EFTA Document EFTA01365303

principal and/or scheduled interest has occurred and is continuing (without regard to any grace period applicable thereto or waiver thereof) after the passage of a 3 Business Day grace period on another Bond or Loan of the same issuer which is senior or pari passu in right of payment to such Bond or Loan (provided that both Bonds or Loans are full recourse obligations); (d) if such Loan or Bond does not constitute a Current Pay Obligation the issuer or others have instituted proceedings to h