FIFTY THOUSAND DOLLARS ($250,000.00).
6.4
TAXES; PENSIONS. MAKE, AND CAUSE EACH OF ITS
SUBSIDIARIES TO MAKE, TIMELY PAYMENT OF ALL FOREIGN, FEDERAL, STATE, AND LOCAL
TAXES OR ASSESSMENTS (OTHER THAN TAXES AND ASSESSMENTS WHICH BORROWER IS
CONTESTING PURSUANT TO THE TERMS OF SECTION 5.9 HEREOF) AND SHALL DELIVER TO
BANK, ON DEMAND, APPROPRIATE CERTIFICATES ATTESTING TO SUCH PAYMENTS, AND PAY
ALL AMOUNTS NECESSARY TO FUND ALL PRESENT PENSION, PROFIT SHARING AND DEFERRED
COMPENSATION PLANS IN ACCORDANCE WITH THEIR TERMS.
6.5
INSURANCE. KEEP ITS BUSINESS AND THE
COLLATERAL INSURED FOR RISKS AND IN AMOUNTS STANDARD FOR COMPANIES IN BORROWER'S
INDUSTRY AND LOCATION AND AS BANK MAY REASONABLY REQUEST. INSURANCE POLICIES
SHALL BE IN A FORM, WITH COMPANIES, AND IN AMOUNTS THAT ARE REASONABLY
SATISFACTORY TO BANK. ALL PROPERTY POLICIES SHALL HAVE A LOSS PAYABLE
ENDORSEMENT SHOWING BANK AS THE SOLE LOSS PAYEE AND WAIVE SUBROGATION AGAINST
BANK, AND ALL LIABILITY POLICIES SHALL SHOW, OR HAVE ENDORSEMENTS SHOWING, BANK
AS AN ADDITIONAL INSURED. ALL POLICIES (OR THE LOSS PAYABLE AND ADDITIONAL
INSURED ENDORSEMENTS) SHALL PROVIDE THAT THE INSURER MUST GIVE BANK AT LEAST
TWENTY (20) DAYS NOTICE BEFORE CANCELING, AMENDING, OR DECLINING TO RENEW ITS
POLICY. AT BANK'S REQUEST, BORROWER SHALL DELIVER CERTIFIED COPIES OF POLICIES
AND EVIDENCE OF ALL PREMIUM PAYMENTS. PROCEEDS PAYABLE UNDER ANY POLICY SHALL,
AT BANK'S OPTION, BE PAYABLE TO BANK ON ACCOUNT OF THE OBLIGATIONS.
NOTWITHSTANDING THE FOREGOING, (A) SO LONG AS NO EVENT OF DEFAULT HAS OCCURRED
AND IS CONTINUING, BORROWER SHALL HAVE THE OPTION OF APPLYING THE PROCEEDS OF
ANY CASUALTY POLICY UP TO ONE HUNDRED THOUSAND DOLLARS ($100,000.00), IN THE
AGGREGATE, TOWARD THE REPLACEMENT OR REPAIR OF DESTROYED OR DAMAGED PROPERTY;
PROVIDED THAT ANY SUCH REPLACED OR REPAIRED PROPERTY (I) SHALL BE OF EQUAL OR
LIKE VALUE AS THE REPLACED OR REPAIRED COLLATERAL AND (II) SHALL BE DEEMED
COLLATERAL IN WHICH BANK HAS BEEN GRANTED A FIRST PRIORITY SECURITY INTEREST,
AND (B) AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT,
ALL PROCEEDS PAYABLE UNDER SUCH CASUALTY POLICY SHALL, AT THE OPTION OF BANK, BE
PAYABLE TO BANK ON ACCOUNT OF THE OBLIGATIONS. IF BORROWER FAILS TO OBTAIN
INSURANCE AS REQUIRED UNDER THIS SECTION 6.5 OR TO PAY ANY AMOUNT OR FURNISH ANY
REQUIRED PROOF OF PAYMENT TO THIRD PERSONS AND BANK, BANK MAY MAKE ALL OR PART
OF SUCH PAYMENT OR OBTAIN SUCH INSURANCE POLICIES REQUIRED IN THIS SECTION 6.5,
AND TAKE ANY ACTION UNDER THE POLICIES BANK DEEMS PRUDENT.
6.6
OPERATING ACCOUNTS.
(A)
MAINTAIN ITS AND ITS SUBSIDIARIES' PRIMARY
OPERATING ACCOUNTS WITH BANK AND BANK'S AFFILIATES; PROVIDED, HOWEVER ALLIANCE
SHALL HAVE ONE HUNDRED TWENTY (120) DAYS FROM THE EFFECTIVE DATE TO TRANSFER
SUCH ACCOUNTS TO BANK AND BANK'S AFFILIATES. IN ADDITION, BORROWER SHALL
MAINTAIN ITS AND ITS SUBSIDIARIES' CASH OR SECURITIES IN EXCESS OF THAT AMOUNT
USED FOR BORROWER'S OR SUCH SUBSIDIARIES' CURRENT OPERATIONS WITH BANK AND
8
BANK'S AFFILIATES; PROVIDED, HOWEVER ALLIANCE SHALL HAVE ONE HUNDRED TWENTY
(120) DAYS FROM THE EFFECTIVE DATE TO TRANSFER SUCH CASH