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ARTICLE 10 <br />DEFAULT <br />10.0.1 The Operator will be deemed in default of the Agreement upon the occurrence of <br />any of the following "Events of Default ": <br />a. Default in Covenants. The Operator is in default in the performance of any <br />term, covenant, or agreement contained in this Agreement and any such <br />default continues un- remedied by Operator for thirty (30) days after either (a) <br />it becomes known to the Operator or (b) written notice has been given to the <br />Operator by the City. <br />b. Voluntary Insolvency: If the Operator becomes insolvent or ceases to pay its <br />debts as they mature or voluntarily files a petition seeking reorganization of, <br />or the appointment of any receiver, trustee, or liquidation for it or a substantial <br />portion of its assets, or effects a plan or other arrangement with creditors, or is <br />adjudicated bankrupt, or makes a voluntary assignment for the benefit of its <br />creditors. <br />Involuntary Insolvency. If an involuntary petition is filed against the Operator <br />under any bankruptcy, insolvency, or similar law or seeks the reorganization <br />of or the appointment of any receiver, trustee, or liquidator for the Operator, <br />or of a substantial part of the property of the Borrower, and such petition is <br />not dismissed, or such writ or warrant of attachment or similar process is <br />released or bonded within ninety (90) days after filing or levy. <br />d. Assignment for the Benefit of Creditors. The making of an assignment for the <br />benefit of creditors; <br />e. Appointment of a receiver or trustee for all or substantially all of the assets of <br />Operator. <br />10.0.2 The occurrence of any of the following shall constitute a "Termination Default" <br />by the Operator: <br />a. The failure of Operator to perform any of its obligations under this <br />Agreement; <br />b. An act or omission of the Operator that causes or contributes to any lapse, <br />cancelation, denial of coverage, or any other prejudice to the applicability of <br />any insurance required under this Agreement; <br />c. The operation and maintenance of or failure to operate and maintain the <br />Airport in a manner that creates or results in a serious and immediate threat to <br />the health welfare of the public; <br />d. An act or omission by the Operator its officers, employees, or agents which <br />results in a conviction of a felony under applicable law or which was <br />