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200806452 ARTICLE VII DEF AUL TS AND REMEDIES Section 7.01. Events of Default. The occurrence and continuation of anyone of the following shall constitute an "Event of Default" under this Agreement (an "Event of Default"): (a) failure by the Company to pay, when due, Rent Payments with respect to principal of, premium, if any, or interest on any Bond or failure to make any payments required by Section 6.07 hereof with respect to any deficiency in the Debt Service Reserve Fund; (b) failure by the Company to observe and perform any covenant, condition or agreement on its part required to be observed or performed in this Agreement, other than as referred to in (a) above, for a period of 90 days after receipt by the Company of written notice specifying such failure and requesting that it be remedied, given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided further, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within the applicable period and diligently pursued until the default is corrected; provided further, if any such failure obligates the Company to prepay Rent Payments because of mandatory redemption of Bonds pursuant to Section 9.01(c) of the Indenture, and such prepayment is in fact made by the Company and Bonds are redeemed as provided in the Indenture, then such failure by the Company shall not constitute an Event of Default under this Agreement; (c) the occurrence of an Act of Bankruptcy and, if occurring by reason of clause (b) of the definition thereof, such petition resulting therefrom shall not be stayed or denied, or a proceeding resulting therefrom shall not be discharged, within 90 days after the filing of such petition or the commencement of such proceeding, as the case may be; (d) the occurrence of an "Event of Default" under the Indenture; or (e) the occurrence of a default by the Company under the Biogas Agreement or any other biogas sale agreement or other agreement the performance of which is material to the Company's ability timely to make Rent Payments, which is not cured within any applicable cure period thereunder. Section 7.02. Remedies on Default. Whenever any Event of Default shall have happened and is existing, the Issuer, with the consent of the Trustee, or the Trustee may take anyone or more of the following remedial steps, but only if acceleration of the principal amount of the Bonds has been declared pursuant to Section 11.02 of the Indenture: (a) by notice in writing to the Company, declare the unpaid Rent Payments to be due and payable immediately if concurrently with or prior to such notice the unpaid principal amount of the Bonds has been declared to be due and payable under the 4834-8191-0786.7 35