TO WHICH SUCH FAILURES HAVE OCCURRED AND ARE CONTINUING
IS AT LEAST $200,000.00.
(E)
BORROWER, OR ANY OF THEM, APPLIES FOR OR
CONSENTS TO THE APPOINTMENT OF A TRUSTEE OR RECEIVER FOR ANY PART OF ITS
PROPERTIES; ANY BANKRUPTCY, REORGANIZATION, DEBT ARRANGEMENT, DISSOLUTION OR
LIQUIDATION PROCEEDING IS COMMENCED OR CONSENTED TO BY BORROWER OR ANY OF THEM;
OR ANY APPLICATION FOR APPOINTMENT OF A RECEIVER OR A TRUSTEE, OR ANY PROCEEDING
FOR BANKRUPTCY, REORGANIZATION, DEBT MANAGEMENT OR LIQUIDATION IS FILED FOR OR
COMMENCED AGAINST BORROWER OR ANY OF THEM, AND IS NOT WITHDRAWN OR DISMISSED
WITHIN SIXTY (60) DAYS THEREAFTER.
(F)
FAILURE OF BORROWER TO COMPLY WITH ANY
OTHER PROVISION OF THIS CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS NOT
CONSTITUTING AN EVENT OF DEFAULT UNDER ANY OF THE PRECEDING SUBPARAGRAPHS OF
THIS SECTION 12.1, AND SUCH FAILURE CONTINUES FOR THIRTY (30) DAYS AFTER
BORROWER LEARNS OF SUCH FAILURE TO COMPLY, WHETHER BY BORROWER'S OWN DISCOVERY
OR THROUGH NOTICE FROM LENDER.
(G)
THE ENTRY OF ONE OR MORE JUDGMENTS IN AN
AGGREGATE AMOUNT IN EXCESS OF $200,000.00 AGAINST BORROWER NOT STAYED,
DISCHARGED OR PAID WITHIN THIRTY (30) DAYS AFTER ENTRY.
12.2
NO REVOLVING ADVANCE OR LETTER OF CREDIT.
LENDER
MAY SUSPEND THE REVOLVING COMMITMENT UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF POTENTIAL DEFAULT OR AN EVENT OF DEFAULT AND SHALL HAVE NO
OBLIGATION TO MAKE ANY REVOLVING ADVANCE AND NO OBLIGATION TO ISSUE OR RENEW ANY
LETTER OF CREDIT IF A POTENTIAL DEFAULT OR AN EVENT OF DEFAULT SHALL OCCUR AND
BE CONTINUING.
41
12.3
RIGHTS AND REMEDIES.
IN ADDITION TO THE REMEDIES
SET FORTH IN SECTION 12.1 AND 12.2 HEREOF, UPON THE OCCURRENCE OF AN EVENT OF
DEFAULT (AND UNLESS AND UNTIL SUCH EVENT OF DEFAULT IS WAIVED IN WRITING BY
LENDER), LENDER SHALL BE ENTITLED TO (A) DEMAND THAT BORROWER TO ESTABLISH THE
CASH COLLATERAL ACCOUNT AND TO DEPOSIT THEREIN IMMEDIATELY AVAILABLE FUNDS IN
THE AMOUNT OF THE UNDRAWN FACE AMOUNT OF ALL LETTERS OF CREDIT THEN OUTSTANDING
(AND IF BORROWER FAILS TO ESTABLISH SUCH ACCOUNT AND/OR PROVIDE SUCH FUNDS
WITHIN TWO (2) BANKING DAYS OF SUCH DEMAND, LENDER MAY ESTABLISH SUCH ACCOUNT
AND/OR PROVIDE SUCH FUNDS BY A REVOLVING ADVANCE, WITHOUT REGARD TO ANY
LIMITATIONS THEREON); AND (B) EXERCISE ALL THE RIGHTS AND REMEDIES PROVIDED IN
THE SECURITY DOCUMENTS AND OTHER LOAN DOCUMENTS AND BY ANY APPLICABLE LAW,
INCLUDING, WITHOUT LIMITATION, THE UNIFORM COMMERCIAL CODE AS ENACTED IN THE
STATE OF COLORADO OR THE STATE WHICH GOVERNS PERFECTION OF A SECURITY INTEREST
IN THE COLLATERAL, WHICHEVER PROVIDES LENDER WITH GREATER RIGHTS.
EACH AND
EVERY RIGHT OR REMEDY GRANTED TO LENDER PURSUANT TO THIS CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS, OR ALLOWED LENDER BY LAW OR EQUITY, SHALL BE
CUMULATIVE.
FAILURE OR DELAY ON THE PART OF LENDER TO EXERCISE ANY SUCH RIGHT
OR REMEDY SHALL NOT OPERATE AS A WAIVER THEREOF.
ANY SINGLE OR PARTIAL EXERCISE
BY LENDER OF ANY SUCH RIGHT OR REMEDY SHALL NOT PRECLUDE ANY FUTURE EXERCISE
THEREOF OR THE EXERCISE