Borrower represents and warrants that: (a) Borrower is a firm, restricted liability business, partnership or proprietorship as mentioned below Borrowers signature duly arranged, validly current plus in good standing beneath the rules regarding the state of the company as previously mentioned below Borrowers signature and Debtor is qualified to accomplish company and it is in good standing beneath the guidelines of each and every other state when the gear is or should be positioned; (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 record information of Borrowers state of organization; (c) Borrower has complete energy, authority and right to signal, deliver and perform this contract, the Note and all related papers and such actions have already been duly authorized by all necessary business, business, partnership or proprietorship action; (d) this contract, the Note and each relevant document was duly finalized and delivered by Borrower and each such document is really a appropriate, legitimate and binding responsibility of Borrower enforceable prior to its terms; ( ag ag e) there isn’t any litigation or 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 influence, impair or encumber the attention of Lender in the gear or would materially adversely impact the company operations or monetary condition of Borrower; (f) all balance sheets, earnings statements along with other monetary data which were brought to Lender (or JPMorgan Chase Bank, N.A.) with regards to Borrower are complete and correct in most product respects, fairly present the economic condition of Borrower in the times which is why, as well as the link between its operations for the periods which is why, exactly the same have already been furnished and now have been ready according to generally accepted accounting axioms regularly used, (g) there is no material unfavorable improvement in the health of Borrower, economic or else, because the date of the very current monetary statements brought to Lender (or JPMorgan Chase Bank, N.A.), (h) Borrowers organizational quantity assigned to Borrower because of their state of the organization is precisely stated below Borrowers signature; (i) this contract together with Note proof that loan made mainly for company, commercial or agricultural purposes rather than mainly for individual, family members, or home purposes; (j) the gear is not, and won’t, be registered underneath the rules of any foreign nation; (k) the apparatus is, and shall stay after all times, entitled to enrollment beneath 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 required by the Act; and (m) the apparatus won’t be utilized in breach of every legislation, legislation, ordinance or policy of insurance coverage impacting the upkeep, usage or trip regarding the gear; and (letter) Borrower qualifies as being a resident associated with united states of america as defined into the Act and can continue steadily to qualify as an usa resident in all aspects.
11. OTHER 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 utilizing the Federal Aviation management, each of which Lender is authorized to register with all the appropriate filing officers. Borrower hereby irrevocably appoints Lender as Borrowers attorney-in-fact with complete energy and authority into the accepted host to Borrower plus in the title of Borrower to get ready, indication, amend, file or record any Uniform Commercial Code funding statements or other papers considered desirable by Lender to master, establish or provide notice of Lenders passions into the Equipment or in virtually any collateral 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 effect the regards to this contract. Borrower shall spend upon Lenders request any out-of-pocket expenses and expense compensated or incurred by Lender associated with the above mentioned terms with this contract or the capital and closing of the contract (including, without limitation, all out-of-pocket costs and costs of every outside counsel to Lender).
12. OCCASIONS OF DEFAULT.
Each one of the after activities shall represent a conference of Default under this contract and also the Note: (a) Borrower doesn’t spend any installment re payment or other quantity due under this payday loans RI contract or perhaps 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 do or observe some of its other responsibilities in this contract or even 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 financial covenant), contract or condition contained in, or there shall happen any re payment or other default under or as defined in, any loan, credit contract, extension of credit or rent for 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 not be remedied in the time frame (if any) within which such Internet Credit Agreement permits such standard to be remedied; or ( e) any declaration, representation or guarantee produced by Borrower in this contract or in just about any document, certificate or financial record in reference to this contract shows at any moment to have been untrue or deceptive in every product respect at enough time of the time when made; or (f) debtor or any Guarantor becomes insolvent or bankrupt, or admits its failure 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 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.