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ARTICLE X DEFAULT SECTION 10.01. Default. (a) The following events shall be events of default under this Lease: (i) The City shall fail to deposit with the Trustee any Base Rental payment required to be so deposited by the close of business on the day such deposit is required pursuant to Section 5.01(a), provided, that any Base Rental payments abated pursuant to Section 5.04 shall not constitute an event of default; (ii) the City shall fail to pay any item of Additional Rental as and when the same shall become due and payable pursuant to Section 5.01(b); or (iii) the City shall breach any other terms, covenants or conditions contained herein, and shall fail to remedy any such breach with all reasonable dispatch within a period of thirty (30) days after written notice thereof from the Authority to the City; provided, however, that if the failure stated in the notice cannot be corrected within such period, then the Authority shall not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the City within such period and is diligently pursued until the default is corrected. (b) In addition to any default resulting from breach by the City of any agreement, condition, covenant or term hereof, if (1) the City's interest herein or any part thereof be assigned, sublet or transferred without the written consent of the Authority, and the written consent of the Bond Insurer either voluntarily or by operation of law; or (2) the City or any assignee shall file any petition or institute any proceedings under any act or acts, state or federal, dealing with or relating to the subject of bankruptcy or insolvency or under any amendment of such act or acts, either as a bankrupt or as an insolvent or as a debtor or in any similar capacity, wherein or whereby the City asks or seeks or prays to be adjudicated a bankrupt, or is to be discharged from any or all of its debts or obligations, or offers to its creditors to effect a composition or extension of time to pay its debts, or asks, seeks or prays for a reorganization or to effect a plan of reorganization or for a readjustment of its debts or for any other similar relief, or if the City shall make a general or any assignment for the benefit of its creditors; or(3) the City shall abandon or vacate the Leased Property or any portion thereof; then in each and every such case the City shall be deemed to be in default hereunder. • Upon the happening of any of the events specified in subsection (a) or(b) of this Section (in either case an "Event of Default"), then it shall be lawful for the Authority to exercise any and all remedies available or granted to it pursuant to law or hereunder. Upon the breach of any agreement, condition, covenant or term contained herein required to be observed or performed by the City, the Authority may exercise any and all rights of entry upon or repossession of the Leased Property, and also, at its option, with or without such entry, may LA1-63219.5 23