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EVENTS OF DEFAULT

Each of the following shall be an «Event of Default» under this Agreement:

13.1 If any of Obligor's (defined herein as including Debtor and any and all other persons liable, either absolutely or contingently, in connection with this Agreement, including endorsers, sureties, guarantors and owners of any property securing any sums due in connection with this Agreement) statements, representations, warranties, or signatures contained in this Agreement, or in any docu­ment issued in connection with this Agreement, or contained in any application, exhibit, statement, certificate or other document supplied to Bank at any time was or is false, incorrect, incomplete or misleading.

13.2The failure of Obligor to observe or perform any of Obligor's covenants and obligations under this Agreement or any other agreement Obligor has with Bank.

13.3Any Obligor fails to observe or perform any obligation or covenant of any nature with Bank, whether or not arising in connection with this Agreement.

13.4Any Obligor becomes insolvent or makes an assignment for the benefit of creditors, or any petition is filed by or against any Obligor under any provision of any state or federal law alleging that such Obligor is unable to pay debts as they mature, or under any provision of the
Federal Bankruptcy Code.

13.5Any attachment, levy or garnishment issues against any property of any Obligor.

13.6Any judgement or tax lien is entered against any Obligor, which remains unsatisfied after 15 (fifteen) days.

13.7A receiver, trustee, conservator other court officer is appointed over any Obligor or any of Obligor's property for any purpose.

13.8The occurrence of any change in the financial condition or affairs of any Obligor that, in the sole reasonable judgement of Bank, is materially adverse.

13.9Without the prior written consent of Bank, any Obligor which is a corporation or partnership dissolves, merges, consolidates, reorganizes, terminates its existence, sells or transfers all or substantially all of its assets out of the ordinary course of business, or suffers to occur or permits a substantial change, as determined by Bank in its sole reasonable judgement, in its ownership, control or management.

13.10The death, incarceration or legal incompetency of any Obligor if such Obligor is a natural person or, if Obligor is a partnership, the death, incarceration or legal incompetency of any general partner.

13.11Any Obligor fails to promptly furnish to Bank such financial and other information as Bank may require at any time and form from time to time.

13.12Debtor borrows money from any source other than Bank, whether or not subordinate in payment to the sums due in connection with this Agreement, without Bank's prior written consent.

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