IN ANY MATERIAL RESPECT.
(D)
DEFAULT UNDER OTHER INDEBTEDNESS.
THE OCCURRENCE AND
CONTINUANCE OF ANY EVENT OF DEFAULT UNDER ANY AGREEMENT (BEYOND ANY APPLICABLE
NOTICE AND CURE OR GRACE PERIOD) GOVERNING OR EVIDENCING INDEBTEDNESS FOR
BORROWED MONEY WHICH PERMITS THE ACCELERATION OF THE MATURITY OF ANY SUCH
INDEBTEDNESS FOR BORROWED MONEY IN AN AGGREGATE PRINCIPAL AMOUNT IN EXCESS OF
ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) OWING BY ANY OBLIGOR TO
ANY THIRD PARTY UNDER ANY AGREEMENT OR UNDERSTANDING.
(E)
INSOLVENCY.
IF ANY OBLIGOR (I) MAKES A TRANSFER IN FRAUD OF
CREDITORS, OR MAKES AN ASSIGNMENT FOR THE BENEFIT OF CREDITORS, OR ADMITS IN
WRITING ITS INABILITY TO PAY ITS DEBTS AS THEY BECOME DUE (EXCLUDING FOR THE
AVOIDANCE OF DOUBT ANY "GOING CONCERN" LANGUAGE INCLUDED BY ANY DEBTOR OR ITS
ACCOUNTANTS IN ANY INSTRUMENT OR DOCUMENT); (II) GENERALLY IS NOT PAYING ITS
DEBTS AS SUCH DEBTS BECOME DUE; (III) HAS A RECEIVER, TRUSTEE OR CUSTODIAN
APPOINTED FOR, OR TAKE POSSESSION OF, ALL OR SUBSTANTIALLY ALL OF ITS ASSETS,
EITHER IN A PROCEEDING BROUGHT BY IT OR IN A PROCEEDING BROUGHT AGAINST IT AND
SUCH APPOINTMENT IS NOT DISCHARGED OR SUCH POSSESSION IS NOT TERMINATED WITHIN
SIXTY (60) DAYS AFTER THE EFFECTIVE DATE THEREOF OR IT CONSENTS TO OR ACQUIESCES
IN SUCH APPOINTMENT OR POSSESSION; (IV) FILES A PETITION FOR RELIEF UNDER THE
UNITED STATES BANKRUPTCY CODE OR ANY OTHER PRESENT OR FUTURE FEDERAL OR STATE
INSOLVENCY, BANKRUPTCY OR SIMILAR LAWS (ALL OF THE FOREGOING HEREINAFTER
COLLECTIVELY CALLED "APPLICABLE BANKRUPTCY LAW") OR AN INVOLUNTARY PETITION FOR
RELIEF IS FILED AGAINST IT UNDER ANY APPLICABLE BANKRUPTCY LAW AND SUCH
INVOLUNTARY PETITION IS NOT DISMISSED WITHIN SIXTY (60) DAYS AFTER THE FILING
THEREOF, OR AN ORDER FOR RELIEF NAMING IT IS ENTERED UNDER ANY APPLICABLE
BANKRUPTCY LAW, OR ANY COMPOSITION, REARRANGEMENT, EXTENSION, REORGANIZATION OR
OTHER RELIEF OF DEBTORS NOW OR HEREAFTER EXISTING IS REQUESTED OR CONSENTED TO
BY IT; OR (V) FAILS TO HAVE DISCHARGED WITHIN A PERIOD OF THIRTY (30) DAYS ANY
ATTACHMENT, SEQUESTRATION OR SIMILAR WRIT LEVIED UPON ANY PROPERTY OF IT.
(F)
JUDGMENT.
THE ENTRY OF ANY JUDGMENT AGAINST ANY ONE OR MORE
OBLIGORS OR THE ISSUANCE OR ENTRY OF ANY ATTACHMENTS OR OTHER LIENS AGAINST ANY
OF THE PROPERTY OF SUCH OBLIGOR(S) OR ITS SUBSIDIARIES FOR AN AMOUNT IN EXCESS
OF FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) (INDIVIDUALLY OR IN THE
AGGREGATE) IF UNINSURED, UNDISCHARGED, UNBONDED OR UNDISMISSED ON THE DATE ON
WHICH SUCH JUDGMENT COULD BE EXECUTED UPON.
(G)
ACTION OF LIEN HOLDER.
THE HOLDER OF ANY LIEN OR SECURITY
INTEREST ON ANY OF THE ASSETS OF ANY OBLIGOR (SECURING DEBT IN EXCESS OF
$50,000.00), INCLUDING WITHOUT LIMITATION, THE COLLATERAL, INSTITUTES
FORECLOSURE OR OTHER PROCEEDINGS FOR THE ENFORCEMENT OF ITS REMEDIES THEREUNDER.
(H)
LOAN DOCUMENTS.
THE LOAN DOCUMENTS SHALL AT ANY TIME AFTER
THEIR EXECUTION AND DELIVERY AND FOR ANY REASON CEASE (I) TO CREATE A VALID AND
PERFECTED FIRST PRIORITY SECURITY INTEREST (SUBJECT TO PERMITTED ENCUMBRANCES)
IN AND TO THE COLLATERAL SUBJECT TO THE LOAN DOCUMENTS;