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ARTICLE VII <br /> DEFAULT PROVISIONS AND REMEDIES <br /> OF TRUSTEE AND HOLDERS <br /> Section 7.01. Defaults; Events of Default. The occurrence of any of the following <br /> events is defined as and declared to be and to constitute an Event of Default hereunder: <br /> (a) Payment of any interest on any Bond shall not be made when and as that interest <br /> shall become due and payable; <br /> (b) Payment of the principal of any Bond shall not be made when and as that <br /> principal shall become due and payable, whether at stated maturity, upon acceleration or <br /> otherwise; <br /> (c) Failure by the Issuer to observe or perform any other covenant, agreement or <br /> obligation on its part to be observed or performed contained in this Indenture or in the Bonds, <br /> which failure shall have continued for a period of 30 days after written notice, by registered or <br /> certified mail, to the Issuer and the Borrower specifying the failure and requiring that it be <br /> remedied, which notice may be given by the Trustee in its discretion and shall be given by the <br /> Trustee at the written request of the Holders of not less than 25% in aggregate principal amount <br /> of Bonds then outstanding; and <br /> (d) The occurrence and continuance of an Event of Default as defined in Section 7.1 <br /> of the Agreement. <br /> Notwithstanding anything herein to the contrary, the Trustee hereby agrees that any cure <br /> of any Event of Default hereunder made or tendered by the Investor Member shall be deemed to <br /> be a cure by the Borrower, and shall be accepted or rejected by the Trustee on the same basis as <br /> if made or tendered by the Borrower. <br /> The term "default" or"failure" as used in this Article means (i) a default or failure by the <br /> Issuer in the observance or performance of any of the covenants, agreements or obligations on its <br /> part to be observed or performed contained in this Indenture or in the Bonds, or (ii) a default or <br /> failure by the Borrower under the Agreement, exclusive of any period of grace or notice required <br /> to constitute a default or failure or an Event of Default, as provided above or in the Agreement. <br /> Section 7.02. Notice of Default. If an Event of Default shall occur, the Trustee shall <br /> give written notice of the Event of Default, by registered or certified mail, to the Issuer, the <br /> Borrower, the Registrar or any Paying Agent and Authenticating Agent and the Underwriter, <br /> within five days after the Trustee has notice of the Event of Default pursuant to Section 6.02(f) <br /> of this Indenture. If an Event of Default occurs of which the Trustee has notice pursuant to this <br /> Indenture, the Trustee shall give written notice thereof, within thirty days after the Trustee's <br /> receipt of notice of its occurrence, to the Holders of all Bonds then outstanding as shown by the <br /> Register at the close of business 15 days prior to the mailing of that notice; provided, that except <br /> in the case of a default in the payment of the principal of or interest on any Bond, the Trustee <br /> shall be protected in withholding such notice if and so long as the board of directors, the <br /> executive committee or a trust committee of directors or responsible officers of the Trustee in <br /> -49 - <br />