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governmental body superior to the Agency), as well as any other <br />event specified elsewhere in this Agreement as an Event of Default: <br />a. Default in the performance, or breach, of any <br />material provision of this Agreement or any of its Exhibits by the <br />Participating Owner, and continuance of such default or breach for <br />a period of thirty (30) calendar days after the Agency has given <br />written notice as specified in Section 15 requiring the breach or <br />default to be remedied and stating that such notice is a "Notice of <br />Default" hereunder (or if such default or breach cannot reasonably <br />be cured within thirty (30) days of a Notice of Default, the <br />failure to commence to cure and to timely, diligently and in good <br />faith proceed to cure within a reasonable time not to exceed 90 <br />days); or <br />b. The entry of a decree or order by a court having <br />jurisdiction in the premises adjudging the Participating Owner <br />bankrupt or insolvent, or approving as properly filed a petition <br />seeking reorganization, arrangement, adjustment or composition of <br />or in respect of the Participating Owner under the federal <br />Bankruptcy Code or any other applicable federal or state law, or <br />appointing a receiver, liquidator, assignee, trustee, sequestrator, <br />or other similar official of the Participating Owner or of any <br />substantial part of its property, or ordering the winding up or <br />liquidation of its affairs, and the continuance of any such decree <br />or order unstayed and in effect for a period of ninety (90) <br />calendar days; or <br />C. The institution by the Participating Owner of <br />proceedings to be adjudged bankrupt or insolvent, or the consent by <br />it to the institution of bankruptcy or insolvency proceedings <br />against it, or the filing by it of a petition or answer or consent <br />seeking reorganization or relief under the Federal Bankruptcy Act <br />or any other applicable federal or state law, or the consent by it <br />to the filing of any such petition or to the appointment of a <br />receiver, liquidator, assignee, trustee, sequestrator (or other <br />similar official) of the Participating Owner or of any substantial <br />part of its property, or the making by it of an assignment for the <br />benefit of creditors, or the admission by it in writing of its <br />inability to pay its debts generally as they become due, or the <br />taking of corporate action by the Participating Owner in <br />furtherance of any such action. <br />14 <br />