NEEDS FOR THE CONSECUTIVE THREE MONTH PERIOD IMMEDIATELY PRECEDING THE
INITIAL DATE OF INTERRUPTION AND (II) RECEIVE ANY 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 ANY 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
9.16 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 (INCLUDING ANY
CANADIAN PLAN) OR THE PBGC (OR BOTH) WHICH, IN THE REASONABLE JUDGMENT OF AGENT,
WOULD HAVE A MATERIAL ADVERSE EFFECT.
81
XI
LENDERS' RIGHTS AND REMEDIES AFTER DEFAULT.
11.1.
RIGHTS AND REMEDIES.
(A)
UPON THE OCCURRENCE OF (I) AN EVENT OF DEFAULT PURSUANT TO
SECTION 10.7 ALL OBLIGATIONS SHALL BE IMMEDIATELY DUE AND PAYABLE AND THIS
AGREEMENT AND THE OBLIGATION OF LENDERS TO MAKE ADVANCES SHALL BE DEEMED
TERMINATED; AND, (II) ANY OF THE OTHER EVENTS OF DEFAULT AND AT ANY TIME
THEREAFTER (SUCH DEFAULT NOT HAVING PREVIOUSLY BEEN CURED), AT THE OPTION OF
REQUIRED LENDERS ALL OBLIGATIONS SHALL BE IMMEDIATELY DUE AND PAYABLE AND
LENDERS SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT AND TO TERMINATE THE
OBLIGATION OF LENDERS TO MAKE ADVANCES AND (III) A FILING OF A PETITION AGAINST
ANY BORROWER IN ANY INVOLUNTARY CASE UNDER ANY STATE OR FEDERAL BANKRUPTCY LAWS,
ALL OBLIGATIONS SHALL BE IMMEDIATELY DUE AND PAYABLE AND THE OBLIGATION OF
LENDERS TO MAKE ADVANCES HEREUNDER SHALL BE TERMINATED OTHER THAN AS MAY BE
REQUIRED BY AN APPROPRIATE ORDER OF THE BANKRUPTCY COURT HAVING JURISDICTION
OVER SUCH BORROWER. UPON THE OCCURRENCE OF ANY EVENT OF DEFAULT, AGENT SHALL
HAVE THE RIGHT TO EXERCISE ANY AND ALL RIGHTS AND REMEDIES PROVIDED FOR HEREIN,
UNDER THE OTHER DOCUMENTS, UNDER THE UNIFORM COMMERCIAL CODE AND AT LAW OR
EQUITY GENERALLY, INCLUDING THE RIGHT TO FORECLOSE THE SECURITY INTERESTS
GRANTED HEREIN AND TO REALIZE UPON ANY COLLATERAL BY ANY AVAILABLE JUDICIAL
PROCEDURE AND/OR TO TAKE POSSESSION OF AND SELL ANY OR ALL OF THE COLLATERAL
WITH OR WITHOUT JUDICIAL PROCESS. AGENT MAY ENTER ANY OF ANY BORROWER'S PREMISES
OR OTHER PREMISES WITHOUT LEGAL PROCESS AND WITHOUT INCURRING LIABILITY TO ANY
BORROWER THEREFOR, AND AGENT MAY THEREUPON, OR AT ANY TIME THEREAFTER, IN ITS
DISCRETION WITHOUT NOTICE OR DEMAND, TAKE THE COLLATERAL AND REMOVE THE SAME TO
SUCH PLACE AS AGENT MAY DEEM ADVISABLE AND AGENT MAY REQUIRE BORROWERS TO MAKE
THE COLLATERAL AVAILABLE TO AGENT AT A CONVENIENT PLACE. WITH OR WITHOUT HAVING
THE COLLATERAL AT THE TIME OR PLACE