15 BUSINESS DAYS AFTER
BORROWER'S KNOWLEDGE OF THE OCCURRENCE OF SUCH DEFAULT.
9.4
MATERIAL ADVERSE EFFECT.
IF FOLLOWING THE DATE HEREOF THERE OCCURS
AN EVENT, ACT, CONDITION OR CHANGE WHICH HAD, HAS OR COULD REASONABLY BE
EXPECTED TO (A) MATERIALLY IMPAIR THE PROSPECTS OF REPAYMENT OF ANY PORTION OF
THE OBLIGATIONS OWING TO LENDER OR A MATERIAL IMPAIRMENT OF THE VALUE OR
PRIORITY OF LENDER'S SECURITY INTERESTS IN THE COLLATERAL OR (B) MATERIALLY
IMPAIR ANY RIGHT OR REMEDY OF THE LENDER UNDER ANY LOAN DOCUMENT.
9.5
OTHER AGREEMENTS.
DEFAULT SHALL BE MADE WITH RESPECT TO ANY PAYMENT
OF ANY INDEBTEDNESS OF BORROWER UNDER THE ORIGINAL LOAN AND SECURITY AGREEMENT
OR OTHER INDEBTEDNESS IN EXCESS OF $50,000 WHEN DUE OR THE PERFORMANCE OF ANY
COVENANT, AGREEMENT OR OTHER OBLIGATION INCURRED IN CONNECTION WITH ANY SUCH
INDEBTEDNESS, IF THE EFFECT OF SUCH DEFAULT IS TO PERMIT THE ACCELERATION OF THE
MATURITY OF SUCH INDEBTEDNESS AND SUCH DEFAULT SHALL NOT BE REMEDIED, CURED,
WAIVED OR CONSENTED TO BY THE HOLDER OF SUCH INDEBTEDNESS WITHIN THE APPLICABLE
GRACE PERIOD, OR ANY OTHER CIRCUMSTANCES ARISE (OTHER THAN THE MERE PASSAGE OF
TIME) BY REASON OF WHICH BORROWER IS REQUIRED TO REPURCHASE OR OFFER TO HOLDERS
OF INDEBTEDNESS OF ANY SUCH PERSON, THE OPPORTUNITY TO HAVE PURCHASED, ANY SUCH
INDEBTEDNESS.
22
9.6
JUDGMENTS.
FINAL JUDGMENT FOR THE PAYMENT OF MONEY SHALL BE RENDERED
BY A COURT OF COMPETENT JURISDICTION AGAINST A GRANTOR AND SUCH GRANTOR SHALL
NOT DISCHARGE THE SAME OR PROVIDE FOR ITS DISCHARGE IN ACCORDANCE WITH ITS
TERMS, OR PROCURE A STAY OF EXECUTION THEREOF WITHIN 10 DAYS FROM THE DATE OF
ENTRY THEREOF AND WITHIN A PERIOD OF 30 DAYS, OR SUCH LONGER PERIOD DURING WHICH
EXECUTION OF SUCH JUDGMENT SHALL HAVE BEEN STAYED, APPEAL THEREFROM AND CAUSE
THE EXECUTION THEREOF TO BE STAYED DURING SUCH APPEAL, AND SUCH JUDGMENT
TOGETHER WITH ALL OTHER SUCH JUDGMENTS OF THE BORROWER OR ITS SUBSIDIARIES SHALL
EXCEED IN THE AGGREGATE $50,000.
9.7
MISREPRESENTATIONS.
IF ANY WARRANTY, REPRESENTATION, STATEMENT, OR
REPORT MADE TO LENDER BY ANY GRANTOR OR ANY OFFICER, EMPLOYEE, AGENT, OR
DIRECTOR OF A GRANTOR IS UNTRUE IN ANY MATERIAL RESPECT WHEN MADE.
9.8
ENFORCEABILITY.
IF ANY LOAN DOCUMENT SHALL IN ANY MATERIAL RESPECT
CEASE TO BE, OR ANY GRANTOR SHALL ASSERT THAT ANY LOAN DOCUMENT IS NOT, A LEGAL,
VALID AND BINDING OBLIGATION OF SUCH GRANTOR ENFORCEABLE AGAINST IT IN
ACCORDANCE WITH ITS TERMS. IF THE LOAN DOCUMENTS SHALL, FOR ANY REASON, NOT GIVE
OR SHALL CEASE TO GIVE LENDER A PERFECTED LIEN IN ALL OF THE COLLATERAL WITH THE
PRIORITY CONTEMPLATED BY SUCH LOAN DOCUMENTS AND SUBJECT TO NO OTHER LIENS
(EXCEPT FOR PERMITTED LIENS), OTHER THAN BY ACTIONS OF THE LENDER.
9.9
BANKRUPTCY OR INSOLVENCY.
(A)
A GRANTOR SHALL COMMENCE ANY CASE, PROCEEDING OR OTHER ACTION
(I) UNDER ANY EXISTING OR FUTURE LAW OR STATUTE OF ANY JURISDICTION, DOMESTIC OR
FOREIGN, RELATING TO BANKRUPTCY, INSOLVENCY, REORGANIZATION OR RELIEF OF
DEBTORS, SEEKING TO HAVE AN ORDER FOR RELIEF ENTERED WITH RESPECT TO