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(b) the Bank shall have received the initial fees (if a y) called for hereby; <br /> (c) legal matters incident to the execution and delivery of the Loan <br /> Documents and to the transactions contemplated hereby shall e satisfactory to the Bank <br /> and its counsel; and the Bank shall have received the favorable written opinion of counsel <br /> for the City or bond counsel in form and substance satisfa tory to the Bank and its <br /> counsel; and <br /> (d) the Bank shall have received such other greements, instruments, <br /> documents, certificates and opinions as the Bank may reasonab y request. _ <br /> 10. Defaults; Enforcement. The occurrence of any of the following shall be a <br /> "Default": (a) non-payment when due of any principal of or interes hereon; (b) failure of the <br /> City to furnish the Bank with any financial information on the C'ty when required by this <br /> Agreement; (c) breach of any term or condition of any agreement w ich secures the Loans or <br /> sets forth any terms or conditions relating to the Loans, or any represe tation made by the City in <br /> any such agreement is untrue in any material respect; (d) dissolution r termination of the City; <br /> (e) the institution by or against the City of any bankruptcy or similar roceeding for the relief of <br /> debtors or the appointment of any receiver for any such party or ny of its property; (f) the <br /> making of an assignment for the benefit of creditors by the City; or'(g) a change in which the <br /> Bank in good faith deems material and adverse shall occur in t e condition (financial or <br /> otherwise) or operating results of the City. <br /> Upon the occurrence of any Default, the Bank may, by notic to the City, terminate the <br /> Loan Account and any other ob(igation of the Bank to extend any furt er credit hereunder on the <br /> date (which may be the date thereof) stated in such notice. <br /> No delay by the Bank in the exercise of any right or remed shall operate as a waiver <br /> thereof, and no single or partial exercise by the Bank of any right or emedy shall preclude any <br /> other or further exercise thereof or the exercise of any other right or re edy. <br /> 11. Termination. The availability of additional Loans under this Agreement will <br /> automatically terminate on December 31, 2008. Prior to such date, th Bank reserves the right at <br /> any time without notice to suspend the City's bonowing privileges or refuse any Loan request at <br /> any time any Default, or any event or condition which with notice or lapse of time, or both, <br /> would constitute a Default, exists. The City may terminate this Agre ment at any time effective <br /> upon receipt by the Bank of at least 5 bank business days' prior writ en notice. No termination <br /> under this paragraph shall affect the Bank's rights or the City's obli ations regarding payment <br /> or default under this Agreement. Such termination shall not affect t e City's obligation to pay <br /> all Loans and the interest accrued through the date of final payment. f the Bank e(ects to honor <br /> Loan requests after termination of this Agreement, the City agrees th t any such payment by the <br /> Bank shall constitute a Loan to City under this Agreement. <br /> 12. Notices. The Bank may rely on instructions from th� City with respect to any <br /> matters relating to this Agreement or the Loan Account, including tel phone loan requests which <br /> are made by a person whom the Bank believes to be the City or its des'gnated representative. All <br /> -5- <br />