CURRENT FAIR MARKET VALUES OF ALL OR ANY
PORTION OF THE REAL ESTATE OWNED BY LOAN PARTIES.
IN ADDITION TO THE FOREGOING,
AT BORROWER'S EXPENSE, AT ANY TIME WHILE AND SO LONG AS AN EVENT OF DEFAULT
SHALL HAVE OCCURRED AND BE CONTINUING, AND IN THE ABSENCE OF A DEFAULT OR EVENT
OF DEFAULT NOT MORE THAN ONCE DURING EACH CALENDAR YEAR, AGENT MAY OBTAIN
APPRAISAL REPORTS IN FORM AND SUBSTANCE AND FROM APPRAISERS SATISFACTORY TO
AGENT STATING THE THEN CURRENT MARKET VALUES OF ALL OR ANY PORTION OF THE REAL
ESTATE AND PERSONAL PROPERTY OWNED BY ANY OF THE LOAN PARTIES.
(H)
PROJECTIONS.
AS SOON AS AVAILABLE AND IN ANY EVENT NO LATER THAN
THE LAST DAY OF EACH OF BORROWER'S FISCAL YEARS, BORROWER WILL DELIVER
PROJECTIONS OF BORROWER AND ITS SUBSIDIARIES FOR THE FORTHCOMING FISCAL YEAR
MONTH BY MONTH.
(I)
SEC FILINGS AND PRESS RELEASES.
PROMPTLY UPON THEIR BECOMING
AVAILABLE, BORROWER WILL DELIVER COPIES OF (1) ALL FINANCIAL STATEMENTS,
REPORTS, NOTICES AND PROXY STATEMENTS, MATERIAL REPORTS AND MATERIAL NOTICES
SENT OR MADE AVAILABLE BY BORROWER OR ANY OF ITS SUBSIDIARIES TO ITS
STOCKHOLDERS, (2) ALL REGULAR AND PERIODIC REPORTS AND ALL REGISTRATION
STATEMENTS AND PROSPECTUSES, IF ANY,
72
FILED BY BORROWER OR ANY OF ITS SUBSIDIARIES WITH ANY SECURITIES EXCHANGE OR
WITH THE SECURITIES AND EXCHANGE COMMISSION, ANY GOVERNMENTAL AUTHORITY OR ANY
PRIVATE REGULATORY AUTHORITY, AND (3) ALL PRESS RELEASES AND OTHER STATEMENTS
MADE AVAILABLE BY BORROWER OR ANY OF ITS SUBSIDIARIES TO THE PUBLIC CONCERNING
DEVELOPMENTS IN THE BUSINESS OF ANY SUCH PERSON.
(J)
EVENTS OF DEFAULT, ETC.
PROMPTLY UPON ANY OFFICER OF ANY LOAN
PARTY OBTAINING KNOWLEDGE OF ANY OF THE FOLLOWING EVENTS OR CONDITIONS, BORROWER
SHALL DELIVER COPIES OF ALL NOTICES GIVEN OR RECEIVED BY BORROWER OR ANY OF ITS
SUBSIDIARIES WITH RESPECT TO ANY SUCH EVENT OR CONDITION AND A CERTIFICATE OF
BORROWER'S CHIEF EXECUTIVE OFFICER SPECIFYING THE NATURE AND PERIOD OF EXISTENCE
OF SUCH EVENT OR CONDITION AND WHAT ACTION BORROWER OR ANY OF ITS SUBSIDIARIES
HAS TAKEN, IS TAKING AND PROPOSES TO TAKE WITH RESPECT THERETO:
(1) ANY
CONDITION OR EVENT THAT CONSTITUTES, OR WHICH COULD REASONABLY BE EXPECTED TO
RESULT IN THE OCCURRENCE OF, AN EVENT OF DEFAULT OR DEFAULT; (2) ANY NOTICE THAT
ANY PERSON HAS GIVEN TO BORROWER OR ANY OF ITS SUBSIDIARIES OR ANY OTHER ACTION
TAKEN WITH RESPECT TO A CLAIMED DEFAULT OR EVENT OR CONDITION OF THE TYPE
REFERRED TO IN SECTION 8.1(B); OR (3) ANY EVENT OR CONDITION THAT COULD
REASONABLY BE EXPECTED TO RESULT IN ANY MATERIAL ADVERSE EFFECT.
(K)
LITIGATION.
PROMPTLY UPON ANY OFFICER OF ANY LOAN PARTY OBTAINING
KNOWLEDGE OF (1) THE INSTITUTION OF ANY ACTION, CHARGE, CLAIM, DEMAND, SUIT,
PROCEEDING, PETITION, GOVERNMENTAL INVESTIGATION, TAX AUDIT OR ARBITRATION NOW
PENDING OR, TO THE BEST KNOWLEDGE OF SUCH LOAN PARTY AFTER DUE INQUIRY,
THREATENED AGAINST OR AFFECTING ANY LOAN PARTY OR ANY OF ITS SUBSIDIARIES OR ANY
PROPERTY OF ANY LOAN PARTY OR ANY OF ITS SUBSIDIARIES ("LITIGATION") NOT
PREVIOUSLY DISCLOSED BY