THE AFFIRMATIVE
COVENANTS SET FORTH IN SECTIONS 7.28.1, 7.28.3, AND 7.28.4.
10.2.2
NONPAYMENT OF INTEREST AND PRINCIPAL.
AS TO THE
NONPAYMENT OF INTEREST, INSTALLMENTS OF PRINCIPAL, AND IN CONNECTION WITH A
MANDATORY PRINCIPAL PREPAYMENT PRIOR TO MATURITY THERE SHALL BE A TEN (10)
BUSINESS DAY GRACE PERIOD WITHOUT ANY REQUIREMENT OF NOTICE FROM AGENT.
10.2.3
OTHER MONETARY DEFAULTS.
ALL OTHER MONETARY DEFAULTS
SHALL HAVE A FIVE (5) BUSINESS DAY GRACE PERIOD FOLLOWING NOTICE FROM AGENT.
10.2.4
NONMONETARY DEFAULTS.
(A)
AS TO NON-MONETARY DEFAULT UNDER
SECTION 7.2, 7.5, 7.18, 7.21, OR 7.22, OR WITH RESPECT TO THE BREACH OF ANY OF
THE NEGATIVE COVENANTS SET FORTH IN ARTICLE 8, THERE SHALL BE A TEN (10) DAY
GRACE PERIOD FOLLOWING NOTICE FROM AGENT OF SUCH DEFAULT;
(B)
AS TO NON-MONETARY DEFAULT UNDER
SECTION 7.16.1, OR 7.27, THERE SHALL BE A FIVE (5) DAY GRACE PERIOD FOLLOWING
NOTICE FROM AGENT OF SUCH DEFAULT;
(C)
AS TO ANY OTHER NON-MONETARY DEFAULT,
UNLESS THERE IS A SPECIFIC SHORTER OR LONGER GRACE PERIOD PROVIDED FOR IN THIS
LOAN AGREEMENT OR IN ANOTHER LOAN DOCUMENT, THERE SHALL BE A THIRTY (30) DAY
GRACE PERIOD FOLLOWING NOTICE FROM AGENT OR, IF SUCH DEFAULT WOULD REASONABLY
REQUIRE MORE THAN THIRTY (30) DAYS TO CURE OR REMEDY, SUCH LONGER PERIOD OF TIME
NOT TO EXCEED A TOTAL OF NINETY (90) DAYS FROM AGENT'S NOTICE AS MAY BE
REASONABLY REQUIRED SO LONG AS BORROWER SHALL COMMENCE REASONABLE ACTIONS TO
REMEDY OR CURE THE DEFAULT WITHIN THIRTY (30) DAYS FOLLOWING SUCH NOTICE AND
SHALL DILIGENTLY PROSECUTE SUCH CURATIVE ACTION TO COMPLETION WITHIN SUCH NINETY
(90) DAY PERIOD.
HOWEVER, WHERE THERE IS AN EMERGENCY SITUATION IN WHICH THERE
IS DANGER TO PERSON OR PROPERTY SUCH CURATIVE ACTION SHALL BE COMMENCED AS
PROMPTLY AS POSSIBLE.
AS TO BREACHES OF WARRANTIES AND REPRESENTATIONS (OTHER
THAN THOSE RELATED TO FINANCIAL INFORMATION) THERE SHALL BE A THIRTY (30) DAY
GRACE PERIOD FOLLOWING NOTICE FROM AGENT.
58
ARTICLE 11
REMEDIES.
11.1
Remedies.
Upon the occurrence and during the
continuance of an Event of Default, whether or not the indebtedness evidenced by
the Notes and secured by the Security Documents shall be due and payable or
Agent shall have instituted any foreclosure or other action for the enforcement
of the Security Documents or the Notes, Agent may, and shall upon the direction
of the Required Lenders, in addition to any other remedies which Agent may have
hereunder or under the other Loan Documents, or otherwise, and not in limitation
thereof, and in Agent's sole and absolute discretion:
11.1.1
ACCELERATE DEBT.
AGENT MAY, AND WITH THE DIRECTION OF
THE REQUIRED LENDERS SHALL, DECLARE THE INDEBTEDNESS EVIDENCED BY THE NOTES AND
SECURED BY THE SECURITY DOCUMENTS IMMEDIATELY DUE AND PAYABLE (PROVIDED THAT IN
THE CASE OF A VOLUNTARY PETITION IN BANKRUPTCY FILED BY THE BORROWER OR AN
INVOLUNTARY PETITION IN BANKRUPTCY FILED AGAINST THE BORROWER (AFTER EXPIRATION
OF THE GRACE PERIOD, IF ANY, SET FORTH IN SECTION 10.1.8), SUCH ACCELERATION
SHALL BE AUTOMATIC).
11.1.2
PURSUE REMEDIES.
AGENT MAY, AND WITH