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<br />. <br /> <br />contract is made under and is to be construed in accordance <br />with the laws of the State of California. The following <br />provisions shall not limit the generality of the foregoing. <br /> <br />A. Events of Default. <br />constitute an event of default: <br /> <br />Each of the following shall <br /> <br />(1) Default in the due and punctual payment of <br />any installment of interest on any Bond when the <br />interest installment becomes due and payable; <br /> <br />(2) Default in the due and punctual payment of <br />the principal and premium, if any, of any Bond when <br />the principal becomes due and payable, whether at <br />maturity, by declaration or otherwise; <br /> <br />(3) Default made by the Agency in the observance <br />of any of the covenants, agreements or conditions <br />contained in this Resolution or in the Bonds, where <br />the default continues for a period of thirty (30) days <br />following written notice to the Agency: or <br /> <br />. <br /> <br />(4) The Agency shall file a petition seeking <br />reorganization or arrangement under the federal <br />bankruptcy laws or any other applicable law of the <br />United States of America, or if a court of competent <br />jurisdiction shall approve a petition, filed with or <br />without the consent of the Agency, seeking <br />reorganization under the federal bankruptcy laws or <br />any other applicable law of the United States of <br />America, or if, under the provisions of any other law <br />for the relief or aid óf debtors, any court of <br />competent jurisdiction shall assume custody or control <br />of the Agency or of the whole or any substantial part <br />of its property; <br /> <br />. <br /> <br />In each event of default described in (1) or (2) above <br />the Fiscal Agent shall, and in each case of default described <br />in (3) or (4) above, the Fiscal Agent shall if requested by the <br />owners of not~ess than a majority of the aggregate principal <br />amount of thè Bonds at the time outstanding (such request to be <br />in writing to the Fiscal Agent and to the Agency), declare the <br />principal of all of the Bonds then outstanding and the interest <br />accrued thereon, to be due and payable immediately; provided, <br />however, if a policy of bond insurance insuring the payments of <br />principal and interest shall be in force, and if the Agency <br />and/or the insurer shall have promptly paid Bond interest and <br />principal when due, then no such acceleration of maturities <br />shall occur. Upon any such declaration the Bonds shall become <br />and shall be immediately due and payable, anything in this <br />Resolution or in the Bonds to the contrary notwithstanding. <br /> <br />0715p/2281/04 <br /> <br />-26- <br />