This excerpt taken from the AIS 8-K filed Oct 24, 2005.
Events of Default. The occurrence of any one or more of the following events (whether such occurrence shall be voluntary or involuntary or occur or be effected by operation of law or otherwise) shall constitute an Event of Default hereunder:
a) Borrower shall fail to pay when due any amounts owing pursuant to this Note; or
b) any event of default shall occur under any other material agreement entered into by Borrower with any other party under which any sums of monies are lent or advanced to Borrower with an obligation by Borrower to repay all or part of such loaned or advanced sums, such event having or reasonably be expected to have a material adverse effect on Borrowers business; or
c) if the Security Interest (as such term is defined in the Line of Credit Agreement) shall become invalid or unenforceable; or
d) Borrower shall (i) voluntarily commence any proceeding or file any petition seeking relief under the United States Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, liquidation, or similar law, (ii) consent to the institution of, or fail to contravene in a timely and appropriate manner, any such proceeding or the filing of any such petition, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator or similar official for it or for a substantial part of its property or assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due, or (vii) take any action for the purpose of effecting any of the foregoing; or
e) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of Borrower, or of a substantial part of the property or assets of Borrower, under the United States Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator or similar official for Borrower or for a substantial part of the property of Borrower; and such proceeding or petition shall continue undismissed for 30 days or an order or decree approving or ordering any of the foregoing shall continue unstayed and in effect for 30 days; or
f) Borrower shall breach any material term of the Line of Credit Agreement or this Note.