CONSOLIDATED TANGIBLE NET WORTH
WHICH SHALL NOT EXCEED 1.50 TO 1.00.
8.3
INTEREST COVERAGE RATIO.
AS OF THE END OF
THEIR FISCAL QUARTER ENDING DECEMBER 31, 2008 AND EACH OF THEIR SUBSEQUENT
FISCAL QUARTERS, THE BORROWER AND ITS SUBSIDIARIES SHALL MAINTAIN A RATIO OF
CONSOLIDATED EBITDA TO CONSOLIDATED INTEREST CHARGES OF NOT LESS THAN 2.00 TO
1.00.
SECTION 9
EVENTS OF DEFAULT.
The Borrower, without notice or demand of any kind, shall be in default under
this Agreement upon the occurrence of any of the following events (each an
"Event of Default").
9.1
NONPAYMENT OF OBLIGATIONS.
ANY AMOUNT DUE
AND OWING ON ANY OF THE OBLIGATIONS, WHETHER BY ITS TERMS OR AS OTHERWISE
PROVIDED HEREIN, IS NOT PAID WITHIN 5 DAYS OF THE DATE UPON WHICH IT IS DUE.
30
9.2
MISREPRESENTATION.
ANY ORAL OR WRITTEN
WARRANTY, REPRESENTATION, CERTIFICATE OR STATEMENT OF ANY OBLIGOR IN THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY OTHER AGREEMENT WITH THE BANK SHALL
BE FALSE IN ANY MATERIAL RESPECT WHEN MADE OR AT ANY TIME THEREAFTER, OR IF ANY
FINANCIAL DATA OR ANY OTHER INFORMATION NOW OR HEREAFTER FURNISHED TO THE BANK
BY OR ON BEHALF OF ANY OBLIGOR SHALL PROVE TO BE FALSE, INACCURATE OR MISLEADING
IN ANY MATERIAL RESPECT.
9.3
NONPERFORMANCE.
(A)
ANY FAILURE TO PERFORM OR DEFAULT IN THE PERFORMANCE OF ANY
COVENANT, CONDITION OR AGREEMENT CONTAINED IN SECTIONS 6.1, 6.5, 6.7, 6.14, 7.1,
7.2, 7.3, 7.4, 7.5, 7.10, 8.1, 8.2 OR 8.3 OF THIS AGREEMENT; OR
(B)
ANY FAILURE TO PERFORM OR DEFAULT IN THE PERFORMANCE OF ANY
COVENANT, CONDITION OR AGREEMENT CONTAINED IN THIS AGREEMENT, IN THE OTHER LOAN
DOCUMENTS OR ANY OTHER AGREEMENT WITH THE BANK WHICH COVENANT, CONDITION OR
AGREEMENT IS NOT SPECIFICALLY REFERENCED IN SECTION 9.3(A) HEREOF, WHICH FAILURE
TO PERFORM OR DEFAULT IN PERFORMANCE IS NOT REMEDIED WITHIN 5 DAYS AFTER THE
DATE ON WHICH SUCH FAILURE TO PERFORM OR DEFAULT SHALL HAVE OCCURRED.
9.4
DEFAULT UNDER LOAN DOCUMENTS.
A DEFAULT
BEYOND ANY GRACE OR CURE PERIOD UNDER ANY OF THE OTHER LOAN DOCUMENTS, ALL OF
WHICH COVENANTS, CONDITIONS AND AGREEMENTS CONTAINED THEREIN ARE HEREBY
INCORPORATED IN THIS AGREEMENT BY EXPRESS REFERENCE, SHALL BE AND CONSTITUTE AN
EVENT OF DEFAULT UNDER THIS AGREEMENT AND ANY OTHER OF THE OBLIGATIONS.
9.5
DEFAULT UNDER OTHER DEBT.
ANY DEFAULT BY ANY
OBLIGOR IN THE PAYMENT OF ANY INDEBTEDNESS FOR ANY OTHER OBLIGATION BEYOND ANY
PERIOD OF GRACE PROVIDED WITH RESPECT THERETO OR IN THE PERFORMANCE OF ANY OTHER
TERM, CONDITION OR COVENANT CONTAINED IN ANY AGREEMENT (INCLUDING ANY CAPITAL OR
OPERATING LEASE OR ANY AGREEMENT IN CONNECTION WITH THE DEFERRED PURCHASE PRICE
OF PROPERTY) UNDER WHICH ANY SUCH OBLIGATION IS CREATED, THE EFFECT OF SUCH
DEFAULT IS TO CAUSE OR PERMIT THE HOLDER OF SUCH OBLIGATION (OR THE OTHER PARTY
TO SUCH OTHER AGREEMENT) TO CAUSE SUCH OBLIGATION TO BECOME DUE PRIOR TO ITS
STATED MATURITY OR TERMINATE SUCH OTHER AGREEMENT AND COULD REASONABLY BE
EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
9.6
OTHER MATERIAL OBLIGATIONS.