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~ ARTICLE VI ~ DEFAULT PROVISIONS ~ AND REMEDIES OF TRUSTEE 4 ~ SECTION 601. EVENTS OF DEFAULT; EVENT OF TERMINATION; ACCELERATION AND 6 DRAWS UPON INSURANCE POLICY'. Any of the following events occurring shall constitute an 7 "Event of Default" under this Agreement: 8 9 (a) Default in the due and punctual payment of any Appropriated Financing ~ o Pa~~ment; and 11 ~ 2 (b) Default in the performance or observance of any other obli~ation or condition on ~ 3 the part of the County in the Agreement or in the Certificates, and the continuance thereof ~~ for a period of 60 days after written notice is given by the County, the Insurer or the Trustee I 5 to the County. 16 17 Promptly upon becoming aware of the occurrence of an Event of Default hereunder, the I8 Trustee shall give written notice thereof to the County, the Credit Provider and the Owners of the t 9 Certificates. 20 ? I SECTION 602. ANNULNIENT OF DECLARATION OF ACCELERATION FOLLOWING E~'EI~T 22 OF DEFAULT. If, after the principal of the Certificates has been declared to be due and payable b~~ 23 reason of an Event of Default, there are performed or paid all things in respect of which there mav 34 have been a default hereunder, and payment has been made of the reasonable charges and expenses 35 incurred in connection therewith by the County, the Trustee, the Credit Provider or the Ow~ners. 26 includinb the Trustee's, the County's and the Credit Provider's reasonable attorneys' fees, and no 27 Event of Default hereunder is then continuing, all Events of Default having been either cured or 28 waived, then, in every such case, the Trustee shall annul such declaration and its consequences. and 29 such annulment shall be binding upon all Owners of Certificates then Outstanding; but no such 3o anrnilment shall extend to or affect any subsequent default or irnpair any right or remedy consequent 3 t thereon. The Trustee shall forward a copy of any such annulment notice pursuant to this paragraph 32 to the County, the Credit Provider, S&P (if then rating the Certificates), Moody's (if then rating the 33 Certificates) and the Owners. 34 35 SECTION 603. ACTIONS OF TRUSTEE AND REMEDIES UPON EVEh'T OF DEFAULT. Upon 36 the occurrence of any one or more Events of Default hereunder: 37 38 (1) (a) if so directed in writing by the Insurer, the Trustee shall, by ~9 notice in writing sent to the County, declare the principal of all unpaid 1998 4o Financing Payments and the interest accrued thereon to be immediately due a~ and payable, whereupon such principal and interest shall become and be 4? immediately due and payable, and the Trustee shall promptly thereafter give FINANCING AND TRUST ACREEMENT PAGE 37