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ARTICLE VIII <br /> EVENTS OF DEFAULT AND REMEDIES <br /> Section 8.1. Events of Default. Each of the following events shall constitute and is <br /> referred to in this Lease Agreement as an "Event of Default": <br /> (a) Failure by the Company to pay when due any payment required to be made under <br /> Section 5.3(a)hereof, which failure shall continue for a period of five (5) days. <br /> (b) Failure by the Company to observe and perform any material covenant,condition or <br /> agreement on its part to be observed or performed,other than as referred to in Section 8.1(a),which <br /> failure shall continue for a period of sixty(60)days after written notice,specifying such failure and <br /> requesting that it be remedied, is given to the Company by the Issuer or the Trustee,provided that <br /> if the Company is proceeding with reasonable diligence to remedy the same, then such sixty-day <br /> period shall be extended to such date as may be reasonably necessary to remedy such default. The <br /> Company shall not be deemed in breach or default of this Lease Agreement during such initial sixty- <br /> day cure period, nor(as long as the Company is proceeding with reasonable diligence as set forth <br /> above) during such extended cure period. <br /> (c) The dissolution or liquidation of the Company or the filing by the Company of a <br /> voluntary petition in bankruptcy, or failure by the Company promptly to lift any execution, <br /> • garnishment or attachment of such consequence as will impair its ability to carry out its obligations <br /> under this Lease Agreement, or filing of any involuntary bankruptcy proceedings against the <br /> Company which is not timely contested by the Company,or a general assignment by the Company <br /> for the benefit of its creditors, or the entry by the Company into an agreement of composition with <br /> its creditors of such consequence as will impair its ability to carry out its obligations under this Lease <br /> Agreement, or the approval by a court of competent jurisdiction of a petition applicable to the <br /> Company in any proceeding for its reorganization instituted under the provisions of any bankruptcy <br /> act, or under any similar act which may hereafter be enacted. The term "dissolution or liquidation <br /> of the Company", as used in this subsection, shall not be construed to include the cessation of the <br /> corporate existence of the Company resulting either from a merger or consolidation of the Company <br /> into or with another corporation or a dissolution or liquidation of the Company following a transfer <br /> of all or substantially all of its assets as an entirety, under the conditions permitting such actions <br /> contained in Section 6.1 hereof. <br /> Section 8.2. Force Majeure. The provisions of Section 8.1 hereof are subject to the <br /> following limitation: if by reason of acts of God; strikes, lockouts or other industrial disturbances; <br /> acts of public enemies; orders or other acts of any kind of the Government of the United States or <br /> of the State of Arkansas, or any other sovereign entity or body politic, or any department, agency, <br /> political subdivision,court or official of any of them,or any civil or military authority;insurrections; <br /> riots;epidemics;landslides;lightning;earthquakes,volcanoes;fires;hurricanes;tornadoes;storms; <br /> floods; washouts; droughts; arrests; restrain of government and people; civil disturbances; <br /> 21 <br />