THAN $50,000 IS AT ISSUE IS LISTED ON THE ADDENDUM.
3.8.
TAX RETURNS.
EACH LOAN PARTY HAS FILED ALL RETURNS AND REPORTS
THAT ARE REQUIRED TO BE FILED BY IT IN CONNECTION WITH ANY FEDERAL, STATE OR
LOCAL TAX, DUTY OR CHARGE LEVIED, ASSESSED OR IMPOSED UPON IT OR ITS PROPERTY OR
WITHHELD BY IT, INCLUDING INCOME, UNEMPLOYMENT, SOCIAL SECURITY AND SIMILAR
TAXES, AND ALL OF SUCH TAXES WHEN DUE HAVE BEEN EITHER PAID OR ADEQUATE RESERVE
OR OTHER PROVISION HAS BEEN MADE THEREFOR.
3.9.
EMPLOYEE BENEFIT PLANS.
EACH EMPLOYEE BENEFIT PLAN AS TO WHICH A
LOAN PARTY MAY HAVE ANY LIABILITY COMPLIES IN ALL MATERIAL RESPECTS WITH ALL
APPLICABLE PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (AS
AMENDED FROM TIME TO TIME, "ERISA"), INCLUDING MINIMUM FUNDING REQUIREMENTS, AND
(I) NO PROHIBITED TRANSACTION (AS DEFINED UNDER ERISA) HAS OCCURRED WITH RESPECT
TO ANY SUCH PLAN, (II) NO REPORTABLE EVENT (AS DEFINED UNDER SECTION 4043 OF
ERISA) HAS OCCURRED WITH RESPECT TO ANY SUCH PLAN WHICH WOULD CAUSE THE PENSION
BENEFIT GUARANTY CORPORATION TO INSTITUTE PROCEEDINGS UNDER SECTION 4042 OF
ERISA, (III) NO LOAN PARTY HAS WITHDRAWN FROM ANY SUCH PLAN OR INITIATED STEPS
TO DO SO, AND (IV) NO STEPS HAVE BEEN TAKEN TO TERMINATE ANY SUCH PLAN.
3.10.
ENVIRONMENTAL MATTERS.
EACH LOAN PARTY IS IN COMPLIANCE, IN ALL
MATERIAL RESPECTS, WITH ALL ENVIRONMENTAL LAWS (AS HEREINAFTER DEFINED),
INCLUDING, WITHOUT LIMITATION, ALL ENVIRONMENTAL LAWS IN JURISDICTIONS IN WHICH
THE BORROWER OWNS OR OPERATES, OR HAS OWNED OR OPERATED, A FACILITY OR SITE,
STORES COLLATERAL, ARRANGES OR HAS ARRANGED FOR DISPOSAL OR TREATMENT OF
HAZARDOUS SUBSTANCES, SOLID WASTE OR OTHER WASTE, ACCEPTS OR HAS ACCEPTED FOR
TRANSPORT ANY HAZARDOUS SUBSTANCES, SOLID WASTE OR OTHER WASTES OR HOLDS OR HAS
HELD ANY INTEREST IN REAL PROPERTY OR OTHERWISE.
EXCEPT AS OTHERWISE DISCLOSED
ON THE ADDENDUM, NO LITIGATION OR PROCEEDING ARISING UNDER, RELATING TO OR IN
CONNECTION WITH ANY ENVIRONMENTAL LAW IS PENDING OR, TO THE BEST OF THE
BORROWER'S KNOWLEDGE AS OF THE DATE HEREOF, THREATENED AGAINST A LOAN PARTY, ANY
REAL PROPERTY WHICH A LOAN PARTY HOLDS OR HAS HELD AN INTEREST OR ANY PAST OR
PRESENT OPERATION OF THE BORROWER.
NO RELEASE, THREATENED RELEASE OR DISPOSAL
OF HAZARDOUS WASTE, SOLID WASTE OR OTHER WASTES IS OCCURRING, OR TO THE BEST OF
THE BORROWER'S KNOWLEDGE HAS OCCURRED, ON, UNDER OR TO ANY REAL PROPERTY IN
WHICH THE BORROWER HOLDS OR HAS HELD ANY INTEREST OR PERFORMS OR HAS PERFORMED
ANY OF ITS OPERATIONS, IN VIOLATION OF ANY ENVIRONMENTAL LAW.
AS USED IN THIS
SECTION, "LITIGATION OR PROCEEDING" MEANS ANY DEMAND, CLAIM NOTICE, SUIT, SUIT
IN EQUITY, ACTION, ADMINISTRATIVE ACTION, INVESTIGATION OR INQUIRY WHETHER
BROUGHT BY A GOVERNMENTAL AUTHORITY OR OTHER PERSON, AND "ENVIRONMENTAL LAWS"
MEANS ALL
4
PROVISIONS OF LAWS, STATUTES, ORDINANCES, RULES, REGULATIONS, PERMITS, LICENSES,
JUDGMENTS, WRITS, INJUNCTIONS, DECREES, ORDERS, AWARDS AND STANDARDS PROMULGATED
BY ANY GOVERNMENTAL AUTHORITY CONCERNING HEALTH, SAFETY AND PROTECTION OF, OR
REGULATION OF THE DISCHARGE OF SUBSTANCES INTO, THE ENVIRONMENT.
3.11.
INTELLECTUAL