BORROWER OR ANY OF ITS SUBSIDIARIES
MAKES OR ANY CLAIM THAT IS MADE AGAINST THE BORROWER OR ANY OF ITS SUBSIDIARIES
IN CONNECTION WITH SAID PROPERTY.
THE BORROWER MAY LATER CANCEL ANY
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INSURANCE PURCHASED BY THE AGENT, BUT ONLY AFTER PROVIDING THE AGENT WITH
EVIDENCE THAT THE BORROWER HAS OBTAINED INSURANCE AS REQUIRED BY THIS
AGREEMENT.
IF THE AGENT PURCHASES INSURANCE, THE BORROWER WILL BE RESPONSIBLE
FOR THE COSTS THEREOF, INCLUDING INTEREST AND ANY OTHER CHARGES THE AGENT MAY
IMPOSE IN CONNECTION WITH THE PLACEMENT OF INSURANCE, UNTIL THE EFFECTIVE DATE
OF THE CANCELLATION OR EXPIRATION OF SUCH INSURANCE. THE COSTS OF SUCH INSURANCE
MAY BE ADDED TO THE OBLIGATIONS.
THE COSTS OF THE INSURANCE MAY BE MORE THAN
THE COST OF INSURANCE THE BORROWER MAY BE ABLE TO OBTAIN ON ITS OWN.
NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IF THE AGENT SHALL DIRECTLY
RECEIVE ANY PROCEEDS OF ANY BUSINESS INTERRUPTION INSURANCE POLICY BY REASON OF
THIS AGREEMENT, THEN, SO LONG AS NO DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND
IS CONTINUING ON THE DATE SUCH PROCEEDS ARE RECEIVED BY THE AGENT, OR WOULD
RESULT THEREFROM, THE AGENT SHALL DISBURSE SUCH PROCEEDS PROMPTLY TO THE
BORROWER; PROVIDED, THAT ANY SUCH DISBURSEMENT OF SUCH PROCEEDS TO THE BORROWER
SHALL NOT BE DEEMED, OR OPERATE AS, A WAIVER OR ALTERATION OF OR MODIFICATION TO
ANY OF THE OBLIGATIONS OR COVENANTS OF THE BORROWER OR ANY OF ITS SUBSIDIARIES
UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND SUCH PROCEEDS RECEIVED BY
THE BORROWER SHALL BE USED ONLY FOR PURPOSES OTHERWISE PERMITTED HEREUNDER.
4.7
PAYMENT OF OBLIGATIONS.
THE BORROWER SHALL,
AND SHALL CAUSE EACH OF ITS SUBSIDIARIES TO, PAY, DISCHARGE AND PERFORM AS THE
SAME SHALL BECOME DUE AND PAYABLE OR REQUIRED TO BE PERFORMED, ALL OF THEIR
RESPECTIVE OBLIGATIONS AND LIABILITIES, INCLUDING, WITHOUT LIMITATION:
(A)
ALL TAX LIABILITIES, ASSESSMENTS AND
GOVERNMENTAL CHARGES OR LEVIES UPON THEM OR THEIR PROPERTY OR ASSETS, UNLESS THE
SAME ARE BEING CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS DILIGENTLY
PROSECUTED WHICH STAY THE ENFORCEMENT OF ANY LIEN AND FOR WHICH ADEQUATE
RESERVES IN ACCORDANCE WITH GAAP ARE BEING MAINTAINED BY THE BORROWER OR SUCH
SUBSIDIARIES;
(B)
ALL LAWFUL CLAIMS WHICH, IF UNPAID, WOULD BY
LAW BECOME A LIEN UPON THEIR PROPERTY UNLESS THE SAME ARE BEING CONTESTED IN
GOOD FAITH BY APPROPRIATE PROCEEDINGS DILIGENTLY PROSECUTED WHICH STAY THE
IMPOSITION OR ENFORCEMENT OF THE LIEN AND FOR WHICH ADEQUATE RESERVES IN
ACCORDANCE WITH GAAP ARE BEING MAINTAINED BY THE BORROWER;
(C)
ALL INDEBTEDNESS, AS AND WHEN DUE AND
PAYABLE, BUT SUBJECT TO ANY SUBORDINATION PROVISIONS CONTAINED HEREIN OR IN ANY
INSTRUMENT OR AGREEMENT EVIDENCING SUCH INDEBTEDNESS; AND
(D)
THE PERFORMANCE OF ALL OBLIGATIONS UNDER ANY
CONTRACTUAL OBLIGATION TO WHICH THE BORROWER OR ANY OF ITS SUBSIDIARIES IS
BOUND, OR TO WHICH IT OR ANY OF ITS PROPERTY IS SUBJECT, INCLUDING THE RELATED
AGREEMENTS, EXCEPT WHERE THE FAILURE TO PERFORM WOULD NOT REASONABLY BE EXPECTED
TO HAVE, EITHER INDIVIDUALLY OR IN THE AGGREGATE, A MATERIAL ADVERSE