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78 <br />(j) During any period when a Confirming Letter of Credit is in effect, <br />failure of the Confirming Bank, to honor any drawing properly made in accordance with <br />the terms of the Confirming Letter of Credit; or <br />(k) During any period when a Confirming Letter of Credit is in effect, the <br />Confirming Bank shall: (i) commence a proceeding under any federal or state insolvency, <br />reorganization or similar law, or have such a proceeding commenced against it and either <br />have an order of insolvency or reorganization entered against it or have the proceeding <br />remain undismissed and unstayed for 90 days; or (ii) have a receiver, conservator, <br />liquidator or trustee appointed for it or for the whole or any substantial part of its property; <br />or <br />(i) During any BSBY Rate Period, the Trustee shall receive notice from <br />the Initial BSBY Rate Bond Purchaser of the occurrence of an event of default under the <br />Bond Purchase and Covenant Agreement. <br />The term “default” or “failure” as used in this Article means (a) 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 (b) a default or <br />failure by the Borrower under the Agreement, in either case, exclusive of any period of grace or <br />notice required to constitute a default or failure an Event of Default, as provided above or in the <br />Agreement. <br />The provisions of paragraph (h) above are subject to the conditions that (l) none of the acts <br />or circumstances specified therein shall constitute an Event of Default if the Borrower, within sixty <br />(60) days thereafter, provides an Alternate Letter of Credit meeting the requirements of Section <br />5.09 hereof and the Trustee shall have complied with the mandatory tender notice provisions of <br />Section 2.06 hereof and (2) the declaration of an Event of Default due to any of the acts or <br />circumstances specified therein, and the exercise of remedies upon any such declaration, shall be <br />subject to any applicable limitations of bankruptcy, insolvency or receivership laws applicable to <br />the Bank or the Confirming Bank, if any, affecting or precluding such declaration or exercise <br />during the pendency of or immediately following any bankruptcy, insolvency, receivership, <br />liquidation or reorganization proceedings. <br />The provisions of paragraph (j) above are subject to the conditions that (l) none of the acts <br />or circumstances specified therein shall constitute an Event of Default if the Bank, within sixty <br />(60) days thereafter, provides an Alternate Confirming Letter of Credit to the Trustee and the <br />Trustee shall have complied with the mandatory tender notice provisions of Section 2.06 hereof <br />and (2) the declaration of an Event of Default due to any of the acts or circumstances specified <br />therein, and the exercise of remedies upon any such declaration, shall be subject to any applicable <br />limitations of bankruptcy, insolvency or receivership laws applicable to the Confirming Bank <br />affecting or precluding such declaration or exercise during the pendency of or immediately <br />following any bankruptcy, insolvency, receivership, liquidation or reorganization proceedings. <br />Section 7.02. Notice of Default.If an Event of Default shall occur, within five (5) Business <br />Days of obtaining knowledge of such Event of Default, the Trustee shall give written notice of the