1981-143 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 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 amount due on the N.ote 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 N.ote Purchase Agreement or the Agreement 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 Resoluti.on, the Note Purchase Agreement .or the Agreements as such covenants or undertakings affect Noteh.older 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, ins.olvency 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 un stayed and in effect for a period of thirty (30) consecutive days; (e) Agency shall colJlllence a voluntary case under any applicable bankruptcy, insolvency .or other similar law 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 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 inmediately 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