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<br />27 <br />ARTICLE VII. <br />DEFAULTS AND REMEDIES <br />Section 7.1. Events of Default. Each of the following events is hereby declared <br />an “event of default,” that is to say, if <br />(a) payment of any amount payable on the Bonds shall not be made when the same is <br />due and payable; or <br />(b) any event of default as defined in Section 6.1 of the Loan Agreement shall occur <br />and be continuing; or <br />(c) any event of default shall occur under the Taxpayer Agreement or the Development <br />Agreement and be continuing; or <br />(d) the Issuer shall default in the due and punctual performance of any other of the <br />covenants, conditions, agreements and provisions contained in the Bonds or in this Indenture or <br />any agreement supplemental hereof on the part of the Issuer to be performed, and such default <br />shall continue for thirty (30) days after written notice specifying such default and requiring the <br />same to be remedied shall have been given to the Issuer and the Company by the Trustee, which <br />may give such notice in its discretion and shall give such notice at the written request of the holders <br />of all of the Bonds then outstanding hereunder; or <br />(e) the Issuer shall fail to apply collected TIF Revenues as required by Article IV of <br />this Indenture. <br />Section 7.2. Acceleration. Upon the happening of any event of default specified in <br />clause (a), (b), (c), or (d) of Section 7.1 and the continuance of the same for the period, if any, <br />specified in that Section, the Trustee, by notice in writing delivered to the Issuer and the Company, <br />at the written direction of the Requisite Bondholders shall declare the entire unpaid principal <br />amount of the Bonds then outstanding, and the interest accrued thereon, to be immediately due and <br />payable. The Issuer’s obligation to pay TIF Revenues shall not be subject to acceleration. <br />Section 7.3. Remedies: Rights of Bondholders. <br />(a) If an event of default occurs, with the consent of Requisite Bondholders, the <br />Trustee may pursue any available remedy by suit at law or in equity to <br />enforce the payment of the principal of, premium, if any, and interest on the <br />Bonds then outstanding, to enforce any obligations of the Issuer hereunder, <br />and of the Company under the Loan Agreement and the Taxpayer <br />Agreement. <br />(b) Upon the occurrence of an event of default, if directed to do so by the <br />Requisite Bondholders and if indemnified as provided in Section 8.1 hereof, <br />the Trustee shall be obliged to exercise such one or more of the rights and <br />powers conferred by this Article as the Trustee, being advised by counsel, <br />shall deem most expedient in the interests of the Bondholders.