Common use of Events of Default; Defaults Clause in Contracts

Events of Default; Defaults. The occurrence of any one or more of the following events shall constitute an “Event of Default” hereunder:‌ (a) failure to pay interest on any 2014A Bond when due and payable; (b) failure to pay any principal of or premium on any 2014A Bond when due and payable, whether at stated maturity or pursuant to any redemption requirement under Section 4.01; (c) failure by the Issuer to observe or perform any other covenant, condition or agreement on its part to be observed or performed in this Indenture or the 2014A Bonds, for a period of 30 days after written notice of such failure shall have been given to the Issuer by the Trustee; provided, however, that, if such observance or performance requires work to be done, actions to be taken or conditions to be remedied which by its or their nature cannot reasonably be done, taken or remedied, as the case may be, within such 30-day period, no Event of Default under this subsection (c) shall be deemed to have occurred or to exist if and so long as the Issuer or the Obligated Group, as the case may be, shall have commenced such work, action or remediation within such 30-day period and provided written notice thereof to the Trustee and shall diligently and continuously prosecute the same to completion; or (d) an “Event of Default” shall occur under Section 5.01 of the Master Indenture or any Supplement thereto. Within five days after actual knowledge by a Responsible Officer of the Trustee of an Event of Default under subsection (a) or (b) above, the Trustee shall give written notice, by registered or certified mail, to the Issuer, the Master Trustee, and the Bondholders, and upon notice as provided in Section 9.01(h), shall give similar notice of any other Event of Default.

Events of Default; Defaults. The occurrence of any one or more of the following events shall constitute an “"Event of Default” hereunder:‌" hereunder: (a) failure Failure to pay interest on any 2014A Bond when due and payable;. (b) failure Failure to pay any principal of of, or premium on on, any 2014A Bond when due and payable, whether at stated maturity or pursuant to any redemption or purchase requirement under Section 4.01;5.01 or under any Supplemental Agreement. (c) failure Failure by the Issuer Authority to observe or perform any other covenant, condition or agreement on its part to be observed or performed in this Indenture Agreement or the 2014A Bonds, Bonds for a period of 30 60 days after written notice of such failure shall have been given to the Issuer Authority by the Trustee; provided, however, that, that if such observance or performance requires work to be done, actions to be taken or conditions to be remedied which by its or their nature cannot reasonably be done, taken or remedied, as the case may be, within such 3060-day period, no Event of Default under this subsection (c) shall be deemed to have occurred or to exist if and so long as the Issuer or the Obligated Group, as the case may be, Authority shall have commenced such work, action or remediation within such 3060-day period and provided written notice thereof to the Trustee and shall diligently and continuously prosecute the same to completion; or (d) an “Event of Default” shall occur under Section 5.01 of the Master Indenture or any Supplement thereto. Within five days after actual knowledge by a Responsible an Authorized Officer of the Trustee of an Event of Default under subsection (a) or (b) above, the Trustee shall give written notice, by registered or certified mail, to the IssuerAuthority, the Master Trustee, and all of the Bondholders, and upon notice as provided in Section 9.01(h), 9.02(d) shall give similar notice of any other Event of Default.