DOCUMENTS EXECUTED
AND/OR DELIVERED IN CONNECTION THEREWITH OR REFERRED TO
5
THEREIN, THE TERMS OF WHICH ARE INCORPORATED HEREIN BY REFERENCE (AS AMENDED,
MODIFIED OR RENEWED FROM TIME TO TIME, COLLECTIVELY THE "LOAN DOCUMENTS"), AND
IS SECURED BY THE PROPERTY (IF ANY) DESCRIBED IN THE LOAN DOCUMENTS AND BY SUCH
OTHER COLLATERAL AS PREVIOUSLY MAY HAVE BEEN OR MAY IN THE FUTURE BE GRANTED TO
THE BANK TO SECURE THIS NOTE.
10.
EVENTS OF DEFAULT.
THE OCCURRENCE OF ANY OF THE FOLLOWING EVENTS
WILL BE DEEMED TO BE AN "EVENT OF DEFAULT" UNDER THIS NOTE:
(I) THE NONPAYMENT
OF ANY PRINCIPAL WHEN DUE OR THE NONPAYMENT OF ANY INTEREST OR OTHER
INDEBTEDNESS UNDER THIS NOTE WITHIN FIVE (5) DAYS AFTER THE DATE WHEN DUE;
(II) THE OCCURRENCE OF ANY EVENT OF DEFAULT OR ANY DEFAULT AND THE LAPSE OF ANY
NOTICE OR CURE PERIOD, OR ANY OBLIGOR'S FAILURE TO OBSERVE OR PERFORM (AFTER
GIVING EFFECT TO ANY NOTICE OR CURE PERIOD) ANY COVENANT OR OTHER AGREEMENT,
UNDER OR CONTAINED IN ANY LOAN DOCUMENT OR ANY OTHER DOCUMENT NOW OR IN THE
FUTURE EVIDENCING OR SECURING ANY DEBT, LIABILITY OR OBLIGATION OF ANY OBLIGOR
TO THE BANK; (III) THE FILING BY OR AGAINST ANY OBLIGOR OF ANY PROCEEDING IN
BANKRUPTCY, RECEIVERSHIP, INSOLVENCY, REORGANIZATION, LIQUIDATION,
CONSERVATORSHIP OR SIMILAR PROCEEDING (AND, IN THE CASE OF ANY SUCH PROCEEDING
INSTITUTED AGAINST ANY OBLIGOR, SUCH PROCEEDING IS NOT DISMISSED OR STAYED
WITHIN FORTY-FIVE (45) DAYS OF THE COMMENCEMENT THEREOF, PROVIDED THAT THE BANK
SHALL NOT BE OBLIGATED TO ADVANCE ADDITIONAL FUNDS HEREUNDER DURING SUCH
PERIOD); (IV) ANY ASSIGNMENT BY ANY OBLIGOR FOR THE BENEFIT OF CREDITORS, OR ANY
LEVY, GARNISHMENT, ATTACHMENT OR SIMILAR PROCEEDING IS INSTITUTED AGAINST ANY
PROPERTY OF ANY OBLIGOR HELD BY OR DEPOSITED WITH THE BANK; (V) A DEFAULT WITH
RESPECT TO ANY OTHER INDEBTEDNESS OF ANY OBLIGOR FOR BORROWED MONEY IN EXCESS OF
$50,000, IF THE EFFECT OF SUCH DEFAULT IS TO CAUSE OR PERMIT THE ACCELERATION OF
SUCH DEBT; (VI) THE COMMENCEMENT OF ANY FORECLOSURE OR FORFEITURE PROCEEDING,
EXECUTION OR ATTACHMENT AGAINST ANY COLLATERAL SECURING THE OBLIGATIONS OF ANY
OBLIGOR TO THE BANK; (VII) THE ENTRY OF A FINAL JUDGMENT IN EXCESS OF $100,000
OR THE ENTRY OF MULTIPLE FINAL JUDGMENTS AGGREGATING IN EXCESS OF $250,000
AGAINST ANY OBLIGOR AND THE FAILURE OF SUCH OBLIGOR TO DISCHARGE SUCH JUDGMENT
OR JUDGMENTS WITHIN THIRTY (30) DAYS OF THE ENTRY THEREOF; (VIII) ANY MATERIAL
ADVERSE CHANGE IN ANY OBLIGOR'S BUSINESS, ASSETS, OPERATIONS, FINANCIAL
CONDITION OR RESULTS OF OPERATIONS OF THE OBLIGORS TAKEN AS A WHOLE; (IX) ANY
OBLIGOR CEASES DOING BUSINESS AS A GOING CONCERN; OR (X) ANY REPRESENTATION OR
WARRANTY MADE BY ANY OBLIGOR TO THE BANK IN ANY LOAN DOCUMENT OR ANY OTHER
DOCUMENTS NOW OR IN THE FUTURE EVIDENCING OR SECURING THE OBLIGATIONS OF ANY
OBLIGOR TO THE BANK, IS FALSE, ERRONEOUS OR MISLEADING IN ANY MATERIAL RESPECT.
AS USED HEREIN, THE TERM "OBLIGOR" MEANS ANY BORROWER AND ANY GUARANTOR OF, OR
ANY PLEDGOR, MORTGAGOR OR OTHER PERSON