PERMIT, PATENT TRADEMARK OR TRADENAME
OF ANY BORROWER, THE CONTINUATION OF WHICH IS MATERIAL TO THE CONTINUATION OF
ANY BORROWER'S BUSINESS, OR (B) COMMENCE PROCEEDINGS TO SUSPEND, REVOKE,
TERMINATE OR ADVERSELY MODIFY ANY SUCH LICENSE, PERMIT, TRADEMARK, TRADENAME OR
PATENT AND SUCH PROCEEDINGS SHALL NOT BE DISMISSED OR DISCHARGED WITHIN SIXTY
(60) DAYS, OR (C) SCHEDULE OR CONDUCT A HEARING ON THE RENEWAL OF ANY LICENSE,
PERMIT, TRADEMARK, TRADENAME OR PATENT NECESSARY FOR THE CONTINUATION OF ANY
BORROWER'S BUSINESS AND THE STAFF OF SUCH GOVERNMENTAL BODY ISSUES A REPORT
RECOMMENDING THE TERMINATION, REVOCATION, SUSPENSION OR MATERIAL, ADVERSE
MODIFICATION OF SUCH LICENSE, PERMIT, TRADEMARK, TRADENAME OR PATENT; (II) ANY
AGREEMENT WHICH IS NECESSARY OR MATERIAL TO THE OPERATION OF ANY BORROWER'S
BUSINESS SHALL BE REVOKED OR TERMINATED AND NOT REPLACED BY A SUBSTITUTE
ACCEPTABLE TO AGENT WITHIN THIRTY (30) DAYS AFTER THE DATE OF SUCH REVOCATION OR
TERMINATION, AND SUCH REVOCATION OR TERMINATION AND NON-REPLACEMENT WOULD
REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT;
77
10.18.
SEIZURES.
ANY PORTION OF THE COLLATERAL LOCATED IN THE UNITED
STATES OR CANADA OR INCLUDED IN THE FORMULA AMOUNT SHALL BE SEIZED OR TAKEN BY A
GOVERNMENTAL BODY, OR ANY BORROWER OR THE TITLE AND RIGHTS OF ANY BORROWER, ANY
GUARANTOR OR ANY ORIGINAL OWNER WHICH IS THE OWNER OF ANY MATERIAL PORTION OF
THE COLLATERAL SHALL HAVE BECOME THE SUBJECT MATTER OF CLAIM, LITIGATION, SUIT
OR OTHER PROCEEDING WHICH COULD REASONABLY BE EXPECTED IN AGENT'S PERMITTED
DISCRETION, UPON FINAL DETERMINATION, TO RESULT IN IMPAIRMENT OR LOSS OF THE
SECURITY PROVIDED BY THIS AGREEMENT OR THE OTHER DOCUMENTS;
10.19.
OPERATIONS.
THE OPERATIONS OF ANY BORROWER'S MANUFACTURING FACILITY
ARE INTERRUPTED AT ANY TIME FOR MORE THAN SEVEN (7) CONSECUTIVE DAYS, UNLESS
SUCH BORROWER SHALL (I) BE ENTITLED TO RECEIVE FOR SUCH PERIOD OF INTERRUPTION,
PROCEEDS OF BUSINESS INTERRUPTION INSURANCE SUFFICIENT TO ASSURE THAT ITS PER
DIEM CASH NEEDS DURING SUCH PERIOD IS AT LEAST EQUAL TO ITS AVERAGE PER DIEM
CASH NEEDS FOR THE CONSECUTIVE THREE (3) MONTH PERIOD IMMEDIATELY PRECEDING THE
INITIAL DATE OF INTERRUPTION AND (II) RECEIVE SUCH PROCEEDS IN THE AMOUNT
DESCRIBED IN CLAUSE (I) PRECEDING NOT LATER THAN THIRTY (30) DAYS FOLLOWING THE
INITIAL DATE OF ANY SUCH INTERRUPTION; PROVIDED, HOWEVER, THAT NOTWITHSTANDING
THE PROVISIONS OF CLAUSES (I) AND (II) OF THIS SECTION, AN EVENT OF DEFAULT
SHALL BE DEEMED TO HAVE OCCURRED IF SUCH BORROWER SHALL BE RECEIVING THE
PROCEEDS OF BUSINESS INTERRUPTION INSURANCE FOR A PERIOD OF THIRTY (30)
CONSECUTIVE DAYS; OR
10.20.
PENSION PLANS.
AN EVENT OR CONDITION SPECIFIED IN SECTIONS 7.16 OR
9.15 HEREOF SHALL OCCUR OR EXIST WITH RESPECT TO ANY PLAN AND, AS A RESULT OF
SUCH EVENT OR CONDITION, TOGETHER WITH ALL OTHER SUCH EVENTS OR CONDITIONS, ANY
BORROWER OR ANY MEMBER OF THE CONTROLLED GROUP SHALL INCUR, OR IN THE OPINION OF
AGENT BE REASONABLY LIKELY TO INCUR, A LIABILITY TO A PLAN OR THE PBGC (OR BOTH)
WHICH, IN THE REASONABLE JUDGMENT OF AGENT, WOULD HAVE A MATERIAL ADVERSE
EFFECT.
XI.