CERTAIN.
DURING THE
ADDITIONAL PERIOD THE FAILURE TO CURE THE DEFAULT IS NOT AN EVENT OF DEFAULT
(BUT NO CREDIT EXTENSIONS SHALL BE MADE DURING THE CURE PERIOD);
8.3
MATERIAL ADVERSE CHANGE.
A MATERIAL ADVERSE CHANGE OCCURS;
8.4
ATTACHMENT.
(I) ANY MATERIAL PORTION OF BORROWER'S ASSETS IS
ATTACHED, SEIZED, LEVIED ON, OR COMES INTO POSSESSION OF A TRUSTEE OR RECEIVER
AND THE ATTACHMENT, SEIZURE OR LEVY IS NOT REMOVED IN TEN (10) DAYS; (II) THE
SERVICE OF PROCESS UPON THE BORROWER SEEKING TO ATTACH, BY TRUSTEE OR SIMILAR
PROCESS ANY FUNDS OF THE BORROWER ON DEPOSIT WITH THE BANK; (III) BORROWER IS
ENJOINED, RESTRAINED, OR PREVENTED BY COURT ORDER FROM CONDUCTING A MATERIAL
PART OF ITS BUSINESS; (IV) A JUDGMENT OR OTHER CLAIM BECOMES A LIEN ON A
MATERIAL PORTION OF BORROWER'S ASSETS; OR (V) A NOTICE OF LIEN, LEVY, OR
ASSESSMENT IS FILED AGAINST ANY OF BORROWER'S ASSETS BY ANY GOVERNMENT AGENCY
AND NOT PAID WITHIN TEN (10) DAYS AFTER BORROWER RECEIVES NOTICE.
THESE ARE NOT
EVENTS OF DEFAULT IF STAYED OR IF A BOND IS POSTED PENDING CONTEST BY BORROWER
(BUT NO CREDIT EXTENSIONS SHALL BE MADE DURING THE CURE PERIOD);
8.5
INSOLVENCY.
(I) BORROWER BECOMES INSOLVENT; (II) BORROWER BEGINS
AN INSOLVENCY PROCEEDING; OR (III) AN INSOLVENCY PROCEEDING IS BEGUN AGAINST
BORROWER AND NOT DISMISSED OR STAYED WITHIN FORTY-FIVE (45) DAYS (BUT NO CREDIT
EXTENSIONS SHALL BE MADE BEFORE ANY INSOLVENCY PROCEEDING IS DISMISSED);
8.6
OTHER AGREEMENTS.
IF THERE IS A DEFAULT IN ANY AGREEMENT TO WHICH
BORROWER IS A PARTY WITH A THIRD PARTY OR PARTIES RESULTING IN A RIGHT BY SUCH
THIRD PARTY OR PARTIES, WHETHER OR NOT EXERCISED, TO ACCELERATE THE MATURITY OF
ANY INDEBTEDNESS IN AN AMOUNT IN EXCESS OF ONE HUNDRED THOUSAND DOLLARS
($100,000) OR THAT COULD RESULT IN A
MATERIAL ADVERSE CHANGE;
8.7
JUDGMENTS.
IF A JUDGMENT OR JUDGMENTS FOR THE PAYMENT OF MONEY IN
AN AMOUNT, INDIVIDUALLY OR IN THE AGGREGATE, OF AT LEAST TWO HUNDRED THOUSAND
DOLLARS ($200,000) SHALL BE RENDERED AGAINST BORROWER AND SHALL REMAIN
UNSATISFIED AND UNSTAYED FOR A PERIOD OF TEN (10) DAYS (PROVIDED THAT NO CREDIT
EXTENSIONS WILL BE MADE PRIOR TO THE SATISFACTION OR STAY OF SUCH JUDGMENT);
9
8.8
MISREPRESENTATIONS.
IF BORROWER OR ANY PERSON ACTING FOR BORROWER
MAKES ANY MATERIAL MISREPRESENTATION OR MATERIAL MISSTATEMENT NOW OR LATER IN
ANY WARRANTY OR REPRESENTATION IN THIS AGREEMENT OR IN ANY WRITING DELIVERED TO
BANK OR TO INDUCE BANK TO ENTER THIS AGREEMENT OR ANY LOAN DOCUMENT.
8.9
GUARANTY.
(I) ANY GUARANTY OF ANY OBLIGATIONS TERMINATES OR
CEASES FOR ANY REASON TO BE IN FULL FORCE; OR (II) ANY GUARANTOR DOES NOT
PERFORM ANY OBLIGATION UNDER ANY GUARANTY OF THE OBLIGATIONS; OR (III) ANY
MATERIAL MISREPRESENTATION OR MATERIAL MISSTATEMENT EXISTS NOW OR LATER IN ANY
WARRANTY OR REPRESENTATION IN ANY GUARANTY OF THE OBLIGATIONS OR IN ANY
CERTIFICATE DELIVERED TO BANK IN CONNECTION WITH THE GUARANTY; OR (IV) ANY
CIRCUMSTANCE DESCRIBED IN SECTION 7, OR SECTIONS 8.4, 8.5 OR 8.7 OCCURS TO ANY
GUARANTOR, OR