(AS DEFINED IN TITLE IV OF ERISA) WHICH REPRESENTS
TERMINATION BY THE PBGC OF ANY PLAN.
(K)
ENTER INTO ANY AGREEMENT CONTAINING ANY PROVISION WHICH WOULD BE
VIOLATED OR BREACHED BY BORROWER UNDER ANY LOAN DOCUMENT OR BY THE PERFORMANCE
BY BORROWER OF ITS OBLIGATIONS UNDER ANY LOAN DOCUMENT OR, EXCEPT FOR THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, WHICH WOULD PROHIBIT BORROWER FROM
GRANTING, OR OTHERWISE LIMIT THE ABILITY OF BORROWER TO GRANT TO LENDER ANY
SECURITY INTEREST ON ANY ASSETS OR PROPERTIES OF BORROWER.
(L)
MAKE CAPITAL EXPENDITURES (INCLUDING WITHOUT LIMITATION BY WAY OF
CAPITALIZED LEASES) EXCEPT FOR THE REPLACEMENT AND REPAIR OF BORROWER'S EXISTING
EQUIPMENT
24
OR FOR ACQUISITION OF NEW EQUIPMENT CONSISTENT WITH BORROWER'S PRESENT BUSINESS
PRACTICES AND THEN, ONLY SO LONG AS THE AGGREGATE AMOUNT OF ALL SUCH CAPITAL
EXPENDITURES MADE DURING ANY OF BORROWER'S FISCAL YEARS DOES NOT EXCEED THE SUM
OF: (I) THE AMOUNT OF CAPITAL LEASES PERMITTED BY PARAGRAPH 18(B); PLUS (II) AN
AGGREGATE AMOUNT OF $1,500,000.00 FOR OTHER CAPITAL EXPENDITURES.
19.
AVAILABILITY OF COLLATERAL.
INTENTIONALLY DELETED.
20.
DEFAULT AND REMEDIES.
IT SHALL BE AN EVENT OF DEFAULT UNDER THIS
AGREEMENT IF:
(A)
BORROWER FAILS TO MAKE ANY PAYMENT REQUIRED UNDER THIS AGREEMENT
OR ANY PRESENT OR FUTURE SUPPLEMENTS HERETO OR UNDER ANY OTHER AGREEMENT BETWEEN
BORROWER AND LENDER WHEN DUE, OR IF PAYABLE UPON DEMAND, UPON DEMAND AND SUCH
FAILURE SHALL REMAIN UNREMEDIED FOR FIVE (5) DAYS; OR
(B)
BORROWER FAILS TO PERFORM OR OBSERVE ANY COVENANT, CONDITION OR
AGREEMENT CONTAINED IN THIS AGREEMENT OR ANY LOAN DOCUMENT ON ITS PART TO BE
PERFORMED (OTHER THAN THOSE FAILURES COVERED BY OTHER SUBPARAGRAPHS OF THIS
PARAGRAPH) AND SUCH DEFAULT SHALL CONTINUE FOR A PERIOD OF 30 DAYS AFTER WRITTEN
NOTICE THEREOF FROM LENDER TO BORROWER; OR
(C)
ANY WARRANTY, REPRESENTATION OR STATEMENT MADE OR FURNISHED TO
LENDER BY OR ON BEHALF OF BORROWER PROVES TO HAVE BEEN FALSE IN A MATERIAL
RESPECT WHEN MADE; OR
(D)
A PROCEEDING SEEKING AN ORDER FOR RELIEF UNDER THE BANKRUPTCY CODE
IS COMMENCED BY OR AGAINST BORROWER AND, IF COMMENCED AGAINST BORROWER, REMAINS
UNDISMISSED FOR 60 DAYS; OR
(E)
BORROWER BECOMES INSOLVENT OR GENERALLY FAILS TO PAY, OR ADMIT IN
WRITING ITS OR HIS INABILITY TO PAY, ITS OR HIS DEBTS AS THEY BECOME DUE; OR
(F)
BORROWER APPLIES FOR, CONSENTS TO, OR ACQUIESCES IN, THE
APPOINTMENT OF A TRUSTEE, RECEIVER OR OTHER CUSTODIAN FOR IT OR HIM OR FOR ANY
OF ITS OR HIS PROPERTY, OR MAKES A GENERAL ASSIGNMENT FOR THE BENEFIT OF
CREDITORS; OR, IN THE ABSENCE OF SUCH APPLICATION, CONSENT OR ACQUIESCENCE, A
TRUSTEE, RECEIVER OR OTHER CUSTODIAN IS APPOINTED FOR BORROWER OR FOR A
SUBSTANTIAL PART OF BORROWER'S PROPERTY; OR
(G)
ANY OTHER REORGANIZATION, DEBT ARRANGEMENT, OR OTHER CASE OR
PROCEEDING UNDER ANY BANKRUPTCY OR INSOLVENCY LAW, OR ANY DISSOLUTION OR
LIQUIDATION PROCEEDING IS COMMENCED IN RESPECT OF BORROWER; OR
(H)
BORROWER TAKES ANY ACTION TO AUTHORIZE, OR IN FURTHERANCE OF, ANY
OF THE EVENTS DESCRIBED IN THE FOREGOING CLAUSES