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172981943v5 <br /> <br /> <br /> 21 <br /> <br />ARTICLE VI <br /> <br />EVENTS OF DEFAULT AND REMEDIES <br />Section 6.1 Events of Default. Any one or more of the following events is an Event of <br />Default under this Agreement: <br />(1) If the Borrower shall fail to make (a) any payments required under <br />Section 3.4 of this Agreement on the date due or (b) any other payment due under this Agreement <br />on or before the date that the payment is due and such default continues for ten days thereafter; <br />(2) Except as elsewhere addressed in this Article VI, if the Borrower shall fail <br />to observe and perform any other covenant, condition or agreement on its part under this <br />Agreement for a period of 30 days after written notice, specifying such default and requesting that <br />it be remedied, given to the Borrower by the City or the Lender, unless the default does not consist <br />of the non-payment of money and cannot reasonably be cured within 30 days and the Lender shall <br />agree in writing to an extension of such time prior to its expiration, or for such longer period as <br />may be reasonably necessary to remedy such default provided that the Borrower is proceeding <br />with reasonable diligence to remedy the same, and provided that such longer period does not place <br />the Facility at material risk; <br />(3) If the Borrower shall file a petition in bankruptcy or for reorganization or <br />for an arrangement pursuant to any present or future federal bankruptcy act or under any similar <br />federal or state law, shall consent to the entry of an order for relief pursuant to any present or future <br />federal bankruptcy act or under any similar federal or state law, or shall make an assignment for <br />the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they <br />become due, or if a petition or answer proposing the entry of an order for relief of the Borrower <br />under any present or future federal bankruptcy act or any similar federal or state law shall be filed <br />in any court and such petition or answer shall not be filed in any court and such petition or answer <br />shall not be discharged or denied within 90 days after the filing thereof, or a receiver, trustee or <br />liquidator of the Borrower of all or substantially all of the assets of the Borrower, or of the Facility <br />shall be appointed in any proceeding brought against the Borrower and shall not be discharged <br />within 90 days after such appointment or if the Borrower shall consent to or acquiesce in such <br />appointment, or if the estate or interest of the Borrower in the Facility or a part thereof shall be <br />levied upon or attached in any proceeding and such process shall not be vacated or discharged <br />within 90 days after such levy or attachment; or if the Borrower shall be dissolved or liquidated or <br />shall be merged with or is acquired by another business entity in violation of Section 4.2; <br />(4) If the articles of incorporation of the Borrower shall expire or be annulled; <br />or if the Borrower shall be dissolved or liquidated (other than when a new entity assumes the <br />obligations of the Borrower under the conditions permitting such action contained in Section 4.2); <br />(5) If any representation or warranty made by the Borrower herein, or by an <br />officer or representative of the Borrower in any document or certificate furnished the Lender or <br />the City in connection herewith or therewith or pursuant hereto or thereto, shall prove at any time <br />to be, in any material respect, incorrect or misleading as of the date made;