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<br />(a) The City shall fail to make any payment of the principal of or interest on the Loan <br />when the same shall become due and payable, whether by maturity, by acceleration at the discretion <br />of the Bank as provided for in Section 6.02, or otherwise; or <br /> <br />(b) The City shall default in the performance of or compliance with any term or covenant <br />contained in this Agreement or the Note, other than a term or covenant a default in the performance <br />of which or noncompliance with which is elsewhere specifically dealt with, which default or <br />non-compliance shall continue and not be cured within thirty (30) days after (i) notice thereof to the <br />City by the Bank, or (ii) the Bank is notified of such noncompliance or should have been so notified <br />pursuant to the provisions of Section 3.0l(c) of this Agreement, whichever is earlier; or <br /> <br />(c) Any representation or warranty made in writing by or on behalf of the City in this <br />Agreement or the Note shall prove to have been false or incorrect in any material respect on the date <br />made or reaffirmed; or <br /> <br />(d) The City admits in writing its inability to pay its debts generally as they become due <br />or files a petition in bankruptcy or makes an assignment for the benefit of its creditors or consents <br />to the appointment of a receiver or trustee for itself;. or <br /> <br />( e) The City is adjudged insolvent by a court of competent jurisdiction, or it is adjudged <br />a bankrupt on a petition in bankruptcy filed by or against the City, or an order, judgment or decree <br />is entered by any court of competent jurisdiction appointing, without the consent of the City, a <br />receiver or trustee of the City or of the whole or any part of its property, and if the aforesaid <br />adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within ninety <br />(90) days from the date of entry thereof; or <br /> <br />(f) The City shall file a petition or answer seeking reorganization or any arrangement <br />under the federal bankruptcy laws or any other applicable law or statute of the United States of <br />America or the State; or <br /> <br />(g) The City shall default in the due and punctual payment or performance of covenants <br />related to (i) any obligation for the payment of money to the Bank or any other subsidiary or affiliate <br />of Bank of America Corporation or (ii) any obligation for the repayment of borrowed money in an <br />amount in excess of $250,000 to any other obligee. <br /> <br />Section 6.02 Effect of Event of Default. <br /> <br />Immediately and without notice, upon the occurrence of any Event of Default, the Bank may <br />declare all obligations of the City under this Agreement and the Note to be immediately due and <br />payable without further action of any kind and upon such declaration the Note and the interest <br />accrued thereon shall become immediately due and payable. In addition, and regardless whether <br />such declaration is or is not made, the Bank may also seek enforcement of and exercise all remedies <br />available to it under any applicable law. <br /> <br />-11- <br />