IN
ANY OTHER LOAN DOCUMENT AND SUCH DEFAULT SHALL CONTINUE UNREMEDIED FOR A PERIOD
OF THIRTY (30) DAYS AFTER THE SOONER TO OCCUR OF RECEIPT OF NOTICE OF SUCH
DEFAULT FROM AGENT OR THE DATE ON WHICH SUCH DEFAULT FIRST BECOMES KNOWN TO
BORROWERS.
60
SECTION 7.1.4
BANKRUPTCY, INSOLVENCY, ETC.
ANY LOAN PARTY OR ANY GUARANTOR
SHALL:
(A)
BECOME INSOLVENT OR GENERALLY FAIL TO PAY, OR ADMIT IN WRITING ITS
INABILITY TO PAY, DEBTS AS THEY BECOME DUE;
(B)
APPLY FOR, CONSENT TO, OR ACQUIESCE IN, THE APPOINTMENT OF A
TRUSTEE, RECEIVER, SEQUESTRATOR OR OTHER CUSTODIAN FOR ITSELF OR ANY OF ITS
PROPERTY, OR MAKE A GENERAL ASSIGNMENT FOR THE BENEFIT OF CREDITORS;
(C)
IN THE ABSENCE OF SUCH APPLICATION, CONSENT OR ACQUIESCENCE, PERMIT
OR SUFFER TO EXIST THE APPOINTMENT OF A TRUSTEE, RECEIVER, SEQUESTRATOR OR OTHER
CUSTODIAN FOR ITSELF OR FOR A SUBSTANTIAL PART OF ITS PROPERTY AND SUCH TRUSTEE,
RECEIVER, SEQUESTRATOR OR OTHER CUSTODIAN SHALL NOT BE DISCHARGED WITHIN SIXTY
(60) DAYS;
(D)
PERMIT OR SUFFER TO EXIST THE COMMENCEMENT OF ANY BANKRUPTCY,
REORGANIZATION, DEBT ARRANGEMENT OR OTHER CASE OR PROCEEDING UNDER ANY
BANKRUPTCY OR INSOLVENCY LAW, OR ANY DISSOLUTION, WINDING UP OR LIQUIDATION
PROCEEDING, AND, IF SUCH CASE OR PROCEEDING IS NOT COMMENCED BY THE LOAN PARTY,
SUCH CASE OR PROCEEDING SHALL BE CONSENTED TO OR ACQUIESCED IN BY THE LOAN PARTY
OR SHALL RESULT IN THE ENTRY OF AN ORDER FOR RELIEF OR SHALL REMAIN FOR SIXTY
(60) DAYS UNDISMISSED; OR
(E)
TAKE ANY CORPORATE ACTION AUTHORIZING, OR IN FURTHERANCE OF, ANY OF
THE FOREGOING.
SECTION 7.1.5
BREACH OF WARRANTY.
ANY REPRESENTATION OR WARRANTY OF ANY
LOAN PARTY OR ANY GUARANTOR HEREUNDER OR IN ANY OTHER LOAN DOCUMENT OR IN ANY
OTHER WRITING FURNISHED BY OR ON BEHALF OF ANY LOAN PARTY TO THE AGENT OR ANY
LENDER FOR THE PURPOSES OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY SUCH LOAN
DOCUMENT IS OR SHALL BE INCORRECT WHEN MADE.
SECTION 7.1.6
DEFAULT ON OTHER INDEBTEDNESS, ETC.
(A) ANY INDEBTEDNESS OF
ANY LOAN PARTY OR ANY GUARANTOR IN AN AGGREGATE PRINCIPAL AMOUNT EXCEEDING FIVE
HUNDRED THOUSAND DOLLARS ($500,000) (I) SHALL BE DULY DECLARED TO BE OR SHALL
BECOME DUE AND PAYABLE PRIOR TO THE STATED MATURITY THEREOF, OR (II) SHALL NOT
BE PAID AS AND WHEN THE SAME BECOMES DUE AND PAYABLE INCLUDING ANY APPLICABLE
GRACE PERIOD; OR (B) THERE SHALL OCCUR AND BE CONTINUING ANY EVENT WHICH
CONSTITUTES AN EVENT OF DEFAULT UNDER ANY INSTRUMENT RELATING TO ANY
INDEBTEDNESS OF ANY LOAN PARTY IN AN AGGREGATE PRINCIPAL AMOUNT EXCEEDING FIVE
HUNDRED THOUSAND DOLLARS ($500,000) THE EFFECT OF WHICH IS TO PERMIT THE HOLDER
OR HOLDERS OF SUCH INDEBTEDNESS, OR A TRUSTEE, AGENT OR OTHER REPRESENTATIVE ON
BEHALF OF SUCH HOLDER OR HOLDERS, TO CAUSE SUCH INDEBTEDNESS TO BECOME DUE PRIOR
TO ITS STATED MATURITY.
SECTION 7.1.7
FAILURE OF VALID, PERFECTED LIEN.
AGENT'S LIEN IN THE
COLLATERAL, AND ALL PROCEEDS THEREOF, SECURING THE OBLIGATIONS SHALL CEASE TO BE
VALID OR PERFECTED AT ANY TIME AFTER