1981-137 CRA - Laserfiche WebLink

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. . . . . . " 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 foll.owlng events ("events of default") shall happen, that is t.o say (a) Failure of Agency to pay any installment of principal or interest or other amount due on the Note or under this Resolution within ten days after such installment or other am.ount becomes due; (b) Any representat i.on or warranty of Agency to the Bank under the N.ote Purchase Agreement or the Agreements shall pr.ove 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 N.oteholder 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, liquidator, assignee, custodian, trustee, sequestrat.or (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 col1111ence a voluntary case under any applicable bankruptcy, i ns.o 1 vency or other simil ar 1 aw now or hereafter in effect, or shall consent to the entry of any order f.or redelase of any involuntary case under any such law, or shall consent to the appointment of a receiver, 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 shall 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 inmediately due and payable all outstanding principal on any Promissory Note; (g) The qccurrence of an Official Determinati.on; 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