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85-• 0003 *5-) <br />ARTICLE IX <br />EVENTS OF DEFAULT AND REMEDIES <br />Section 9.1. Events of Default Defined. The following <br />shall be "events of default" under this Agreement and the terms <br />"event of default" and "default" shall mean, whenever they are <br />used in this Agreement, any one or more of the following <br />events: <br />(a) Failure by Company to timely pay the payments <br />required to be paid under Sections 5.2, 5.3 and 5.4 <br />hereof, or failure to provide moneys for the redemption <br />of Bonds as may be required by provisions of the <br />Indenture or this Agreement. <br />(b) Failure by Company to observe and perform any <br />covenant, condition or agreement on its part to be ob- <br />served or performed, other than as referred to in clause <br />(a) of this Section, for a period of thirty (30) days <br />after written notice, specifying such failure and <br />requesting that it be remedied, shall have been given to <br />Company by Issuer or Trustee, unless Issuer and Trustee <br />shall agree in writing to an extension of such time <br />prior to its expiration; provided, however, if the <br />failure stated in the notice cannot be corrected within <br />the applicable period, Issuer and Trustee will not <br />unreasonably withhold their consent to an extension of <br />time, (but not to exceed a period of ninety (90) days), <br />if corrective action is instituted by Company within the <br />applicable period and diligently pursued until the <br />failure is corrected. <br />(c) Any material representation or warranty made in <br />writing by or on behalf of the Company in this Agreement <br />shall prove to have been false or incorrect in any <br />material respect on the date as of which made. <br />(d) Any material representation or warranty made by <br />Company in the Guaranty shall prove to have been false <br />or incorrect in any material respect on the date as of <br />which made. <br />(e) Dissolution or liquidation of Company, or the <br />filing by Company of a voluntary petition in bankruptcy, <br />or failure by Company to promptly satisfy and remove any <br />execution, garnishment or attachment of such consequence <br />as would impair the ability of Company to carry on its <br />operation of the Project, or adjudication of Company as <br />bankrupt, or assignment by Company for the benefit of <br />-41- <br />L L. <br />i <br />