THE OBLIGATIONS.
9.7.3
NOTICE OF CANCELLATION.
ALL POLICIES OF INSURANCE SHALL PROVIDE FOR
AT LEAST 30 DAYS PRIOR WRITTEN CANCELLATION NOTICE TO THE AGENT.
IN THE EVENT
OF FAILURE BY ANY BORROWER TO PROVIDE AND MAINTAIN INSURANCE AS HEREIN PROVIDED,
THE AGENT MAY, AT ITS OPTION, PROVIDE SUCH INSURANCE AND CHARGE THE AMOUNT
THEREOF TO SUCH BORROWER.
EACH BORROWER SHALL FURNISH THE AGENT WITH
CERTIFICATES OF INSURANCE AND POLICIES EVIDENCING COMPLIANCE WITH THE FOREGOING
INSURANCE PROVISION.
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9.8
Taxes.
Each of the Borrowers will, and will cause each of its
Subsidiaries to, duly pay and discharge, or cause to be paid and discharged,
before the same shall become overdue, all taxes, assessments and other
governmental charges imposed upon it and its real properties, sales and
activities, or any part thereof, or upon the income or profits therefrom, as
well as all claims for labor, materials, or supplies that if unpaid might by law
become a lien or charge upon any of its property; provided that any such tax,
assessment, charge, levy or claim need not be paid if the validity or amount
thereof shall currently be contested in good faith by appropriate proceedings
and if such Borrower or such Subsidiary shall have set aside on its books
adequate reserves with respect thereto; and provided further that each of the
Borrowers and their Subsidiaries will pay all such taxes, assessments, charges,
levies or claims forthwith upon the commencement of proceedings to foreclose any
lien that may have attached as security therefor.
9.9
Inspection of Properties and Books, etc.
9.9.1
GENERAL.
EACH OF THE BORROWERS SHALL PERMIT THE LENDERS, IF
ACCOMPANIED BY THE AGENT, TO VISIT AND INSPECT ANY OF THE PROPERTIES OF ANY OF
THE BORROWERS OR THEIR SUBSIDIARIES, TO EXAMINE THE BOOKS OF ACCOUNT OF THE
BORROWERS AND THEIR SUBSIDIARIES (AND TO MAKE COPIES THEREOF AND EXTRACTS
THEREFROM), AND SHALL PERMIT THE LENDERS TO DISCUSS THE AFFAIRS, FINANCES AND
ACCOUNTS OF THE BORROWERS AND THEIR SUBSIDIARIES WITH, AND TO BE ADVISED AS TO
THE SAME BY, ITS AND THEIR OFFICERS, ALL AT SUCH REASONABLE TIMES AND INTERVALS
AS THE AGENT OR ANY LENDER MAY REASONABLY REQUEST, PROVIDED THAT ANY SUCH VISITS
SHALL OCCUR NO MORE FREQUENTLY THAN TWICE PER YEAR IF NO EVENT OF DEFAULT HAS
OCCURRED AND IS CONTINUING.
THE AGENT SHALL NOTIFY THE LENDERS OF ANY SUCH
VISIT OR INSPECTION BY THE AGENT, AND THE LENDERS SHALL HAVE THE RIGHT TO
PARTICIPATE THEREIN.
9.9.2
ENVIRONMENTAL ASSESSMENTS.
IF THE AGENT REASONABLY SUSPECTS THAT AN
EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING, THE AGENT MAY, FROM TIME TO
TIME, IN ITS DISCRETION FOR THE PURPOSE OF ASSESSING AND ENSURING THE VALUE OF
ANY MORTGAGED PROPERTY, OBTAIN ONE OR MORE ENVIRONMENTAL ASSESSMENTS OR AUDITS
OF SUCH MORTGAGED PROPERTY PREPARED BY A HYDROGEOLOGIST, AN INDEPENDENT ENGINEER
OR OTHER QUALIFIED CONSULTANT OR EXPERT APPROVED BY THE AGENT TO EVALUATE OR
CONFIRM (A) WHETHER ANY HAZARDOUS SUBSTANCES ARE PRESENT IN THE SOIL OR WATER AT
SUCH MORTGAGED PROPERTY IN VIOLATION OF ENVIRONMENTAL