Best Buy 2003 Annual Report Download - page 65
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13.8. any development affecting or relating to the Company or any Subsidiary,
including without limitation any development in litigation, that in the reasonable
judgment of the Company has had, or would likely have, a Material Adverse Effect on
the Company;
13.9. the issuance by any Governmental Authority of any injunction, order, decision
or other restraint prohibiting, or having the effect of prohibiting, the Loans or Letters
of Credit, or the initiation of any litigation or similar proceeding seeking any such
injunction, order or other restraint;
11
13.10. the occurrence of any Reportable Event with respect to any Plan and the action
which is proposed to be taken with respect thereto, together with a copy of the notice of
such Reportable Event to the PBGC;
13.11. any violation as to any environmental matter by the Company or any Subsidiary
or the commencement of any judicial or administrative proceeding relating to health,
safety or environmental matters (i) in which an adverse determination or result could
result in the revocation of or have a material adverse effect on any operating permits,
air emission permits, water discharge permits, hazardous waste permits or other
permits held by the Company or any Subsidiary which are material to the operations of
the Company or such Subsidiary, or (ii) which will or threatens to impose a material
liability on the Company or such Subsidiary to any Person or which will require a
material expenditure by the Company or such Subsidiary to cure any alleged problem
or violation; or
13.12. the issuance of any Governmental Authority of any injunction, order or decision,
or the entry by the Company or any Subsidiary into an agreement with any
Governmental Agency, materially restricting the business of the Company or any
Subsidiary or concerning any material business practice of the Company or any
Subsidiary.
14. Lapse, Cancellation, Annual Review:
This Offer Letter shall lapse and all obligations of the Bank hereunder and in respect of the Loans shall cease, all at the option of the
Bank, if there has been, in the opinion of the Bank, a material adverse change in risk or in the financial condition of the Borrower,
Best Buy Co. or Stores L.P. or if the conditions precedent hereunder have not been met by October 31, 2002. The Bank shall have the
option to at any time, acting reasonably, conduct corporate, personal property registry and Priority Claims searches in respect of the
Borrower in such jurisdictions as the Bank deems necessary. Upon the occurrence of an Event of Default, any unadvanced portion of