Deposit and Treasury Management Services. The Governmental Agency shall maintain all Deposit and Treasury Management Services with the Registered Owner for so long as any Obligation is owed to the Registered Owner.
Negative Covenants. The Governmental Agency covenants and agrees that from the date of execution of this Note until all Obligations (including without limitation this Note) have been fully paid, it will not:
Patriot Act. (1) Be or become subject at any time to any law, regulation, or list of any government agency (including without limitation the U.S. Office of Foreign Asset Control list) that prohibits or limits the Registered Owner from making any advance or extension of credit to the Governmental Agency or from otherwise conducting business with the Governmental Agency, or (2) fail to provide documentary and other evidence of Governmental Agency's identity as may be requested by the Registered Owner at any time to enable the Registered Owner to verify Governmental Agency's identity or to comply with any applicable law or regulation, including without limitation Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
Section 10 -- Events of Default and Remedies.
The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default or any default and the lapse of any notice or cure period, or the Governmental Agency’s failure to observe or perform any covenant or other agreement, under or contained in any document evidencing or securing any debt, liability, or obligation of the Governmental Agency to the Registered Owner; (iii) the filing by or against the Governmental Agency of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against the Governmental Agency, such proceeding is not dismissed or stayed within thirty days of the commencement thereof, provided that the Registered Owner shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by the Governmental Agency for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of the Governmental Agency held by or deposited with the Registered Owner as security for any obligation of the Governmental Agency; or (v) a default with respect to any other indebtedness of the Governmental Agency for borrowed money, if the effect of such default is to cause or permit the acceleration of such debt.
Upon the occurrence of an Event of Default: (a) the Registered Owner shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Registered Owner's option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Registered Owner's option, this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default;