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ARTICLE VII <br />Events of Default and Remedies <br />Section 7.01. Events of Default. Each of the following events is <br />hereby declared to constitute an Event of Default hereunder: <br />(a) payment of the principal or Redemption Price of or <br />interest on any Bonds shall not be made when the same shall <br />have become due and payable, either at maturity or by <br />proceedings for redemption or otherwise; or <br />(b) payment of the purchase price of any Bond shall <br />not be made on a Tender Date applicable to such Bond; or <br />(c) the Issuer shall default in any material respect in <br />the due and punctual performance of any other of the <br />covenants, conditions, agreements and provisions contained in <br />the Bonds or in this Indenture on the part of the Issuer to be <br />performed, which default shall continue for 30 days after <br />written notice specifying such default and requiring the same <br />to be remedied shall have been given to the Issuer, NHC and <br />the Borrower by the Trustee; provided, however, that if the <br />Issuer, NHC or the Borrower shall proceed to take any curative <br />action that, if begun and prosecuted with due diligence, <br />cannot be completed within a period of 30 days, then such <br />period shall be increased to such extent as shall be necessary <br />to enable the Issuer, N11C or the Borrower to complete such <br />curative action through the exercise of due diligence; or <br />(d) any event of default specified in Section 6.01 of <br />the Loan Agreement shall have occurred; or <br />(e) final judgment for the payment of money shall be <br />rendered against the Issuer, if such judgment is under any <br />circumstances payable from the Revenues, and at any time after <br />60 days from the entry thereof (i) such judgment shall not <br />have been discharged, or (ii) the Issuer shall not have taken <br />and be diligently prosecuting an appeal therefrom or from the <br />order, decree or process upon which or pursuant to which such <br />judgment shall have been granted or entered, and shall not <br />have caused the execution of or levy under such judgment, <br />order, decree or process or the enforcement thereof to have <br />been stayed pending determination of such appeal; or <br />(f) an order or decree shall be entered with the <br />consent or acquiescence of the Issuer appointing a receiver or <br />receivers of the Revenues, or such order or decree, having <br />been entered without the consent or acquiescence of the <br />Issuer, shall not have been vacated or discharged or stayed on <br />appeal within 60 days after the entry thereof; or <br />46 <br />