BE CURED WITHIN A REASONABLE TIME, THEN BORROWER SHALL HAVE
AN ADDITIONAL PERIOD (WHICH SHALL NOT IN ANY CASE EXCEED AN ADDITIONAL FIFTEEN
(15) DAYS) TO ATTEMPT TO CURE SUCH DEFAULT, AND WITHIN SUCH REASONABLE TIME
PERIOD THE FAILURE TO CURE THE DEFAULT SHALL NOT BE DEEMED AN EVENT OF DEFAULT
(BUT NO CREDIT EXTENSIONS SHALL BE MADE DURING SUCH CURE PERIOD); AND FURTHER
PROVIDED THAT A DOMINION TRIGGER EVENT WILL NOT CONSTITUTE AN EVENT OF DEFAULT.
GRACE PERIODS PROVIDED UNDER THIS SECTION SHALL NOT APPLY, AMONG OTHER THINGS,
TO FINANCIAL COVENANTS OR ANY OTHER COVENANTS SET FORTH IN SUBSECTION (A) ABOVE;
8.3
MATERIAL ADVERSE CHANGE.
A MATERIAL ADVERSE CHANGE OCCURS;
11
8.4
ATTACHMENT.
(A) ANY MATERIAL PORTION OF BORROWER'S ASSETS IS
ATTACHED, SEIZED, LEVIED ON, OR COMES INTO POSSESSION OF A TRUSTEE OR RECEIVER
AND THE ATTACHMENT, SEIZURE OR LEVY IS NOT REMOVED IN TEN (10) DAYS; (B) THE
SERVICE OF PROCESS UPON BANK SEEKING TO ATTACH, BY TRUSTEE OR SIMILAR PROCESS,
ANY FUNDS OF BORROWER OR OF ANY ENTITY UNDER CONTROL OF BORROWER (INCLUDING A
SUBSIDIARY) ON DEPOSIT WITH BANK; (C) BORROWER IS ENJOINED, RESTRAINED, OR
PREVENTED BY COURT ORDER FROM CONDUCTING A MATERIAL PART OF ITS BUSINESS; (D) A
JUDGMENT OR OTHER CLAIM IN EXCESS OF $50,000 BECOMES A LIEN ON ANY OF BORROWER'S
ASSETS; OR (E) A NOTICE OF LIEN, LEVY, OR ASSESSMENT IS FILED AGAINST ANY OF
BORROWER'S ASSETS BY ANY GOVERNMENT AGENCY AND NOT PAID WITHIN TEN (10) DAYS
AFTER BORROWER RECEIVES NOTICE.
THESE ARE NOT EVENTS OF DEFAULT IF STAYED OR IF
A BOND IS POSTED PENDING CONTEST BY BORROWER (BUT NO CREDIT EXTENSIONS SHALL BE
MADE DURING THE CURE PERIOD);
8.5
INSOLVENCY.
BORROWER IS UNABLE TO PAY ITS DEBTS (INCLUDING TRADE
DEBTS) AS THEY BECOME DUE OR OTHERWISE BECOMES INSOLVENT; (B) BORROWER BEGINS AN
INSOLVENCY PROCEEDING; OR (C) AN INSOLVENCY PROCEEDING IS BEGUN AGAINST BORROWER
AND NOT DISMISSED OR STAYED WITHIN THIRTY (30) DAYS (BUT NO CREDIT EXTENSIONS
SHALL BE MADE WHILE OF ANY OF THE CONDITIONS DESCRIBED IN CLAUSE (A) EXIST
AND/OR UNTIL ANY INSOLVENCY PROCEEDING IS DISMISSED);
8.6
OTHER AGREEMENTS.
THERE IS A DEFAULT IN ANY AGREEMENT TO WHICH
BORROWER OR ANY GUARANTOR IS A PARTY WITH A THIRD PARTY OR PARTIES RESULTING IN
A RIGHT BY SUCH THIRD PARTY OR PARTIES, WHETHER OR NOT EXERCISED, TO ACCELERATE
THE MATURITY OF ANY INDEBTEDNESS IN AN AMOUNT IN EXCESS OF FIFTY THOUSAND
DOLLARS ($50,000) OR THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON BORROWER'S OR
ANY GUARANTOR'S BUSINESS AND, IN EITHER EVENT, BORROWER HAS RECEIVED NOTICE OF
SUCH DEFAULT FROM SUCH THIRD PARTY OR PARTIES;
8.7
JUDGMENTS.
A JUDGMENT OR JUDGMENTS FOR THE PAYMENT OF MONEY IN AN
AMOUNT, INDIVIDUALLY OR IN THE AGGREGATE, OF AT LEAST FIFTY THOUSAND DOLLARS
($50,000) (NOT COVERED BY INDEPENDENT THIRD-PARTY INSURANCE) SHALL BE RENDERED
AGAINST BORROWER AND SHALL REMAIN UNSATISFIED AND UNSTAYED (A JUDGMENT MAY ALSO
BE STAYED BY THE FILING OF AN APPEAL IF ANY APPLICABLE BOND IS POSTED) FOR A
PERIOD OF