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<br /> covenants and agrees that it shall enforce <br /> all of its right and all of the obligations of the Borrowers <br /> under the Loan Ag eement for th.e benefit of the Bondholder. The <br /> City shall protect the rights of the Bondholder hereunder with <br /> respect to the as ignment and pledge of the revenues and receipts <br /> coming due under t e Loan Agreem,ent. <br /> Section Events of Defiult. If any of the following <br /> events occurs it hereby defined as and declared to be and to <br /> constitute an of Default": <br /> ( a) Fai ure by the Borrowers to make the payments re- <br /> quired under the oan Ag reemen t in amounts sufficient to pay the <br /> semiannual instal ments of interest on and principal of the Bond <br /> within fifteen ( 1 ) days after the date upon which such payments <br /> are due~ or <br /> ( b) Any Event of De:fault under Section 6 . 1 of the <br /> Loan Agreement sh 11 have occurred and be continuing. <br /> Opon th occurrence of an Event of Default and so long <br /> as such event is ontinuing, thE~ Bondholder, by notice in writing <br /> delivered to the ity and the E,orrowers, may declare the princi- <br /> pal of the Bond d the interes,t accrued thereon immediately due <br /> and payable, and such principal and interest shall thereupon <br /> 'become and be imme iately due and payable. Opon any such declara- <br /> tion, all paymen s under the L,oan Agreement from the Borrowers <br /> shall immediately become due and payable as provided in Sections <br /> 4.2 and 6.2 of the Loan Agreement. <br /> So long as 'the Bond remains outstanding, the City <br /> shall not exercis any of the remedies on default specified in <br /> Section 6.2 of th Loan Agreement without prior written consent of <br /> the Bondholder~ <br /> occurrence of an Event of Default, the Bond- <br /> holder may pursue any available: remedy provided for in the Loan <br /> Agreement and an remedy at lclw or in equity by suit, action, <br /> mandamus or other proceeding to enforce the payment of the prin- <br /> cipal of and inte est on the Bcmd and to enforce and compel the <br /> performance of th duties and obligations of the City and Borrow- <br /> ers as herein set forth. <br /> . - -- <br /> - 21 - <br /> -'._"---".-~------'- - _._~..__.- ---+--~-_.- <br />