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201002922
<br />c. Failure by Subsidiary of performing any of its other obligations under this
<br />Instrument (other than those specifically identified in this Section 23) and such failure continues
<br />far a period of fifteen (15) days after written notice is given to Subsidiary by Master Collateral
<br />Agent specifying such failure; or
<br />d. Failure by Subsidiary to observe ar perform any obligations of Subsidiary
<br />to Master Collateral Agent on or with respect to any transactions, debts, undertakings or
<br />agreements other than the transaction evidenced by the Benefited Creditor Documents; or
<br />e. Filing by Subsidiary of a voluntary petition in bankruptcy or filing by
<br />Subsidiary of any petition or answer seeking or acquiescing in any reorganizatian, arrangement,
<br />composition, readjustment, liquidation, or similar relief far itself under any present or future
<br />federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief
<br />for debtors, or the seeking, consenting to, or acquiescing by Subsidiary in the appointment of any
<br />trustee, receiver, custadian, conservator or liquidator for Subsidiary, any part of the Property, or
<br />any of the income or rents of the Praperty, or the making by Subsidiary of any general
<br />assignment for the benefit of creditors, ar the inability of or failure by Subsidiary to pay its debts
<br />generally as they become due, or the insolvency on a balance sheet basis or business failure of
<br />Subsidiary, ar the making or suffering of a preference within the meaning of federal bankruptcy
<br />law ar the making of a fraudulent transfer under applicable federal or state law, or concealment
<br />by Subsidiary of any of its property in fraud of creditors, or the imposition of a lien upon any of
<br />the property of Subsidiary which is not discharged in the manner permitted by Section 3 of this
<br />Instrument, or the giving of notice by Subsidiary to any governmental body of insolvency or
<br />suspension of operations; ar
<br />£ Filing of a petition against Subsidiary seeking any reorganization,
<br />arrangement, composition, readjustment, liquidation, or similar relief under any present or future
<br />federal, state or other law or regulation relating to bankruptcy, insolvency or other relief for
<br />debts, or the appointment of any trustee, receiver, custodian, conservator or liquidator of
<br />Subsidiary, of any part of the Property or of any of the income or rents of the Property, unless
<br />such petition shall be dismissed within sixty (60) days after such filing, but in any event prior to
<br />the entry of an order, judgment or decree approving such petition; or
<br />g. The institution of any proceeding for the dissolution or termination of
<br />Subsidiary voluntarily, involuntarily, or by operation of law; or
<br />h. Any warranty, representation or statement furnished to Master Collateral
<br />Agent by or on behalf of Subsidiary under the Guaranty, this Instrument, any of the other
<br />Benefited Creditor Documents or the Master U.S. Certificate and Indemnity Agreement
<br />Regarding Hazardous Substances, shall prove to have been false or misleading in any material
<br />respect; or
<br />i. Any default or event of default by Arctic Group, Subsidiary or any other
<br />entity related to Arctic Group under the Benefited Creditor Documents and such default or event
<br />of default is not cured within the applicable cure period under the Benefited Creditor Documents.
<br />18
<br />(Grand Island, Hall County, Nebraska)
<br />10476803.5
<br />14451-2246
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