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(a) failure by the Governmental Agency to pay, or cause to be paid, any Loan <br /> Repayment required to be paid hereunder when due, which failure shall continue for a period of <br /> thirty(30) days; <br /> (b) failure by the Governmental Agency to make, or cause to be made, any <br /> required payments of principal, redemption premium, if any, and interest on any bonds, notes or <br /> other obligations of the Governmental Agency (other than the Loan and the Governmental <br /> Agency Bond), after giving effect to the applicable grace period, the payments of which are <br /> secured by the Pledged Property; <br /> (c) failure by the Governmental Agency to observe and perform any duty, <br /> covenant, obligation, or agreement on its part to be observed or performed under this Loan <br /> Agreement other than as referred to in Paragraph(a) of this Section, which failure shall continue <br /> for a period of thirty (30) days after written notice, specifying such failure and requesting that it <br /> be remedied, is given to the Governmental Agency; provided, however, that if the failure stated <br /> in such notice is correctable, but cannot be corrected within the applicable period, the Authority <br /> may consent to an extension of such time if corrective action is instituted by the Governmental <br /> Agency within the applicable period and diligently pursued until the Event of Default is <br /> corrected; <br /> (d) any representation made by or on behalf of the Governmental Agency <br /> contained in this Loan Agreement, or in any instrument furnished in compliance with or with <br /> reference to this Loan Agreement or the Loan,is false or misleading in any material respect; or <br /> (e) a petition is filed by or against the Governmental Agency under any <br /> federal or state bankruptcy or insolvency law, or other similar law in effect on the date of this <br /> Loan Agreement or thereafter enacted, unless in the case of any such petition filed against the <br /> Governmental Agency such petition shall be dismissed within thirty (30) days after such filing, <br /> and such dismissal shall be fmal and not subject to appeal; or the Governmental Agency shall <br /> become insolvent or bankrupt or make an assignment for the benefit of its creditors; or a <br /> custodian (including, without limitation, a receiver, liquidator, or trustee of the Governmental <br /> Agency or any of its property) shall be appointed by court order, or take possession of the <br /> Governmental Agency, or its property or assets, if such order remains in effect, or such <br /> possession continues, for more than thirty (30) days. <br /> SECTION 5.02. Notice of Default. The Governmental Agency shall give the Authority <br /> prompt telephonic notice of the occurrence of any Event of Default referred to in Section 5.01 at <br /> such time as any senior administrative or financial officer of the Governmental Agency becomes <br /> 18 <br />