1981-142 CRA - Laserfiche WebLink

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. . I . . ARTICLE VII EVENTS OF DEFAULT AND REMEDIES OF NOTEHOLDER Section 7.01. Events of Default and Acceleration of Maturities. If one or more of the following events ("events of default") shall happen, that is to say (a) Failure of Agency to pay any installment of principal or interest or other amount due on the N.ote or under this Reso1uton within ten days after such installment or other am.ount becomes due; (b) Any representati on or warranty of Agency to the Bank under the N.ote Purchase Agreement or the Agreements shall prove to have been untrue in any material respect when made; (c) Agency shall fail to perform or observe any of its covenants or undertakings under this Resolution, the Note Purchase Agreement or the Agreements as such covenants or undertakings affect Noteho1der and such failure shall continue for a period of thirty (30) days after written notice from Noteholder; (d) A court having jurisdiction in the premises shall enter a decree or order for relief in respect of Agency, in an involuntary case under any applicable bankruptcy, insolvency or other similar laws n.ow .or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Agency, or for any substantial part of its property or ordering the winding up or liquidation of the affairs of any of the same, and such decree or order shall remain un stayed and in effect for a period of thirty (30) consecutive days; (e) Agency shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or sha 11 consent to the entry of any order for rede 1 ase of any i nvo 1untary case under any such 1 aw, or shall consent to the appoi ntment of a recei ver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) or the taking possession of any such official or any substantial part .of its property, or shall make any general assignment for the benefit of creditors, or sha 11 fail generally to pay its debts as they become due or shall take any formal action in furtherance of any of the foregoing; (f) The occurrence .of any event which entitles the holder to declare immediately due and payable all outstanding principal on any Promissory Note; (g) The occurrence of an Official Determination; then, and in each and every such case during the continuance of such event .of default, the Bank or, if applicable, the subsequent Holder, may declare the 14