10. REPRESENTATIONS.
Borrower represents and warrants that: (a) Borrower is an organization, restricted liability business, partnership or proprietorship as previously mentioned below Borrowers signature duly arranged, validly current plus in good standing underneath the rules associated with the state of its company as mentioned below Borrowers signature and Borrower is qualified to complete company and it is in good standing beneath the guidelines of each and every other state where the gear is or is going to be situated; (b) Borrowers title because set forth in the outset with this contract is its complete and correct appropriate title as suggested within the public information of Borrowers state of organization; (c) Borrower has complete energy, authority and right in law to signal, deliver and perform this contract, the Note and all associated papers and such actions have already been duly authorized by all necessary business, business, partnership or proprietorship action; (d) this Agreement, the Note and each relevant document happens to be duly finalized and delivered by Borrower and every such document is really a appropriate, valid and binding responsibility of Borrower enforceable prior to its terms; ( ag ag e) there’s no litigation or other proceeding pending, or even to the best of the Borrowers knowledge, threatened against or impacting Borrower which, if determined adversely to Borrower, would adversely impact, impair or encumber the attention of Lender in the gear or would materially adversely impact the business operations or economic condition of Borrower; (f) all stability sheets, income statements along with other monetary information which have been brought to Lender (or JPMorgan Chase Bank, N.A.) with regards to Borrower are complete and proper in all product respects, fairly current the financial condition of Borrower from the times which is why, additionally the link between its operations when it comes to durations which is why, exactly the same have now been furnished and also have been ready according to generally accepted accounting axioms consistently used, (g) there is no material undesirable improvement in the healthiness of Borrower, economic or elsewhere, because the date of the very present economic statements sent to Lender (or JPMorgan Chase Bank, N.A.), (h) Borrowers organizational number assigned to Borrower by the state of their company is properly stated below Borrowers signature; (i) this contract therefore the Note proof that loan made primarily for company, commercial or agricultural purposes and never mainly for individual, family members, or home purposes; (j) the apparatus is certainly not, and certainly will maybe not, be registered beneath the laws and regulations of every international nation; (k) the apparatus is, and shall stay after all times, entitled to enrollment underneath the Act (because defined in Section 19 hereof); (l) the gear will probably be situated in, and mainly found in, the United States all as needed by the Act; and (m) the gear won’t be found in breach of any legislation, legislation, ordinance or policy of insurance coverage impacting the upkeep, use or journey associated with gear; and (letter) Borrower qualifies being a resident of this usa as defined within the Act and certainly will continue steadily to qualify as an usa resident in all aspects.
11. DIFFERENT PAPERS; COSTS; APPOINTMENT OF ATTORNEY-IN-FACT . Borrower agrees to signal and deliver to Lender any extra papers considered desirable by Lender to impact the regards to the Note or this contract including, without limitation, Uniform Commercial Code funding statements and instruments become filed using the Federal Aviation management, most of which Lender is authorized to register using the filing that is appropriate. Borrower hereby irrevocably appoints Lender as Borrowers attorney-in-fact with complete energy and authority within the accepted host to Borrower as well as in the title of Borrower to get ready, sign, amend, file or record any Uniform Commercial Code funding statements or any other papers considered desirable by Lender to master, establish or offer notice of Lenders passions when you look at the Equipment or in virtually any security as to which Borrower has awarded Lender a safety interest. Borrower agrees to sign and deliver to Lender any documents that are additional desirable by Lender to impact the regards to this contract. Borrower shall spend upon loan providers request any out-of-pocket expenses and expense compensated or incurred by Lender regarding the the above mentioned terms with this contract or perhaps the financing and closing with this Agreement (including, without limitation, all out-of-pocket costs and costs of any counsel that is outside Lender).
12. OCCASIONS OF DEFAULT.
Each one of the after occasions shall constitute a conference of Default under this contract as well as the Note: (a) Borrower does not spend any installment payment or other quantity due under this contract or the Note within 10 times of its deadline; or (b) debtor doesn’t perform or observe any one of its obligations in Sections 3, 9, or 18 hereof; or (c) Borrower fails to execute or observe any one of its other responsibilities in this contract or the Note within thirty day period after Lender notifies Borrower of these failure; or (d) debtor or any Guarantor does not spend or perform or observe any term, covenant (including, although not restricted to, any economic covenant), contract or condition found in, or there shall happen any re re re payment or any other default under or as defined in, any loan, credit contract, expansion of credit or rent by which Lender or any subsidiary (direct or indirect) of JPMorgan Chase & Co. (or its successors or assigns) may be the loan provider, creditor or lessor (each A internet Credit Agreement) that shall perhaps not be remedied in the time period (if any) within which such Internet Credit Agreement permits such standard to be remedied; or ( ag e) any declaration, representation or guarantee produced by Borrower in this contract or perhaps in any document, certification or financial record relating to this contract demonstrates at any moment to possess been untrue or deceptive in virtually any product respect at enough time of the full time whenever made; or (f) debtor or any Guarantor becomes insolvent or bankrupt, or admits its incapacity to cover its debts without stay or dismissal for more than 60 days, or it commences any act amounting to a business failure or a winding up of its affairs, or it ceases to do business as a going concern; or (g) with respect to any guaranty, letter of credit, pledge agreement, security agreement, mortgage, deed of trust, debt subordination agreement or other credit enhancement or credit support agreement (whether now existing or hereafter arising) signed or issued by any party (each a Guarantor) in connection with all or any part of Borrowers obligations under this Agreement or the Note, the Guarantor defaults in its obligations thereunder or any such agreement shall cease to be in full force and effect or shall be declared to be null, void, invalid or unenforceable by the Guarantor; or (h) Borrower or any Guarantor fails to pay or perform or observe any term, covenant (including, but not limited to, any financial covenant), agreement or condition contained in, or there shall occur any payment or other default under or as defined in any Other Credit Agreement (as defined in Section 19 hereof) that shall not be remedied within the period of time (if any) within which such Other Credit Agreement permits such default to be remedied, regardless of whether such default is waived by any other party to such Other Agreement or such default produces or results in the cancellation of such Other Credit Agreement or the acceleration of the liability, indebtedness or other obligation under such Other Credit Agreement; or (i) Borrower or any Guarantor shall suffer the loss of any material license or franchise when Lender shall reasonably conclude that such loss fairly impairs Borrowers or such Guarantors ability to perform its obligations https://installmentloansgroup.com/payday-loans-wa/ required under this Agreement or the Note; or (j) Borrower or any Guarantor shall fail to pay any final judgment for the payment of money in an amount equal to or in excess of $50,000.00; or (k) there shall occur in Lenders reasonable opinion any material adverse change in the financial condition, business or operations of Borrower or any Guarantor that will impair or impede Borrowers ability to meet its financial obligations hereunder or under the Note as they mature, or makes an assignment for the benefit of creditors, or applies for, institutes or consents to the appointment of a receiver, trustee or similar official for it or any substantial part of its property or any such official is appointed without its consent, or applies for, institutes or consents to any bankruptcy, insolvency, reorganization, debt moratorium, liquidation or similar proceeding relating to it or any substantial part of its property under the laws of any jurisdiction or any such proceeding is instituted against it.