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<br />'84 _005448 <br /> <br />Section 4. 04 <br /> <br />Net Proceeds Insuffic:ient. <br /> <br /> <br />r <br />I <br /> <br />to and approveti by the Bondholder. No payment made prior to the0 <br />final completion of the work shall exceed 90% of the value, of the' <br />work performed, from time to time; and at. all t11llE!'s t:be <br />undisbursed balance of such proceeds, plusaddit'icnal,f,i:tilds' <br />deposited by the Issuer or the Company, remaininq in the hands>g'f' <br />the Bondholder shall be at least sufficient tOfYay for the'cQSt <br />of completion of the work free an clear of all liens. <br /> <br />In the event the Company has elected to apply the'N4tt' <br />Proceeds to the repair, restoration, modification orimpr()'lfetnefit., <br />of the Project in the manner set forth in Section 4.01 orSec1;ldl'l <br />4. 02 hereof, and if the Net Proceeds are insuffich;~n't to p;ayilti <br />full the cost of the repair, restoration,modljicati~lt or' <br />improvement of the Project, the Issuer will require. theC~ny' <br />to complete the work and to pay any cost in excess of the amo,unt . <br />of the Net Proceeds. <br /> <br />Section 4.05 <br /> <br />Cooperation. <br /> <br />The Issuer and the Bondholder agree to cooperate fuily <br />with the Company, at the expense of the Company, in filing any <br />proof of loss with respect to anv insurance policy covering the <br />casualties described in Sect.c't 3.021:;\) hareof and the <br />prosecution or defense or any ~ ,~pectiv~ ur pending condemnation <br />proceeding with respe~t to the ~roject or any part thereof or any <br />property of the Company in connection with which the Project is <br />used. <br /> <br />ARTICLE V <br /> <br />DEFAULT PROVISIONS AND REMEDIES OF BONDHOLDER <br /> <br />Section 5.01 <br /> <br />Events of Default. <br /> <br />If any of the <br />defined as and declared <br />Default: <br /> <br />following events occur, it is hereby <br />to be and to constitute an Event of <br /> <br />(a) If payment of any installment of principal, <br />premium, if any, or interest on the Bond shall not be made when <br />the same shall become due and payable (whether at maturity, upon <br />acceleration or otherwise) or within ten days after written <br />notice from the Bondholder to the Issuer and the Company, <br />provided, however, that the Bondholder shall not be required to <br />give such written notice more than twice in any twelve-month <br />period; or <br /> <br />(b) If the Issuer or the Company shall discontinue or <br />unreasonably delay or fail to carryon with reasonable dispatch <br />the acquisition of the Project; or <br /> <br />-li- <br /> <br />L <br /> <br />L <br /> <br />L <br /> <br />I <br />L <br />