DAY PERIOD SHALL BE EXTENDED FOR AN ADDITIONAL PERIOD OF TIME
AS IS REASONABLY NECESSARY FOR BORROWER IN THE EXERCISE OF DUE DILIGENCE TO CURE
SUCH CONDITION, SUCH ADDITIONAL PERIOD NOT TO EXCEED ONE HUNDRED AND TWENTY
(120) DAYS;
(VI)
BORROWER OR ANY OTHER BORROWER PARTY SHALL MAKE AN ASSIGNMENT FOR
THE BENEFIT OF CREDITORS;
(VII)
A RECEIVER, LIQUIDATOR OR TRUSTEE SHALL BE APPOINTED FOR BORROWER
OR ANY OTHER BORROWER PARTY, OR IF BORROWER OR ANY OTHER BORROWER PARTY SHALL BE
ADJUDICATED A BANKRUPT OR INSOLVENT, OR IF ANY PETITION FOR BANKRUPTCY,
REORGANIZATION OR ARRANGEMENT PURSUANT TO FEDERAL BANKRUPTCY LAW, OR ANY SIMILAR
FEDERAL OR STATE LAW, SHALL BE FILED BY OR AGAINST, CONSENTED TO, OR ACQUIESCED
IN BY, BORROWER OR ANY OTHER BORROWER PARTY, OR IF ANY PROCEEDING FOR THE
DISSOLUTION OR LIQUIDATION OF BORROWER OR ANY OTHER BORROWER PARTY SHALL BE
INSTITUTED; PROVIDED, THAT IF SUCH APPOINTMENT, ADJUDICATION, PETITION OR
PROCEEDING WAS INVOLUNTARY AND NOT CONSENTED TO BY BORROWER OR ANY OTHER
BORROWER PARTY, UPON THE SAME NOT BEING DISCHARGED, STAYED OR DISMISSED WITHIN
SIXTY (60) DAYS;
(VIII)
BORROWER OR ANY OTHER BORROWER PARTY ATTEMPTS TO ASSIGN ITS RIGHTS
UNDER THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY INTEREST HEREIN
OR THEREIN IN CONTRAVENTION OF THE LOAN DOCUMENTS;
167
(IX)
BORROWER OR ANY OTHER BORROWER PARTY BREACHES ANY OF ITS
RESPECTIVE NEGATIVE COVENANTS CONTAINED IN SECTION 5.2 OR ANY COVENANT CONTAINED
IN SECTION 4.1.29 OR SECTION 5.1.11; PROVIDED THAT A BREACH OF ANY SUCH COVENANT
SHALL NOT CONSTITUTE AN EVENT OF DEFAULT IF (A) SUCH BREACH IS INADVERTENT AND
NON-RECURRING, (B) BORROWER SHALL CURE SUCH BREACH WITHIN FIFTEEN (15) BUSINESS
DAYS AFTER WRITTEN NOTICE OF SUCH BREACH FROM LENDER TO BORROWER, OR (C) WITH
RESPECT TO A BREACH OF ANY COVENANT CONTAINED IN SECTION 4.1.29, WITHIN FIFTEEN
(15) BUSINESS DAYS AFTER THE REQUEST OF LENDER, BORROWER DELIVERS TO LENDER AN
ADDITIONAL INSOLVENCY OPINION, OR A MODIFICATION OF THE INSOLVENCY OPINION, TO
THE EFFECT THAT SUCH BREACH SHALL NOT IN ANY WAY IMPAIR, NEGATE OR AMEND THE
OPINIONS RENDERED IN THE INSOLVENCY OPINION, WHICH OPINION OR MODIFICATION SHALL
BE IN FORM AND SUBSTANCE ACCEPTABLE TO LENDER IN ITS REASONABLE DISCRETION;
(X)
WITH RESPECT TO ANY TERM, COVENANT OR PROVISION SET FORTH HEREIN
WHICH SPECIFICALLY CONTAINS A NOTICE REQUIREMENT OR GRACE PERIOD, BORROWER OR
ANY OTHER BORROWER PARTY SHALL BE IN DEFAULT UNDER SUCH TERM, COVENANT OR
CONDITION AFTER THE GIVING OF SUCH NOTICE OR THE EXPIRATION OF SUCH GRACE
PERIOD;
(XI)
ANY OF THE ASSUMPTIONS CONTAINED IN THE INSOLVENCY OPINION
DELIVERED TO LENDER IN CONNECTION WITH THE LOAN, OR IN ANY ADDITIONAL INSOLVENCY
OPINION DELIVERED SUBSEQUENT TO THE CLOSING OF THE LOAN, IS OR SHALL BECOME
UNTRUE IN ANY MATERIAL RESPECT;
(XII)
A MATERIAL DEFAULT HAS OCCURRED AND CONTINUES BEYOND ANY
APPLICABLE CURE PERIOD UNDER ANY MATERIAL OPERATING AGREEMENT IF SUCH DEFAULT
PERMITS ANY OTHER PARTY THEREUNDER TO TERMINATE OR CANCEL SUCH MATERIAL
OPERATING AGREEMENT OR OTHERWISE COULD REASONABLY BE EXPECTED TO HAVE A MATERIAL