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ARTICLE X <br />Events of Default and Remedies <br />Section 10.1. EventsofDefault Defined. The following <br />1 be "events of default" under this Lease, and the terms <br />nts of default" or "default" shall mean, whenever they <br />used in this Lease, any one or more of the following <br />�° a <br />(a) Failure by the Lessee to pay, the rents required <br />toabe paid under Section 5.3 hereof at the times speci- <br />fied�therein, and continuation of said failure for a <br />period of two (2) days. <br />(b) Failure by the Lessee to observe and perform <br />any covenant, condition or agreement on its part to be <br />observed or performed, other than as referred to in <br />subsection (a) of this Section, for a'period of thirty' <br />(30) days after written notice, to Lessee,, specifying <br />such failure and requesting that it beremedied, given <br />to the Lessee by the Lessor or the Trustee, unless the <br />Lessor and the Trustee shall agree in writing to an <br />extension of such time prior to its expiration. If a <br />failure under this Section 10.1(b) be such that it <br />cannot be corrected within the applicable period, it <br />shall not constitute an event of default if corrective <br />action is instituted by the Lessee within the applicable <br />period and diligently pursued until the failure is <br />corrected as provided in Section 1013 of the indenture. <br />(c) The dissolution or liquidation of the Lessee, <br />or the filing by the Lessee of voluntary petition in <br />bankruptcy, or failure by the Lessee prtimptly to lift <br />any execution, garnishment or attachment of such conse- <br />quence as will impair its ability to carry on its <br />operations at the Project or the commission by the <br />Lessee of any act of bankruptcy, oradjudicationof the <br />Lessee as a bankrupt, or assignment by the Lessee for <br />the benefit of its creditors, or the entry by the <br />Lessee into an agreement of compositionwith its creditors, <br />or the approval by a court of competent..jurisdiction of <br />a petition applicable to the Lessee .in any proceeding <br />for its reorganization instituted under;the provisions <br />of the general bankruptcy act, as 'amende'd, or under any <br />similar act which may hereafter be enacted. <br />The term "dissolution or liquidatiojn of the Lessee", <br />as used in this subsection, shall not beconstrued to <br />include the cessation of the existence of the Lessee <br />1. <br />X-1 <br />