Common use of Definition of Event of Default Clause in Contracts

Definition of Event of Default. The City shall be deemed to be in default hereunder upon the happening of any of the following events of default (each, an “Event of Default”): (a) The City fails to make any Installment Payment or Additional Payment when due; (b) The City fails to budget and appropriate moneys sufficient to pay all Installment Payments and the reasonably estimated Additional Payments coming due in any fiscal year of the City; (c) The City deletes from its duly adopted budget any appropriation for the purposes specified in clause (a); (d) The City fails to perform or observe any term, condition or covenant of this Contract on its part to be observed or performed, other than as referred to in (a) or (b) above, or breaches any warranty by the City herein or therein contained, for a period of 30 days after written notice specifying such failure and requesting that it be remedied has been given to the City by the Lender unless the Lender shall agree in writing to an extension of such time prior to its expiration; (e) Any Lenderruptcy, insolvency or reorganization proceedings or similar litigation, is instituted by the City, or a receiver, custodian or similar officer is appointed for the City or any of its property, and such proceedings or appointments are not vacated or fully stayed within 90 days after the institution or occurrence thereof; (f) Any warranty, representation or statement made by the City herein or in any other document executed or delivered in connection herewith is found to be incorrect or misleading in any material respect on the date made; or (g) An attachment, levy or execution is levied on or against the Equipment;