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future federal bankruptcy act or any other present or future applicable federal, state or <br /> other statute or law, or the seeking or consenting to or acquiescing in the appointment <br /> of any trustee, receiver, liquidator of ACI or any substantial part of or all of the property <br /> of ACI, if any such filing or proceeding is not dismissed within one hundred twenty (120) <br /> days. <br /> (b) Default Interest. Upon the occurrence of any Event of Default all <br /> amounts owing under this Promissory Note shall accrue interest at the rate of 10% per <br /> annum. <br /> 5. Remedies. Upon the occurrence of any Event of Default, in addition to its <br /> other rights in this Promissory Note, and the Franchise Agreement, at law, or in equity, <br /> City may exercise any one or more of the following rights and remedies without prior <br /> demand: <br /> (a) Acceleration. City may declare the outstanding principal balance of <br /> this Promissory Note, all interest accrued thereon, if any, and all other sums owing to <br /> City immediately due and payable; or <br /> (b) Proceed as Authorized at Law or in Equity. City may proceed as <br /> authorized at law or in equity with respect to the Event of Default, and in connection with <br /> that, remain entitled to exercise all other rights and remedies described in this <br /> Promissory Note, or the Franchise Agreement. <br /> 6. ACI's Waivers. <br /> (a) Original Liability. No extension of time for payment of this <br /> Promissory Note or any installment hereof made by agreement by City with any person <br /> now or hereafter liable for the payment of this Promissory Note shall operate to release, <br /> discharge, modify, change or affect the original liability of ACI under this Promissory <br /> Note, either in whole or in part. <br /> (b) Obligations Absolute. The obligations of ACI under this Promissory <br /> Note shall be absolute and ACI waives any and all rights to offset, deduct or withhold <br /> any payments or charges due under this Promissory Note for any reasons whatsoever. <br /> (c) Waivers. ACI hereby waives (i) any notice of default or delinquency <br /> in addition to any notice expressly required by this Promissory Note; (ii) notice of <br /> acceleration; (iii) any notice of nonpayment in addition to any notice required by this <br /> Promissory Note; (iv) notice of costs, expenses, losses and interest thereon; (v) notice <br /> of interest on interest and late fees; (vi) diligence in taking any action to collect any <br /> sums owing under the Promissory Note; and (vii) presentment for payment, demand, <br /> protest, and notices of dishonor and/or protest. <br /> 7. City Forbearance. No waiver of any breach, default or failure of condition <br /> under the terms of this Promissory Note or the Franchise Agreement shall be implied <br /> from any failure of City to take, or any delay by City in taking, action with respect to such <br /> breach, default or failure or from any previous waiver of any similar or unrelated breach, <br /> default or failure; and a waiver of any term of this Promissory Note, or the Franchise <br />