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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 to 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 amount becomes due; (b) Any representati on or warranty of Agency to the Bank under the N.ote Purchase Agreement or the Agreements sha 11 prove to have been untrue in any material respect when made; (c) Agency shall fail to perf.orm 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, liquidator, assignee, custodian, trustee, sequestrator (.or similar official) .of Agency, or f.or 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 conmence a v.oluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of any order for redelase of any involuntary case under any such 1 aw, .or shall consent to the appoi ntment of a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) or the taking possessi.on .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 t.o declare inmediately due and payable all outstanding principal on any Pr.omissory Note; (g) The occurrence 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 15