OR CALLS A MEETING OF ITS CREDITORS,
(II) ADMITS IN WRITING ITS INABILITY, OR IS GENERALLY UNABLE, TO PAY ITS DEBTS
AS THEY BECOME DUE OR CEASES OPERATIONS OF ITS PRESENT BUSINESS, (III) MAKES A
GENERAL ASSIGNMENT FOR THE BENEFIT OF CREDITORS, (IV) COMMENCES A VOLUNTARY CASE
UNDER ANY STATE OR FEDERAL BANKRUPTCY LAWS (AS NOW OR HEREAFTER IN EFFECT),
(V) IS ADJUDICATED AS BANKRUPT OR INSOLVENT, (VI) FILES A PETITION SEEKING TO
TAKE ADVANTAGE OF ANY OTHER LAW PROVIDING FOR THE RELIEF OF DEBTORS,
(VII) ACQUIESCES TO, OR FAILS TO HAVE DISMISSED WITHIN THIRTY (30) DAYS, ANY
PETITION FILED AGAINST IT IN ANY INVOLUNTARY CASE UNDER SUCH BANKRUPTCY LAWS, OR
(VII) TAKES ANY ACTION FOR THE PURPOSE OF EFFECTING ANY OF THE FOREGOING;
(B)
ANY LIEN IN ANY OF THE COLLATERAL, GRANTED
OR INTENDED BY THE LOAN DOCUMENTS TO BE GRANTED TO LENDER, CEASES TO BE A VALID,
ENFORCEABLE, PERFECTED, FIRST PRIORITY LIEN (OR A LESSER PRIORITY IF EXPRESSLY
PERMITTED PURSUANT TO SECTION 6 OF THE LOAN AUTHORIZATION AGREEMENT) SUBJECT
ONLY TO PERMITTED LIENS;
(C)
THE ISSUANCE OF ANY LEVY, ASSESSMENT,
ATTACHMENT, SEIZURE OR LIEN, OTHER THAN A PERMITTED LIEN, AGAINST ANY OF THE
COLLATERAL WHICH IS NOT STAYED OR LIFTED WITHIN THIRTY (30) CALENDAR DAYS;
(D)
ANY PROCEEDING IS COMMENCED BY OR AGAINST
BORROWER OR ANY GUARANTOR FOR THE LIQUIDATION OF ITS ASSETS OR DISSOLUTION;
(E)
ANY LITIGATION IS FILED AGAINST BORROWER OR
ANY GUARANTOR WHICH HAS HAD OR COULD REASONABLY BE EXPECTED TO HAVE A MATERIAL
ADVERSE EFFECT AND SUCH LITIGATION IS NOT WITHDRAWN OR DISMISSED WITHIN THIRTY
(30) CALENDAR DAYS OF THE FILING THEREOF;
(F)
ANY DEFAULT OR EVENT OF DEFAULT UNDER THE
LOAN DOCUMENTS;
(G)
ANY FAILURE TO COMPLY WITH ANY TERMS OF THE
LOAN AUTHORIZATION AGREEMENT;
(H)
ANY MATERIAL PROVISION OF ANY LOAN DOCUMENT
OR THIS AGREEMENT FOR ANY REASON CEASES TO BE VALID, BINDING AND ENFORCEABLE IN
ACCORDANCE WITH ITS TERMS;
(I)
ANY EVENT WHICH HAS HAD OR COULD
REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT; OR
15
(J)
THE CREDIT ACCOMMODATION AMOUNT EXCEEDS
THE APPLICABLE EXPORT-RELATED BORROWING BASE.
2.12
INSURANCE. BORROWER WILL AT ALL TIMES CARRY
PROPERTY, LIABILITY AND OTHER INSURANCE, WITH INSURERS ACCEPTABLE TO LENDER, IN
SUCH FORM AND AMOUNTS, AND WITH SUCH DEDUCTIBLES AND OTHER PROVISIONS, AS LENDER
SHALL REQUIRE, AND BORROWER WILL PROVIDE EVIDENCE OF SUCH INSURANCE TO LENDER,
SO THAT LENDER IS SATISFIED THAT SUCH INSURANCE IS, AT ALL TIMES, IN FULL FORCE
AND EFFECT.
EACH PROPERTY INSURANCE POLICY SHALL NAME LENDER AS LOSS PAYEE AND
SHALL CONTAIN A LENDER'S LOSS PAYABLE ENDORSEMENT IN FORM ACCEPTABLE TO LENDER
AND EACH LIABILITY INSURANCE POLICY SHALL NAME LENDER AS AN ADDITIONAL INSURED.
ALL POLICIES OF INSURANCE SHALL PROVIDE THAT THEY MAY NOT BE CANCELLED OR
CHANGED WITHOUT AT LEAST TEN (10) DAYS' PRIOR WRITTEN NOTICE TO LENDER AND SHALL
OTHERWISE BE IN FORM AND SUBSTANCE SATISFACTORY TO LENDER.
BORROWER WILL
PROMPTLY DELIVER TO LENDER COPIES OF ALL REPORTS MADE TO INSURANCE COMPANIES.
2.13
TAXES. BORROWER HAS TIMELY