MONTH PERIOD),
BORROWER WILL PROVIDE AT ITS OWN EXPENSE AN ENVIRONMENTAL INSPECTION OF ANY OF
THE LOAN PARTIES' MATERIAL REAL PROPERTIES AND AUDIT OF THEIR ENVIRONMENTAL
COMPLIANCE PROCEDURES AND PRACTICES, IN EACH CASE FROM AN ENGINEERING OR
CONSULTING FIRM APPROVED BY ADMINISTRATIVE AGENT.
(B)
BORROWER WILL PROMPTLY FURNISH TO
ADMINISTRATIVE AGENT ALL WRITTEN NOTICES OF VIOLATION, ORDERS, CLAIMS,
CITATIONS, COMPLAINTS, PENALTY ASSESSMENTS, SUITS OR OTHER PROCEEDINGS RECEIVED
BY ANY LOAN PARTY, OR OF WHICH BORROWER OTHERWISE HAS NOTICE, PENDING OR
THREATENED AGAINST ANY LOAN PARTY BY ANY GOVERNMENTAL AUTHORITY WITH RESPECT TO
ANY ALLEGED VIOLATION OF OR NON-COMPLIANCE WITH ANY ENVIRONMENTAL LAWS OR ANY
PERMITS OR OTHER AUTHORIZATIONS IN
46
CONNECTION WITH ANY LOAN PARTY'S OWNERSHIP OR USE OF ITS PROPERTIES OR THE
OPERATION OF ITS BUSINESS THAT MIGHT RESULT IN A LOAN PARTY BEING LIABLE FOR
$50,000 OR MORE.
(C)
BORROWER WILL PROMPTLY FURNISH TO
ADMINISTRATIVE AGENT ALL REQUESTS FOR INFORMATION, NOTICES OF CLAIM, DEMAND
LETTERS, AND OTHER NOTIFICATIONS, RECEIVED BY BORROWER IN CONNECTION WITH ANY
LOAN PARTY'S OWNERSHIP OR USE OF ITS PROPERTIES OR THE CONDUCT OF ITS BUSINESS,
RELATING TO POTENTIAL RESPONSIBILITY WITH RESPECT TO ANY INVESTIGATION OR
CLEAN-UP OF HAZARDOUS MATERIAL AT ANY LOCATION THAT MIGHT RESULT IN A LOAN PARTY
BEING LIABLE FOR $50,000 OR MORE.
6.17
MV Oil Trust.
Borrower shall at all times comply in all
material respect with its obligations under each of the MV Oil Trust Documents.
ARTICLE VII.
NEGATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder, any Loan or other
Obligation hereunder shall remain unpaid or unsatisfied, no Loan Party shall,
directly or indirectly:
7.01
Liens.
Create, incur, assume or suffer to exist any Lien
upon any of its property, assets or revenues, whether now owned or hereafter
acquired, other than Permitted Liens.
7.02
Investments.
Make any Investments, except:
(A)
INVESTMENTS HELD BY A LOAN PARTY IN THE
FORM OF CASH EQUIVALENTS OR SHORT-TERM MARKETABLE DEBT SECURITIES OR MARKETABLE
OBLIGATIONS, MATURING WITHIN TWELVE MONTHS AFTER ACQUISITION THEREOF, ISSUED OR
UNCONDITIONALLY GUARANTEED BY THE UNITED STATES OF AMERICA OR AN INSTRUMENTALITY
OR AGENCY THEREOF AND ENTITLED TO THE FULL FAITH AND CREDIT OF THE UNITED STATES
OF AMERICA;
(B)
ADVANCES TO OFFICERS, DIRECTORS AND
EMPLOYEES OF LOAN PARTIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $100,000 AT ANY
TIME OUTSTANDING, FOR TRAVEL, ENTERTAINMENT, RELOCATION AND ANALOGOUS ORDINARY
BUSINESS PURPOSES;
(C)
INVESTMENTS OF HOLDERS IN BORROWER,
INVESTMENTS OF BORROWER IN ANY WHOLLY-OWNED SUBSIDIARY THAT IS A GUARANTOR AND
INVESTMENTS OF ANY WHOLLY-OWNED SUBSIDIARY OF BORROWER IN BORROWER OR IN ANOTHER
WHOLLY-OWNED SUBSIDIARY OF BORROWER;
(D)
INVESTMENTS CONSISTING OF EXTENSIONS OF
CREDIT IN THE NATURE OF ACCOUNTS RECEIVABLE OR NOTES RECEIVABLE ARISING FROM THE
GRANT OF TRADE CREDIT IN THE ORDINARY COURSE OF BUSINESS, AND INVESTMENTS
RECEIVED IN SATISFACTION OR PARTIAL SATISFACTION THEREOF FROM FINANCIALLY
TROUBLED ACCOUNT DEBTORS TO THE EXTENT REASONABLY NECESSARY IN ORDER TO PREVENT
OR LIMIT LOSS;
(E)
GUARANTEES PERMITTED BY SECTION 7.03; AND
(F)
INVESTMENTS IN TRUST UNITS.
47
7.03
Indebtedness.
Create, incur,