AT A LEVEL CONSISTENT WITH THE SALARY AND OTHER PAYMENTS BEING PAID
AT THE DATE OF THIS AGREEMENT AND HERETOFORE DISCLOSED IN WRITING TO THE BANK,
NOR TO PREVENT THE HIRING OF ADDITIONAL OFFICERS AT A SALARY LEVEL CONSISTENT
WITH INDUSTRY PRACTICE, NOR TO PREVENT REASONABLE PERIODIC INCREASES IN SALARY
OR BENEFITS.
7.8
CHANGE OF STRUCTURE, ETC.
THE BORROWER WILL
NOT CHANGE ITS CORPORATE NAME OR LEGAL STRUCTURE, NOR WILL THE BORROWER CHANGE
ITS FISCAL YEAR OR MATERIALLY CHANGE ITS METHODS OF FINANCIAL REPORTING UNLESS,
IN EACH INSTANCE, PRIOR WRITTEN NOTICE OF SUCH CHANGE IS GIVEN TO THE BANK AND
PRIOR TO SUCH CHANGE THE BORROWER ENTERS INTO AMENDMENTS TO THIS AGREEMENT IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE BANK IN ORDER TO PRESERVE
UNIMPAIRED THE RIGHTS OF THE BANK AND THE OBLIGATIONS OF THE BORROWER HEREUNDER.
7.9
HAZARDOUS WASTE.
EXCEPT AS PROVIDED BELOW,
THE BORROWER WILL NOT DISPOSE OF OR SUFFER OR PERMIT TO EXIST ANY HAZARDOUS
MATERIAL OR OIL ON ANY SITE OR VESSEL OWNED, OCCUPIED OR OPERATED BY THE
BORROWER OR ANY SUBSIDIARY OF THE BORROWER, NOR SHALL THE BORROWER STORE (OR
PERMIT ANY SUBSIDIARY TO STORE) ON ANY SITE OR VESSEL OWNED, OCCUPIED OR
OPERATED BY THE BORROWER OR ANY SUCH SUBSIDIARY, OR TRANSPORT OR ARRANGE THE
TRANSPORT OF, ANY HAZARDOUS MATERIAL OR OIL (THE TERMS "HAZARDOUS MATERIAL",
"OIL" AND "VESSEL", RESPECTIVELY, BEING USED HEREIN WITH THE MEANINGS GIVEN
THOSE TERMS IN MASS. GEN. LAWS. CH. 21E OR ANY COMPARABLE TERMS IN ANY
COMPARABLE STATUTE IN EFFECT IN ANY OTHER RELEVANT JURISDICTION).
THE BORROWER
SHALL PROVIDE THE BANK WITH WRITTEN NOTICE OF (I) THE INTENDED STORAGE OR
TRANSPORT OF ANY HAZARDOUS MATERIAL OR OIL BY THE BORROWER OR ANY SUBSIDIARY OF
THE BORROWER, (II) ANY POTENTIAL OR KNOWN RELEASE OR THREAT OF RELEASE OF ANY
HAZARDOUS MATERIAL OR OIL AT OR FROM ANY SITE OR VESSEL OWNED, OCCUPIED OR
OPERATED BY THE BORROWER OR ANY SUBSIDIARY OF THE BORROWER, AND (III) ANY
INCURRENCE OF ANY EXPENSE OR LOSS BY ANY GOVERNMENT OR GOVERNMENTAL AUTHORITY IN
CONNECTION WITH THE ASSESSMENT, CONTAINMENT OR REMOVAL OF ANY HAZARDOUS MATERIAL
OR OIL FOR WHICH EXPENSE OR LOSS THE BORROWER OR ANY SUBSIDIARY OF THE BORROWER
MAY BE LIABLE.
NOTWITHSTANDING THE FOREGOING, THE BORROWER AND ITS SUBSIDIARIES
MAY USE, STORE AND TRANSPORT, AND NEED NOT NOTIFY THE BANK OF THE USE, STORAGE
OR TRANSPORTATION OF, (X) OIL IN REASONABLE QUANTITIES, AS FUEL FOR HEATING OF
THEIR RESPECTIVE FACILITIES OR FOR VEHICLES OR MACHINERY USED IN THE ORDINARY
COURSE OF THEIR RESPECTIVE BUSINESSES AND (Y) HAZARDOUS MATERIALS THAT ARE
SOLVENTS, CLEANING AGENTS OR OTHER MATERIALS USED IN THE ORDINARY COURSE OF THE
RESPECTIVE BUSINESS OPERATIONS OF THE BORROWER AND ITS SUBSIDIARIES IN
REASONABLE QUANTITIES, AS LONG AS IN ANY CASE THE BORROWER OF THE SUBSIDIARY
CONCERNED (AS THE CASE MAY BE) HAS OBTAINED AND MAINTAINS IN EFFECT ANY
NECESSARY GOVERNMENTAL PERMITS, LICENSES AND APPROVALS, COMPLIES WITH ALL
REQUIREMENTS OF APPLICABLE FEDERAL, STATE AND LOCAL LAW RELATING TO SUCH USE,
STORAGE OR