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ARTICLE IV <br />RE11EDIES <br />Section 4,01. Events of Default, <br />The following shall be "Events of Default" under this <br />A.greement: <br />( 1) U1e failure of the Guarantor to abide by or per form <br />any of its covenants contai~ed herein and the continuance of <br />such failure for 30 days after notice thereof by the Trustee <br />or any oondholder; <br />(2) the filing by any Person who is part of the <br />Guarantor of a petition in bankruptcy or for reorganization <br />or for an arrangement pursuant to any present or future <br />bankruptcy act or under any similar federal or state law: or <br />the adjudication of any such party as a bankrupt or as an <br />insolvent: or the making by any such party of an assignment <br />for the benefit of its creditors; or the making by any such <br />party of an admission in writing of its inability to pay its <br />debts ~enerally as they become due; or the filing of a peti- <br />tion or answer proposing the adjudication of any such party <br />as a bankrupt or as an insolvent corporation or its reorgani- <br />zation under any present or future federal bankruptcy act or <br />any similar federal or state law in any court (which petition <br />or answer shall not be discharged or denied within 180 days <br />after the filing thereof); or the appointment of a receiver, <br />trustee or liquidator of any such party in any proceedings <br />brought against such party ~,ich shall not be dischargeu <br />within 90 days after such appointment {or if s uch party shall <br />consent to or acquiesce in such appointment}, <br />Section 4.02, Remedies. <br />'rhe Trustee and any of the Bondholders shall be entitled to <br />enforce this Agreement and exercise rerneuies hereunder upon the <br />occurrence of an Event of DeEilult; provided, however, that no <br />!3ondholder shall be entitled to enfo"rce this A.greement dirl'3ctly <br />unless (l) the 8vent of Default hereunder arises out of a <br />failure by the Guarantor to perform the covenilnts and oblig~tions <br />under Article Ill hereof or (2) the non<lholders are then entitled <br />to enforce the Indenture as provided in the Indenture. <br />If an Event of Default hereunder shall occur, the person or. <br />persons \-Jho are then entitled to enforce this Agreement shall be <br />entitled to exercise all remeuies available against each of the <br />-18-