1981-139 CRA - Laserfiche WebLink

Home Browse Search

. . . . . . " 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 fo110wlng 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 ()II the Note or under this Resolution within ten days after such installment or other amount becomes due; (b) Any representation or warranty of Agency to the Bank under the Note 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 Noteho1der; (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 now 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 unstayed and in effect f.or 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 lase of any i nvo 1untary case under any such law, or shall consent to the appointment of a receiver, 1iquidat.or, assignee, trustee, custodian, sequestrator (or similar official) .or the tak i ng possess i on of any such offic ia 1 or any sub stant ia 1 part of its property, or shall make any general assignment for the benefit of creditors, .or shall fail genera lly 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 illl11ediately 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