Chase bank installment loans. LOAN AND SAFETY AGREEMENT
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10. REPRESENTATIONS.
Borrower represents and warrants that: (a) Borrower is really an organization, restricted liability business, partnership or proprietorship as mentioned below Borrowers signature duly organized, validly current plus in good standing underneath the legislation associated with the state of their company as previously mentioned below Borrowers signature and Debtor is qualified to complete company and it is in good standing beneath the regulations of each and every other state where the gear is or may be situated; (b) Borrowers title because set forth during the outset for this contract is its complete and proper name that is legal suggested when you look at 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 now been duly authorized by all necessary business, business, partnership or proprietorship action; (d) this contract, the Note and each relevant document happens to be duly finalized and delivered by Borrower and every such document is really a legal, legitimate and binding responsibility of Borrower enforceable prior to its terms; ( ag e) there is absolutely no litigation or any other proceeding pending, or even the very 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 Equipment or would materially adversely influence the company operations or economic condition of Borrower; (f) all stability sheets, earnings statements along with other economic information which were brought to Lender (or JPMorgan Chase Bank, N.A.) with regards to Borrower are complete and proper in most product respects, fairly current the economic condition of Borrower in the times which is why, plus the link between its operations for the durations which is why, similar have now been furnished and also been prepared according to generally accepted accounting maxims regularly used, (g) there is no material unfavorable improvement in the healthiness of Borrower, economic or perhaps, because the date of the very current monetary statements sent to Lender (or JPMorgan Chase Bank, N.A.), (h) Borrowers organizational quantity assigned to Borrower because of their state of the company is properly stated below Borrowers signature; (i) this contract plus the Note proof that loan made primarily for company, commercial or agricultural purposes and not mainly for individual, family members, or home purposes; (j) the apparatus is certainly not, and won’t, be registered underneath the guidelines of any 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 utilized in, the United States all as needed by the Act; and (m) the gear will never be found in breach of any legislation, legislation, ordinance or policy of insurance coverage impacting the upkeep, usage or trip associated with gear; and (n) Borrower qualifies being a resident of this united states of america as defined into the Act and can continue steadily to qualify as an united states of america 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 financing statements and instruments become filed aided by the Federal Aviation management, each of which Lender is authorized to register aided by the appropriate filing officers. Borrower hereby irrevocably appoints Lender as Borrowers attorney-in-fact with complete energy and authority into the 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 provide notice of Lenders passions when you look at the gear or in every security as to which Borrower has awarded Lender a protection interest. Borrower agrees to signal and deliver to Lender any extra papers considered desirable by Lender to impact the regards to this contract. Borrower shall spend upon loan providers request any out-of-pocket costs and expense compensated or incurred by Lender associated with the above terms for this contract or perhaps the financing and closing with this contract (including, without limitation, all out-of-pocket costs and costs of any counsel that is outside Lender).
12. ACTIVITIES OF DEFAULT.
All the after activities shall represent a conference of Default under this contract while the Note: (a) Borrower does not spend any installment payment or any other quantity due under this contract or the Note within 10 times of its deadline; or (b) debtor does not perform or observe any one of its obligations in Sections 3, 9, or 18 hereof; or (c) Borrower fails to do or observe any one of its other responsibilities in this contract or the Note within thirty days after Lender notifies Borrower of these failure; or (d) debtor or any Guarantor doesn’t spend or perform or observe any term, covenant (including, although not limited by, any economic covenant), contract or condition found in, or there shall happen any re payment or 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 affiliate Credit Agreement) that shall perhaps maybe not be remedied inside the time period (if any) within which such Internet Credit Agreement permits such standard to be remedied; or ( ag ag e) any statement, representation or warranty created by Borrower in this contract or in any document, certification or financial record relating to this contract shows whenever you want to possess been untrue or misleading in just about 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 failure to pay for 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 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.
