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� EVENTS OF DEFAULT AND REMEDIES <br /> Section 11. If any of the following events occur it is <br /> hereby defined as and declared to be and to constitute an "event <br /> of default" ; <br /> (a) Default in the due and punctual payment of <br /> any interest on the Bonds or of any principal installment of <br /> the Bonds , whether at the stated maturity thereof, or upon <br /> proceedings for prepayment thereof or otherwise, at the <br /> times, in the manner and with the effect as herein provided. <br /> (b) Any event of default under Section 7. 1 of the � <br /> Loan Agreement shall have occurred. <br /> Upon the occurrence of an event of default the Assignee <br /> by notice in writing delivered to the Issuer and the Borrower, <br /> may declare the principal installments of the Bonds and the <br /> interest accrued thereon immediately due and payable, and such <br /> principal installments and interest shall thereupon become and be <br /> immediately due and payable. Upon any such declaration all <br /> payments under the Loan Agreement and the Note from the Borrower <br /> immediately shall become due and payable as provided in Section <br /> 7. 2 of the Loan Agreement. <br /> While any principal installments of the Bonds or inter- <br /> est are unpaid, neither the Issuer nor the Assignee shall <br /> exercise any of the remedies on default specified in Section 7 . 3 <br /> of the Loan Agreement without prior written consent of the <br /> Purchaser and the Assignee. <br /> Upon the occurrence of an event of default, the <br /> Assignee and the Purchaser or any other registered owner or <br /> owners of the Bonds may pursue any available remedy at law or in <br /> -30- <br />