4063 OF ERISA, A COPY OF SUCH NOTICE; OR (VII) FAILS TO MAKE ANY
REQUIRED PAYMENT OR CONTRIBUTION TO ANY PENSION PLAN OR MULTIEMPLOYER PLAN OR
MAKES ANY AMENDMENT TO ANY PENSION PLAN WHICH HAS RESULTED OR IS REASONABLY
LIKELY TO RESULT IN THE IMPOSITION OF A LIEN, AN ACCUMULATED FUNDING DEFICIENCY
(AS DEFINED IN SECTION 302 OF ERISA OR SECTION 412 OF THE CODE), WHETHER OR NOT
WAIVED, OR THE POSTING OF A BOND OR OTHER SECURITY, A CERTIFICATE OF THE
APPROPRIATE FINANCIAL OFFICER SETTING FORTH DETAILS AS TO SUCH OCCURRENCE AND
ACTION, IF ANY WHICH ANY OBLIGOR OR OTHER ERISA AFFILIATE IS REQUIRED OR
PROPOSES TO TAKE;
(J)
IF AND WHEN (I) A TRANSACTION PROHIBITED UNDER SECTION 4975 OF THE CODE OR
SECTION 406 OF ERISA OCCURS RESULTING IN LIABILITY TO ANY OBLIGOR OR ANY ENTITY
WHICH ANY OBLIGOR HAS AN OBLIGATION TO INDEMNIFY, (II) A PENSION PLAN INTENDED
TO QUALIFY UNDER SECTION 401(A) OR 401(K) OF THE CODE FAILS TO
86
SO QUALIFY OR (C) LIABILITY IS IMPOSED TO ENFORCE SECTION 515 OF ERISA WITH
RESPECT TO ANY MULTIEMPLOYER PLAN, A CERTIFICATE OF THE APPROPRIATE FINANCIAL
OFFICER SETTING FORTH DETAILS AS TO SUCH OCCURRENCE AND ACTION, IF ANY, WHICH
SUCH OBLIGOR OR OTHER ERISA AFFILIATE IS REQUIRED OR PROPOSES TO TAKE;
(K)
WRITTEN NOTICE OF ANY CHANGE IN THE LOCATION OF COLLATERAL HAVING A BOOK
VALUE EXCEEDING FIVE HUNDRED THOUSAND DOLLARS ($500,000) IN THE AGGREGATE WITH
RESPECT TO ALL COLLATERAL WHOSE LOCATION HAS BEEN CHANGED SINCE THE
EFFECTIVENESS OF THIS FINANCING AGREEMENT, OTHER THAN TO LOCATIONS THAT, AS OF
THE DATE HEREOF, ARE KNOWN TO THE AGENT AND FOR WHICH THE AGENT HAS FILED
FINANCING STATEMENTS AND OTHERWISE PERFECTED ITS LIENS THEREON;
(L)
WRITTEN NOTICE, IN SUFFICIENT DETAIL, OF ANY MATERIAL ADVERSE CHANGE
RELATING TO THE TYPE, QUANTITY OR QUALITY OF THE COLLATERAL OR ON THE SECURITY
INTERESTS GRANTED TO THE AGENT FOR THE RATABLE BENEFIT OF THE LENDERS.
EACH NOTICE PURSUANT TO THIS SECTION 9.02 SHALL BE ACCOMPANIED BY A STATEMENT OF
FIBERMARK FURNISHING SUCH NOTICE SETTING FORTH DETAILS OF THE OCCURRENCE
REFERRED TO THEREIN AND STATING WHAT ACTION THE APPLICABLE OBLIGOR PROPOSES TO
TAKE WITH RESPECT THERETO.
SECTION 9.03.
PAYMENT OF TAXES AND CLAIMS.
EACH OBLIGOR WILL PAY, WHEN DUE,
ALL TAXES, ASSESSMENTS, CLAIMS AND OTHER CHARGES (HEREIN "TAXES") LAWFULLY
LEVIED OR ASSESSED UPON SUCH OBLIGOR OR THE COLLATERAL AND IF SUCH TAXES REMAIN
UNPAID AFTER SUCH DATE FIXED FOR THE PAYMENT THEREOF UNLESS SUCH TAXES ARE THE
SUBJECT OF A GOOD FAITH CONTEST OR IF ANY LIEN SHALL BE CLAIMED THEREUNDER (A)
FOR TAXES DUE THE UNITED STATES OF AMERICA OR (B) WHICH IN THE LENDERS'
REASONABLE OPINION MIGHT CREATE A VALID OBLIGATION HAVING PRIORITY OVER THE
RIGHTS GRANTED TO THE LENDERS HEREIN, THE AGENT MAY, ON SUCH OBLIGOR'S BEHALF,
PAY SUCH TAXES, AND THE AMOUNT THEREOF SHALL AT THE AGENT'S OPTION BE CHARGED TO
SUCH OBLIGOR'S REVOLVING CREDIT LOANS (OR IN THE CASE OF FIBERMARK, TO THE
REVOLVING CREDIT LOANS OF FIBERMARK