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ARTICL,L': IX EVENTS OF DEFAULT AND REMEDIES S~ction 9.1 Events of Default Defined. The following -,hall :)e -~veats of default under this Agreement and the terms "Sv~nt ~r Default" or "Default'' shall mean, whenever they are used i.n t.hi,s Agreement, any one or more of the following events: (.:i.) Failure by the Borrower to make any payment with r=so-?ct to the Note that has become Jue and payable by the terms of ~his ~greement. ( b) l:ailure by the Borrower to observe and perform any c~venan~, condition or agreement an its part to be observed or perfor~eJ, other than as referred to in subsection (a) of this Secti.::>n, r:::ir a period of 30 days after written notice, specifying such ::iiL.ire and requesting that it be remedied, given to the 3orr~wer by the Issuer or the Trustee, unless the Issuer and the -:"c--• .1sto:ie :;h::,.11 agree in wri ting to an e)Ctension of such time prior to its ~xpiration; provided, however, if the failure stated in t:rn :1otice cannot. be corrected within the applicable period, the Issuer -lnJ the Trustee will not unreasonably withhold their con- 3cnt t~ 1n ~xtension of such time if corrective action is insti- tuc~l by the aorrower promptly upon receipt of the written notice olnJ is liligently pursued until the default is corrected. (~) The uissolution or liquiuation of the Borrower or the filing by the Oorrower of a voluntary petition in bankruptcy, .:,r :.-:nlure by the Borrower promptly to lift any execution, gar- nianracnt ~r attachment of such consequence as will impair its ability to c arry on its operations at the Project, the Borrower's see~ing of or consenting to or acquiescing in the appointment of ~ receiv~r of all or substantially all its property or of the Project, or a<ljudication of the Borrower a s a bankrupt or insolvent, or any ussignment by the Borrower for the benefit of its cru<litors, or the entry by the Oorrower into an agreement of composition with its creuitors, or the approval by a court of competent jurisdiction as huving been fileu in good faith of a petition applicable to the Borrower in any proceeding for its rcor.:_i uni:~ution instituted under the [>rovisions of the general t)c1n,;ruptC"/ act, as amendeu, or under any sirnilar act. which may hereafter be enacted, and such proceeding for reorganization is not '.3tw.yeu or dismissed within 60 days from the filing thereof. ( d) 'l'he occurrence of an event which constitutes an i:.:v•~nt -:iE :),~fault unuer (l) the Indenture which has the effect of a.ccelcr:i.r.ing [Jayment of the llonds, or (2) th~ Guar.,nty. -40-