(a) Events of default. The following shall constitute an event of default with respect to each Secondary Loan:

1. (1) Nonpayment of interest when due and payable;
2. (2) Nonpayment of principal when due and payable;
3. (3) Failure of the Secondary Borrower to perform any condition or covenant under any Secondary Loan document;
4. (4) Any representation or warranty of the Secondary Borrower made in connection with the Secondary Loan application or the Secondary Loan documents is false or incorrect in any material respect;
5. (5) Principal or interest on any indebtedness of the Secondary Borrower or any subsidiary of the Secondary Borrower in excess of $100,000 is not paid when due (subject to a cure period);
6. (6) The holder of any junior or parity lien on collateral institutes a proceeding to enforce a lien on the collateral;
7. (7) The Secondary Borrower files bankruptcy or consents to the appointment of a receiver or trustee for itself or the collateral;
8. (8) Any money judgment is filed against the Secondary Borrower and remains unvacated for a period of 60 days from filing; or
9. (9) Any other events of default set forth in the Secondary Loan documents.