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i I i L i I I.. . . ARTICLE VIII EVENTS OF DEFAULT; REMEDIES Section 8.01. Events of Default. If any of the following events occur, it is hereby declared to constitute an "Event of Default"; (a) if the principal of, or interest or premium (if any) on, any Bond sha 11 not be duly and punctually paid when and as the same sha 11 become due and payable, whether at maturity, by proceedings for redemption, by declaration or otherwi se; (b) if the Authority shall fail to perform or observe any other of the covenants, agreements or conditions on its part in this Resolution contained, and such default shall have continued for a period of sixty (60) days after written notice thereof, specifying such failure and requiring the same to be remedied, shall have been given to the Authority and the Company by the Servicing Agent, or to the Authority, the Company and the Servicing Agent by the Owners of not less than twenty-five percent (25%) in aggregate principal amount of the Bonds at the time Outstandi ng; or - (c) if an Event of Default has occurred under the Agreement or the Deed of Trust. Section 8.02. Acceleration. If an Event of Default has occurred as defined under Section 8.01 and is continuing, then and in each and every such case during the continuance of such Event of Default unless the principal of all the Bonds shall have already become due and payable, the Servicing Agent, on behalf of the Authority, may, and upon the written request of the Owners of not less than twenty- five percent (25~~) in aggregate principal amount of the Bonds at the time Outstanding, the Servicing Agent, on behalf of the Authority, shall, declare the principal of all the Bonds then Outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Resolution or in the Bonds contained to the contrary notwithstanding. The foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Bonds shall have been so declared to be or have so become due and payable because of an Event of Default specified in Section 8.01, and before any judgment or decree for the payment of moneys due shall have been obtained or entered as hereinafter provided, there shall have been deposited with the Servi ci ng Agent on beha If of the Authori ty a sum suffi ci ent to pay all principal on the Bonds matured prior to such declaration and all matured installments of interest (if any) upon all the Bonds, with interest on such overdue installments of principal at the respective rates borne by the Bonds, and the reasonable expenses of the Servicing Agent, and any and all other Events of Default known to the Servicing Agent (other than in the payment of principal of and interest on the Bonds due and payable solely by reason of such declaration) shall ha ve been made good or cured to the sat is fact i on of the Servi c i ng Agent or provi sion deemed by the Servicing Agent to be adequate shall have been made therefor, then, and in every such case, the Owners of at least a majority in 19