BORROWER, PROVIDED, HOWEVER, IF THE DEFAULT
CANNOT BE CURED WITHIN FIFTEEN (15) DAYS OR CANNOT BE CURED AFTER THE DEFAULTING
BORROWER'S ATTEMPTS WITHIN SUCH FIFTEEN (15) DAY PERIOD, AND THE DEFAULT MAY BE
CURED WITHIN A REASONABLE TIME, THEN THE DEFAULTING BORROWER HAS AN ADDITIONAL
PERIOD (OF NOT MORE THAN THIRTY (30) DAYS) TO ATTEMPT TO CURE THE DEFAULT.
DURING THE ADDITIONAL TIME, THE FAILURE TO CURE THE DEFAULT IS NOT AN EVENT OF
DEFAULT (BUT NO CREDIT EXTENSIONS WILL BE MADE DURING THE CURE PERIOD);
8.3
MATERIAL ADVERSE CHANGE.
IF THERE (I) OCCURS A MATERIAL ADVERSE CHANGE IN THE BUSINESS, OPERATIONS, OR
CONDITION (FINANCIAL OR OTHERWISE) OF THE BORROWERS AND THEIR SUBSIDIARIES TAKEN
AS A WHOLE, OR (II) IS A MATERIAL IMPAIRMENT OF THE PROSPECT OF REPAYMENT OF ANY
PORTION OF THE OBLIGATIONS OR (III) IS A MATERIAL IMPAIRMENT OF THE VALUE OR
PRIORITY OF BANK'S SECURITY INTERESTS IN THE COLLATERAL.
8.4
ATTACHMENT.
IF ANY MATERIAL PORTION OF ANY 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, OR IF ANY BORROWER IS ENJOINED,
RESTRAINED, OR PREVENTED BY COURT ORDER FROM CONDUCTING A MATERIAL PART OF ITS
BUSINESS OR IF A JUDGMENT OR OTHER CLAIM BECOMES A LIEN ON A MATERIAL PORTION OF
ANY BORROWER'S ASSETS, OR IF A NOTICE OF LIEN, LEVY, OR ASSESSMENT IS FILED
AGAINST ANY OF ANY BORROWER'S ASSETS BY ANY GOVERNMENT AGENCY AND NOT PAID
WITHIN TEN (10) DAYS AFTER SUCH BORROWER RECEIVES NOTICE. THESE ARE NOT EVENTS
OF DEFAULT IF STAYED OR IF A BOND IS POSTED PENDING CONTEST BY SUCH BORROWER
(BUT NO CREDIT EXTENSIONS WILL BE MADE DURING THE CURE PERIOD);
8.5
INSOLVENCY.
IF ANY BORROWER BECOMES INSOLVENT OR IF ANY BORROWER BEGINS AN INSOLVENCY
PROCEEDING OR AN INSOLVENCY PROCEEDING IS BEGUN AGAINST ANY BORROWER AND NOT
DISMISSED OR STAYED WITHIN FORTY-FIVE (45) DAYS (BUT NO CREDIT EXTENSIONS WILL
BE MADE BEFORE ANY INSOLVENCY PROCEEDING IS DISMISSED);
8.6
OTHER AGREEMENTS.
IF THERE IS A DEFAULT IN ANY AGREEMENT BETWEEN ANY BORROWER AND A THIRD PARTY
THAT GIVES THE THIRD PARTY THE RIGHT TO ACCELERATE ANY INDEBTEDNESS EXCEEDING
$3,000,000 OR THAT COULD CAUSE A MATERIAL ADVERSE CHANGE;
11
8.7
JUDGMENTS.
IF A MONEY JUDGMENT(S) IN THE AGGREGATE OF AT LEAST $3,000,000 IS RENDERED
AGAINST ANY BORROWER AND IS UNSATISFIED AND UNSTAYED FOR 10 DAYS (BUT NO CREDIT
EXTENSIONS WILL BE MADE BEFORE THE JUDGMENT IS STAYED OR SATISFIED);
8.8
MISREPRESENTATIONS.
IF ANY BORROWER OR ANY PERSON ACTING FOR ANY BORROWER MAKES ANY MATERIAL
MISREPRESENTATION OR MATERIAL MISSTATEMENT NOW OR LATER IN ANY WARRANTY OR
REPRESENTATION IN THIS AGREEMENT OR IN ANY WRITING DELIVERED TO BANK OR TO
INDUCE BANK TO ENTER THIS AGREEMENT OR ANY LOAN DOCUMENT; OR
8.9
SUBSIDIARIES.
ANY CIRCUMSTANCE DESCRIBED IN SECTIONS 8.4, 8.5 OR 8.7 OCCURS TO ANY MATERIAL
SUBSIDIARY OF ANY BORROWER.
9
BANK'S RIGHTS AND REMEDIES
9.1
RIGHTS AND REMEDIES.
WHEN AN EVENT OF DEFAULT