Each of the following events shall constitute an “event of default” with respect to the notes:
(A) If default occurs in the due and punctual payment of the principal of or interest, if any, on any note;
(B) If default occurs in the issuer’s observance of any of the covenants, agreements or conditions on its part relating to the notes in this subchapter, any supplemental resolution, or in the notes, as the case may be, and such default shall have continued for a period of 30 days after the issuer shall have been given written notice of such default by the Commission, the depository bank, or any other bank or banking association holding any fund or account hereunder or a holder of a note; or
(C) If the issuer files a petition seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law of the United States of America.
(Ord. passed - -)