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the collateral or any part thereof or in the exchange , collection, <br /> low compromise or settlement of any of the collateral or receipt <br /> of the proceeds thereof or for the care of the collateral, <br /> litigation or otherwise . <br /> 5 . Defaults . The occurrence of any one or more of the <br /> following events shall constitute an event of default by Omega <br /> under this Agreement: Omega shall default in the punctual payment <br /> of any sum payable with respect to , or in the performance of <br /> any of the terms and conditions of this Agreement or the note <br /> or Mortgage ; or if any warranty, representation or statement <br /> of fact made herein or furnished to the City at any time by or <br /> on behalf of Omega Container, Inc . , proves to have been false <br /> in any material respect when made or furnished; there shall occur <br /> as "Event of Default, " as defined therein, under the Loan Agreement <br /> or the Indenture ; or in the event of loss , theft , substantial <br /> damage or destruction of any of the collateral, or the making <br /> of any levy on, seizure or attachment of any of the collateral , <br /> or if Omega shall execute or file a certificate or other instrument <br /> evidencing the legal change of name of Omega without furnishing <br /> .� the City at least ten days prior written notice thereof ; or if <br /> Omega becomes insolvent (however such insolvency may be evidenced) , <br /> commit an act of bankruptcy, make an assignment for the benefit <br /> of creditors , appoint a committee of cred-4_tors , or make or send <br /> notice of any intended bulk transfer, or fail , after demand, <br /> to furnish any financial information or to permit the inspection <br /> of books or record of account ; or if there shall be filed by <br /> or against Omega any petition for relief under the bankruptcy <br /> laws of the United States as now or hereafter in effect or under <br /> any insolvency , readjustment of debt , dissolution or liquidation <br /> law or statute of any other jurisdiction now or hereafter in <br /> effect (and whether any such action or proceeding shall be at <br /> law, in equity or under any bankruptcy, reorganization, arrangement , <br /> insolvency , readjustment of debt , receivership , liquidation or <br /> dissolution law or statute) and such petition shall not be dimissed <br /> within sixty (60) days after filing; or if Omega shall suspend <br /> the transaction of its usual business , or if any petition or <br /> -6- <br />