this Section) contained in the Bonds or in this Indenture on the part of the Corporation to be observed or performed, which failure continues for a period of 90 days after written notice, specifying such failure and requesting that it be remedied, has-been given to the Corporation by the Trustee, which may give such notice in its discretion and will give such notice at the written request of Owners of not less than 50% of principal amount of the Bonds Outstanding,unless the Trustee, or the Trustee and Owners of a principal amount of Bonds not less than the principal amount of Bonds the Owners of which requested such notice, as the case may be, agrees in writing to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Owners of such principal amount of Bonds, as the case may be, will be deemed to have agreed to an extension of such period if corrective action is initiated by the Corporation within such period and is being diligently pursued; (d) Failure of the Corporation to transfer the cash portion of the Revenues to the Trustee at the times such transfers are required under this Indenture; and (e) Any bankruptcy, insolvency or reorganization proceedings or similar litigation is instituted by or against the Corporation, or a receiver, custodian or similar officer is appointed for the Corporation or any of its property, and such proceedings or appointments is not vacated or fully stayed within 90 days after the institution or occurrence thereof; or Section 9.02.Remedies on Default. (a) On the occurrence and continuance of an Event of Default, the Trustee may, or if required by a majority of the Owners of the Bonds, shall, declare the Bonds to be immediately due and payable,whereupon they shall,without further action,become due and payable,anything in this Indenture or in the Bonds to the contrary notwithstanding. In the event of such acceleration, the Trustee shall immediately notify the Corporation. (b) The provisions of the preceding paragraph are subject to the condition that if, after the principal of any of the Bonds have been so declared to be due and payable, and before any judgment or decree for the payment of the moneys due has been obtained or entered as hereinafter provided,the defaulting party(the "Defaulting Party")shall cause to be deposited with the Trustee a sum sufficient to pay all matured installments of the principal of and interest on all Bonds which have become due otherwise than by reason of such declaration(with interest upon such overdue installments of interest,at the rate per annum borne by the Bonds)and such amount 34