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Section 11. DEFAULTS AND REMEDIES. (a) Events of Default. Each of the following <br />occurrences or events for the purpose of this Master Ordinance is hereby declared to be an Event <br />of Default: <br />(i) the failure to make payment of the principal of or interest on any Debt when the same <br />becomes due and payable; or <br />(ii) default in the performance or observance of any other covenant, agreement or obligation <br />of the City, the failure to perform which materially, adversely affects the rights of the Registered <br />Owners of the Debt, including, but not limited to, their prospect or ability to be repaid in accordance <br />with this Master Ordinance, and the continuation thereof for a period of 60 days after notice of such <br />default is given by any Registered Owner to the City. <br />(b) Remedies for Default. <br />(i) Upon the happening of any Event of Default, then and in every case, any Registered <br />Owner or an authorized representative thereof, including, but not limited to, a trustee or <br />trustees therefor, may proceed against the City, or any official, officer or employee of the <br />City in their official capacity, for the purpose of protecting and enforcing the rights of the <br />Registered Owners under this Master Ordinance, by mandamus or other suit, action or <br />special proceeding in equity or at law, in any court of competent jurisdiction, for any relief <br />permitted by law, including the specific performance of any covenant or agreement <br />contained herein, or thereby to enjoin any act or thing that may be unlawful or in violation <br />of any right of the Registered Owners hereunder or any combination of such remedies. <br />(ii) It is provided that all such proceedings shall be instituted and maintained for the <br />equal benefit of all Registered Owners of Debt then outstanding. <br />(c) Remedies Not Exclusive. <br />(i) No remedy herein conferred or reserved is intended to be exclusive of any other <br />available remedy or remedies, but each and every such remedy shall be cumulative and shall <br />be in addition to every other remedy given hereunder or under the Debt or now or hereafter <br />existing at law or in equity; provided, however, that notwithstanding any other provision of <br />this Master Ordinance, the right to accelerate the Debt shall not be available as a remedy <br />under this Master Ordinance. <br />(ii) The exercise of any remedy herein conferred or reserved shall not be deemed a <br />waiver of any other available remedy. <br />(iii) By accepting the delivery of Debt authorized under this Master Ordinance, such <br />Registered Owner agrees that the certifications required to effectuate any covenants or <br />representations contained in this Master Ordinance do not and shall never constitute or give <br />rise to a personal or pecuniary liability or charge against the officers, employees or trustees <br />of the City or the City Council. <br />SanMARCOS \ElectricUtilSysRevBonds \2013: MasterOrdinance 12 <br />