IN SUCH AGREEMENT OR
INSTRUMENT, IF THE EFFECT OF SUCH DEFAULT OR EVENT IS TO ACCELERATE, OR TO
PERMIT THE ACCELERATION OF, THE MATURITY OF SUCH DEBT; OR ANY SUCH DEBT SHALL BE
DECLARED TO BE DUE AND PAYABLE, OR REQUIRED TO BE PREPAID (OTHER THAN BY A
REGULARLY SCHEDULED REQUIRED PREPAYMENT), PRIOR TO THE STATED MATURITY THEREOF;
(G)
THE ENTRY AGAINST ANY LOAN PARTY OF A FINAL
JUDGMENT, DECREE OR ORDER FOR THE PAYMENT OF MONEY IN EXCESS OF $150,000.00 AND
THE CONTINUANCE OF SUCH JUDGMENT, DECREE OR ORDER UNSATISFIED FOR A PERIOD OF 30
DAYS WITHOUT A STAY OF EXECUTION;
(H)
ANY REPORTABLE EVENT (AS DEFINED IN ERISA)
SHALL HAVE OCCURRED AND CONTINUE FOR 30 DAYS; OR ANY PLAN SHALL HAVE BEEN
TERMINATED BY THE BORROWER OR MEDACQUISITION NOT IN COMPLIANCE WITH ERISA, OR A
TRUSTEE SHALL HAVE BEEN APPOINTED BY A COURT TO ADMINISTER ANY PLAN, OR THE
PENSION BENEFIT GUARANTY CORPORATION SHALL HAVE INSTITUTED PROCEEDINGS TO
TERMINATE ANY PLAN OR TO APPOINT A TRUSTEE TO ADMINISTER ANY PLAN.
SECTION 6.2.
RIGHTS AND REMEDIES.
IF ANY EVENT OF DEFAULT SHALL
OCCUR AND BE CONTINUING, THE BANK MAY EXERCISE ANY OR ALL OF THE FOLLOWING
RIGHTS AND REMEDIES:
(A)
BY WRITTEN NOTICE TO THE BORROWER, SUSPEND
OR TERMINATE THE COMMITMENT, WHEREUPON THE SAME SHALL FORTHWITH BE SUSPENDED OR
TERMINATED;
(B)
DECLARE THE NOTES, ALL INTEREST THEREON, AND
ALL OTHER OBLIGATIONS UNDER, OR PURSUANT TO, ANY LOAN DOCUMENT TO BE IMMEDIATELY
DUE AND PAYABLE, AND UPON SUCH DECLARATION SUCH NOTES, INTEREST AND OTHER
OBLIGATIONS SHALL IMMEDIATELY BE DUE AND PAYABLE, WITHOUT PRESENTMENT, DEMAND,
PROTEST OR ANY NOTICE OF ANY KIND, ALL OF WHICH ARE EXPRESSLY WAIVED;
23
(C)
EXERCISE ANY RIGHT OR REMEDY UNDER THE
SECURITY AGREEMENTS, OR ANY OTHER RIGHT OR REMEDY OF A SECURED PARTY UNDER THE
UNIFORM COMMERCIAL CODE AS IN EFFECT IN MINNESOTA;
(D)
EXERCISE ANY OTHER RIGHT OR REMEDY AVAILABLE
TO THE BANK AT LAW OR IN EQUITY.
ARTICLE VII.
MISCELLANEOUS
SECTION 7.1.
NO WAIVER; CUMULATIVE REMEDIES.
NO FAILURE OR DELAY
ON THE PART OF THE BANK IN EXERCISING ANY RIGHT OR REMEDY UNDER, OR PURSUANT TO,
ANY LOAN DOCUMENT SHALL OPERATE AS A WAIVER THEREOF, NOR SHALL ANY SINGLE OR
PARTIAL EXERCISE OF ANY SUCH RIGHT, REMEDY OR POWER PRECLUDE OTHER OR FURTHER
EXERCISE THEREOF, OR THE EXERCISE OF ANY OTHER RIGHT, REMEDY OR POWER.
THE
REMEDIES IN THE LOAN DOCUMENTS ARE CUMULATIVE AND ARE NOT EXCLUSIVE OF ANY
REMEDIES PROVIDED BY LAW.
SECTION 7.2.
AMENDMENTS AND WAIVERS.
NO AMENDMENT OR WAIVER OF
ANY PROVISION OF ANY LOAN DOCUMENT SHALL BE EFFECTIVE UNLESS SUCH AMENDMENT OR
WAIVER IS IN WRITING AND IS SIGNED BY THE BANK, AND SUCH AMENDMENT OR WAIVER
SHALL BE EFFECTIVE ONLY IN THE SPECIFIC INSTANCE AND FOR THE SPECIFIC PURPOSE
FOR WHICH IT WAS GIVEN.
SECTION 7.3.
NOTICES, ETC.
ALL NOTICES AND OTHER COMMUNICATIONS
PROVIDED FOR HEREUNDER SHALL BE IN WRITING (INCLUDING TELECOPIER COMMUNICATION)
AND MAILED OR TELECOPIED OR DELIVERED, IF TO THE BORROWER, AT ITS ADDRESS STATED