1981-138 CRA - Laserfiche WebLink

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. J. \ . . . . . . ARTICLE VII EVENTS OF DEFAULT AND REMEDIES OF NOTEHOLDER Section 7.01. Events of Default and Acceleration of Maturities. If one or m.ore of the followlng events ("events of default") shall happen, that is to say (a) Failure of Agency to pay any installment of principal or interest or other am.ount due on the N.ote or under this Resolution within ten days after such installment or other amOunt becomes due; (b) Any representat i on 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 Res.olution, the Note Purchase Agreement or the Agreements as such covenants or undertakings affect Noteholder 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 now or hereafter in effect, or appointing a receiver, liquidat.or, 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 for a period of thirty (30) consecutive days; (e) Agency shall convnence a voluntary case under any applicable bankruptcy, i nso lvency or other s imil ar 1 aw now or hereafter in effect, or shall consent to the entry of any order for redelase of any involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrat.or (or similar official) or the taking possession of any such official or any substantial part of its property, or sha 11 make any general assignment for the benefit of cred itors, or sha 11 fa i 1 genera lly to pay its debts as they become due or sha 11 take any formal action in furtherance of any of the foregoing; (f) The occurrence of any event which entitles the holder to declare ilTlßediately 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