Borrower represents and warrants that: (a) Borrower is a business, restricted liability company, partnership or proprietorship as previously mentioned below Borrowers signature duly arranged, validly current as well as in good standing beneath the laws and regulations 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 underneath the guidelines of each other state where the gear is or may be positioned; (b) Borrowers title because set forth during the outset for this Agreement is its complete and proper name that is legal suggested into the public record 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 are duly authorized by all necessary business, business, partnership or proprietorship action; (d) this contract, the Note and each associated document is duly finalized and delivered by Borrower and every such document takes its appropriate, legitimate and binding responsibility of Borrower enforceable prior to its terms; ( e) there’s absolutely no litigation or other proceeding pending, or even to 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 when you look at the gear or would materially adversely impact the company operations or monetary condition of Borrower; (f) all stability sheets, earnings statements along with other financial 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 regarding the times which is why, while the link between its operations for the durations which is why, the exact same have already been furnished and also have been ready according to generally accepted accounting axioms regularly used, (g) there is no material unfavorable improvement in the healthiness of Borrower, monetary 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 hawaii of their company is precisely stated below Borrowers signature; (i) this contract while the Note proof that loan made mainly for company, commercial or agricultural purposes rather than primarily for individual, household, or home purposes; (j) the gear is certainly not, and certainly will maybe not, be registered underneath the rules of every international country; (k) the gear is, and shall stay after all times, entitled to registration underneath the Act (because defined in Section 19 hereof); (l) the apparatus shall be located in, and mainly found in, the United States all as required by the Act; and (m) the gear will never be found in breach of every legislation, legislation, ordinance or policy of insurance impacting the upkeep, use or trip regarding the gear; and (letter) Borrower qualifies as being a resident of this united states of america as defined into the Act and can 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 utilizing the Federal Aviation management, all of these Lender is authorized to file with all the filing that is appropriate. Borrower hereby irrevocably appoints Lender as Borrowers attorney-in-fact with complete power and authority into the accepted host to Borrower as well as in the title of Borrower to get ready, indication, amend, file or record any Uniform Commercial Code funding statements or any other documents deemed desirable by Lender to perfect, establish or provide notice of Lenders passions when you look at the Equipment or in almost any security as to which Borrower has provided 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 paid or incurred by Lender relating to the above mentioned terms of the contract or perhaps the funding and closing with this contract (including, without limitation, all out-of-pocket charges and costs of every outside counsel to Lender).
12. ACTIVITIES OF DEFAULT.
Each one of the after occasions shall represent a conference of Default under this contract while the Note: (a) Borrower does not pay any installment re payment or any other quantity due under this contract or even the Note within 10 times of its deadline; or (b) debtor does not perform or observe some of its obligations in Sections 3, 9, or 18 hereof; or (c) Borrower fails to execute or observe some 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 doesn’t spend or perform or observe any term, covenant (including, however limited by, any financial covenant), contract or condition found in, or there shall take place any 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) could be the loan provider, creditor or lessor (each A internet Credit Agreement) that shall not be remedied inside the time frame (if any) within which such Internet Credit Agreement permits such standard to be remedied; or ( e) any declaration, representation or guarantee created by Borrower in this contract or perhaps in almost any document, certification or financial record in reference to this contract shows whenever you want to possess been untrue or deceptive in every material respect at enough time of the time whenever 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 online payday UT under the laws of any jurisdiction or any such proceeding is instituted against it.