OF MONEY IN AN AMOUNT, INDIVIDUALLY OR IN THE
AGGREGATE, OF AT LEAST FIFTY THOUSAND DOLLARS ($50,000.00) (NOT COVERED BY
INDEPENDENT THIRD-PARTY INSURANCE AS TO WHICH LIABILITY HAS BEEN ACCEPTED BY
SUCH INSURANCE CARRIER) SHALL BE RENDERED AGAINST BORROWER AND THE SAME ARE NOT,
WITHIN TEN (10) DAYS AFTER THE ENTRY THEREOF, DISCHARGED OR EXECUTION THEREOF
STAYED OR BONDED PENDING APPEAL, OR SUCH JUDGMENTS ARE NOT DISCHARGED PRIOR TO
THE EXPIRATION OF ANY SUCH STAY (PROVIDED THAT NO CREDIT EXTENSIONS WILL BE MADE
PRIOR TO THE DISCHARGE, STAY, OR BONDING OF SUCH JUDGMENT, ORDER, OR DECREE);
8.8
MISREPRESENTATIONS.
BORROWER OR ANY PERSON
ACTING FOR BORROWER MAKES ANY REPRESENTATION, WARRANTY, OR OTHER STATEMENT NOW
OR LATER IN THIS AGREEMENT, ANY LOAN DOCUMENT OR IN ANY WRITING DELIVERED TO
BANK OR TO INDUCE BANK TO ENTER THIS AGREEMENT OR ANY LOAN DOCUMENT, AND SUCH
REPRESENTATION, WARRANTY, OR OTHER STATEMENT IS INCORRECT IN ANY MATERIAL
RESPECT WHEN MADE;
8.9
SUBORDINATED DEBT.
ANY DOCUMENT, INSTRUMENT,
OR AGREEMENT EVIDENCING ANY SUBORDINATED DEBT SHALL FOR ANY REASON BE REVOKED OR
INVALIDATED OR OTHERWISE CEASE TO BE IN FULL FORCE AND EFFECT, ANY PERSON SHALL
BE IN BREACH THEREOF (AND ALL NOTICE AND GRACE PERIODS SHALL HAVE EXPIRED) OR
CONTEST IN ANY MANNER THE VALIDITY OR ENFORCEABILITY THEREOF OR DENY THAT IT HAS
ANY FURTHER LIABILITY OR OBLIGATION THEREUNDER, OR THE OBLIGATIONS SHALL FOR ANY
REASON BE SUBORDINATED OR SHALL NOT HAVE THE PRIORITY CONTEMPLATED BY THIS
AGREEMENT;
8.10
GUARANTY.
(A) ANY GUARANTY OF ANY OBLIGATIONS
TERMINATES OR CEASES FOR ANY REASON TO BE IN FULL FORCE AND EFFECT; (B) ANY
GUARANTOR DOES NOT PERFORM ANY OBLIGATION OR COVENANT UNDER ANY GUARANTY OF THE
OBLIGATIONS; (C) ANY CIRCUMSTANCE DESCRIBED IN SECTIONS 8.3, 8.4, 8.5, 8.7, OR
8.8. OCCURS WITH RESPECT TO ANY GUARANTOR, OR (D) THE DEATH, LIQUIDATION,
WINDING UP, OR TERMINATION OF EXISTENCE OF ANY GUARANTOR; OR (E) (I) A MATERIAL
IMPAIRMENT IN THE PERFECTION OR PRIORITY OF BANK'S LIEN IN THE COLLATERAL
PROVIDED BY GUARANTOR OR IN THE VALUE OF SUCH COLLATERAL OR (II) A MATERIAL
ADVERSE CHANGE IN THE GENERAL AFFAIRS, MANAGEMENT, RESULTS OF OPERATION,
CONDITION (FINANCIAL OR OTHERWISE) OR THE PROSPECT OF REPAYMENT OF THE
OBLIGATIONS OCCURS WITH RESPECT TO ANY GUARANTOR; OR
15
8.11
GOVERNMENTAL APPROVALS.
ANY GOVERNMENTAL APPROVAL
SHALL HAVE BEEN (A) REVOKED, RESCINDED, SUSPENDED, MODIFIED IN AN ADVERSE MANNER
OR NOT RENEWED IN THE ORDINARY COURSE FOR A FULL TERM OR (B) SUBJECT TO ANY
DECISION BY A GOVERNMENTAL AUTHORITY THAT DESIGNATES A HEARING WITH RESPECT TO
ANY APPLICATIONS FOR RENEWAL OF ANY OF SUCH GOVERNMENTAL APPROVAL OR THAT COULD
RESULT IN THE GOVERNMENTAL AUTHORITY TAKING ANY OF THE ACTIONS DESCRIBED IN
CLAUSE (A) ABOVE, AND SUCH DECISION OR SUCH REVOCATION, RESCISSION, SUSPENSION,
MODIFICATION OR NON-RENEWAL (I) HAS, OR COULD REASONABLY BE EXPECTED TO HAVE, A
MATERIAL ADVERSE CHANGE, OR (II) ADVERSELY AFFECTS THE LEGAL QUALIFICATIONS OF
BORROWER OR ANY OF ITS SUBSIDIARIES TO HOLD SUCH GOVERNMENTAL APPROVAL IN ANY
APPLICABLE JURISDICTION AND SUCH REVOCATION, RESCISSION, SUSPENSION,
MODIFICATION OR