Common use of By Statesman Clause in Contracts

By Statesman. In consideration of the Agreement of the Cooperative to make a capital investment in Statesman based upon the amount of asset based loans made by Statesman to customers of the Cooperative, Statesman covenants and agrees to use its best efforts to notify the Cooperative promptly in the event it terminates its agreement to extend asset based financing to any Dealership of the Cooperative (as defined in the Agreement), if it gives any notice to any such Dealership of any event of default under the terms of any financing agreement between such Dealership and Statesman, if any such Dealership defaults in the payment of any obligation for principal or interest owing to Statesman and such default continues for a period of ten (10) days or more, or if any officer of Statesman has knowledge that any condition exists or event has occurred with respect to such Dealership which constitutes grounds for the termination by Statesman of its financing arrangements with such Dealership or which would constitute such grounds with the giving of notice or lapse of time or both.

By Statesman. In consideration of the Agreement of the ------------ Cooperative to make a capital investment in Statesman based upon the amount of asset based loans made by Statesman to customers of the Cooperative, Statesman covenants and agrees to use its best efforts to notify the Cooperative promptly in the event it terminates its agreement to extend asset based financing to any Dealership of the Cooperative (as defined in the Agreement), if it gives any notice to any such Dealership of any event of default under the terms of any financing agreement between such Dealership and Statesman, if any such Dealership defaults in the payment of any obligation for principal or interest owing to Statesman and such default continues for a period of ten (10) days or more, or if any officer of Statesman has knowledge that any condition exists or event has occurred with respect to such Dealership which constitutes grounds for the termination by Statesman of its financing arrangements with such Dealership or which would constitute such grounds with the giving of notice or lapse of time or both.