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Common use of Confession of Judgment Clause in Contracts

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x attorney-in-fact, to appear ex parte and without notice to Gxxxx to confess judgment against Gxxxx for the unpaid amount of secured promissory note as evidenced by the Affidavit of Confession of Judgment signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set forth the amount then due hereunder, plus attorney’s fees and cost of suit, and to release all errors, and waive all rights of appeal. Gxxxx waives the right to contest Cemtrex’s rights under this Section 4, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right and power to confess judgment will be deemed to exhaust such power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such power shall continue undiminished and may be exercised from time to time as Cemtrex may elect until all amounts owing on the secured promissory note have been paid in full.

Appears in 1 contract

Samples: Settlement Agreement (Cemtrex Inc)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Lender and any attorney-at-law, each as Gxxxx’x the Borrower’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Xxxxxx setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Borrower waives the right to contest CemtrexXxxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Holder may elect until all amounts owing on the secured promissory note this Note have been paid in full.. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Holder shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Investor shall not be bound by Section 5.6 of this Agreement

Appears in 1 contract

Samples: Securities Purchase Agreement (Grom Social Enterprises, Inc.)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Lender and any attorney-at-law, each as Gxxxx’x the Borrower’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Hxxxxx setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Borrower waives the right to contest CemtrexHxxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Holder may elect until all amounts owing on the secured promissory note this Note have been paid in full. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Holder shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Investor shall not be bound by Section 5.6 of this Agreement and the Investor shall have the option to commence legal proceedings with any court of their choosing.

Appears in 1 contract

Samples: Securities Purchase Agreement (Bruush Oral Care Inc.)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Lender and any attorney-at-law, each as Gxxxx’x the Borrower’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Xxxxxx setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Borrower waives the right to contest CemtrexXxxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Holder may elect until all amounts owing on the secured promissory note this Note have been paid in full. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Holder shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Investor shall not be bound by Section 5.6 of this Agreement.

Appears in 1 contract

Samples: Securities Purchase Agreement (Grom Social Enterprises, Inc.)

Confession of Judgment. Upon Consistent with the occurrence and during terms set forth in the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement AgreementTerm Loan Note, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Xxxxxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Xxxxxx, to appear ex parte in any court of record, after the obligations become due, and without notice to Gxxxx to confess judgment against Gxxxx Borrower for the unpaid amount of secured promissory note due and owing on the Term Loan Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Agreement and the Term Loan Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower hereby waives the right to contest Cemtrex’s rights any injunction which would prevent Lender from taking judgment under this Section 4Agreement and/or under the Term Loan Note by confession, including without limitation the right to and any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on this Agreement and/or under the secured promissory note Term Loan Note have been paid in full. Xxxxxxxx waives any conflict of interest that an attorney hired by Xxxxxx may have in acting on behalf of Xxxxxxxx in confessing judgment against Xxxxxxxx while such attorney is retained by Xxxxxx. Xxxxxxxx expressly consents to such attorney acting for Xxxxxxxx in confessing judgment.

Appears in 1 contract

Samples: Business Loan Agreement (Hall of Fame Resort & Entertainment Co)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of To induce Xxxxxx to accept this Settlement AgreementNote, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Xxxxxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-fact, law to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Xxxxxxxx for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower waives the right to contest Cemtrex’s rights under this Section 4, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note this Note have been paid in full. Borrower hereby waives and releases any and all claims or causes of action which Borrower might have against any attorney acting under the terms of authority which Xxxxxxxx has granted herein arising out of or connected with the confession of judgment hereunder.

Appears in 1 contract

Samples: Secured Convertible Promissory Note (Athena Bitcoin Global)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Xxxxxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Xxxxxx, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Xxxxxxxx for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower hereby waives the right to contest Cemtrex’s rights any injunction which would prevent Xxxxxx from taking judgment under this Section 4Note by confession, including without limitation the right to and any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note this Note have been paid in full. Xxxxxxxx waives any conflict of interest that an attorney hired by Xxxxxx may have in acting on behalf of Xxxxxxxx in confessing judgment against Xxxxxxxx while such attorney is retained by Xxxxxx. Xxxxxxxx expressly consents to such attorney acting for Xxxxxxxx in confessing judgment.

Appears in 1 contract

Samples: Promissory Note (Hall of Fame Resort & Entertainment Co)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Company hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Buyer and any attorney-at-law, each as Gxxxx’x the Company’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount value of secured promissory note the exercise of warrants, if the Company fails to issue the Warrant Shares within five (5) business days of exercise by the Buyer, as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Holder setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Agreement verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Company waives the right to contest CemtrexXxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Buyer may elect until all amounts owing on upon exercise of the secured promissory note warrants have been paid issued in full. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the Confession of Judgment hereunder. Notwithstanding anything to the contrary contained herein, Buyer shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Buyer shall not be bound by Section 8 of this Agreement and the Investor shall have the option to commence legal proceedings with any court of their choosing.

Appears in 1 contract

Samples: Securities Purchase Agreement (SciSparc Ltd.)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Lender and any attorney-at-law, each as Gxxxx’x the Borrower’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Xxxxxx setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Borrower waives the right to contest CemtrexXxxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Holder may elect until all amounts owing on the secured promissory note this Note have been paid in full. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Holder shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Investor shall not be bound by Section 5.6 of this Agreement and the Investor shall have the option to commence legal proceedings with any court of their choosing.

Appears in 1 contract

Samples: Securities Purchase Agreement (ETAO International Co., Ltd.)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Guarantor hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Lender, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Guarantor for the unpaid amount of secured promissory note this Guaranty as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, plus attorney’s attorneys' fees and cost as provided in this Guaranty, plus costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Guaranty, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Guarantor waives the right to contest Cemtrex’s rights under this Section 4, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note this Guaranty have been paid in full.. Guarantor waives any conflict of interest that an attorney hired by Lender may have in acting on behalf of Guarantor in confessing judgment against Guarantor while such attorney is retained by Lender. Guarantor expressly consents to such attorney acting for Guarantor in confessing judgment. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:

Appears in 1 contract

Samples: Commercial Guaranty (RVM Industries Inc)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Xxxxxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Xxxxxx, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Xxxxxxxx for the unpaid amount of secured promissory note due and owing in connection with the Loan Documents, as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, reasonable attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of the Loan Documents, as may be applicable, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower hereby waives the right to contest Cemtrex’s rights any injunction which would prevent Lender from taking judgment under this Section 4the Loan Documents by confession, including without limitation the right to and any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note Loan Documents have been paid in full. Xxxxxxxx waives any conflict of interest that an attorney hired by Xxxxxx may have in acting on behalf of Xxxxxxxx in confessing judgment against Xxxxxxxx while such attorney is retained by Xxxxxx. Xxxxxxxx expressly consents to such attorney acting for Xxxxxxxx in confessing judgment.

Appears in 1 contract

Samples: Business Loan Agreement (Hall of Fame Resort & Entertainment Co)

Confession of Judgment. Upon (a) Borrower, to the occurrence extent permitted by law, and during without the continuation further consent of or notice to Borrower, hereby irrevocably and unconditionally authorizes the Prothonotary, Clerk of Court, or any attorney of any default under court of record in the secured promissory note described Commonwealth of Pennsylvania, or any other jurisdiction, as attorney for Borrower to appear for Borrower in Section 1(bsuch court and confess judgment against Borrower and in favor of Agent or Lender, at any time on or after an Event of 57 Default exists or has occurred and is continuing, for all or any portion of the Obligations (including, but not limited to, principal, interest, fees, costs and expenses and including attorneys' fees and legal expenses not to exceed five (5%) percent of the outstanding and unpaid Obligations), for which this Settlement AgreementAgreement or a verified copy hereof shall be sufficient warrant. The authority to enter judgment shall not be exhausted by one exercise hereof, but, to the extent permitted by law, shall continue from time to time until final payment and satisfaction in full of all of the Obligations. The foregoing right and remedy is in addition to and not in lieu of any other right or remedy of Cemtrex hereunderavailable to Agent and Lender under this Agreement, under the secured promissory note or otherwise at other Financing Agreements, applicable law or in equityotherwise. (b) Borrower, Gxxxx hereby irrevocably authorizes being fully aware of its right to notice and empowers Cemtrex a hearing concerning the validity of any and all claims that may be asserted against Borrower by Agent and Lender before a judgment can be entered hereunder or its legal counsel, each as Gxxxx’x attorney-in-fact, to appear ex parte and without notice to Gxxxx to confess before execution may be levied on such judgment against Gxxxx for any and all property of Borrower, hereby waives each of these rights and agrees and consents to judgment being entered by confession in accordance with the unpaid amount terms hereof and execution being levied on such judgment against any and all property of secured promissory note as evidenced by Borrower, in each case without first giving notice and the Affidavit of Confession of Judgment signed by Gxxxx as opportunity to be heard on the validity of the date of this Settlement Agreement and to be completed by Cemtrex claim or its counsel pursuant to the foregoing power of attorney (claims upon which power such judgment is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set forth the amount then due hereunder, plus attorney’s fees and cost of suit, and to release all errors, and waive all rights of appeal. Gxxxx waives the right to contest Cemtrex’s rights under this Section 4, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right and power to confess judgment will be deemed to exhaust such power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such power shall continue undiminished and may be exercised from time to time as Cemtrex may elect until all amounts owing on the secured promissory note have been paid in fullentered.

Appears in 1 contract

Samples: Loan and Security Agreement (Zany Brainy Inc)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Xxxxxx, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Borrower for the unpaid amount of secured promissory note due and owing in connection with the Loan Agreement, the Note, and/or other Loan Documents, as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Amendment, the Note, or other Loan Document, as may be applicable, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower hereby waives the right to contest Cemtrex’s rights any injunction which would prevent Lender from taking judgment under this Section 4the Loan Agreement, including without limitation the right to Note and/or other Loan Documents by confession, and any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note Loan Agreement, the Note and/or other Loan Documents have been paid in full. Xxxxxxxx waives any conflict of interest that an attorney hired by Xxxxxx may have in acting on behalf of Xxxxxxxx in confessing judgment against Xxxxxxxx while such attorney is retained by Xxxxxx. Xxxxxxxx expressly consents to such attorney acting for Xxxxxxxx in confessing judgment.

Appears in 1 contract

Samples: Business Loan Agreement (Hall of Fame Resort & Entertainment Co)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx Xxxxxxxx hereby irrevocably authorizes and empowers Cemtrex or its legal counsel, each as Gxxxx’x any attorney-inat-factlaw, including an attorney hired by Xxxxxx, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx Xxxxxxxx for the unpaid amount of secured promissory note this Note as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as an officer of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Lender setting forth the amount then due hereunderdue, attorneys' fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. Borrower waives the right to contest Cemtrex’s rights under this Section 4, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Lender may elect until all amounts owing on the secured promissory note this Note have been paid in full. Xxxxxxxx waives any conflict of interest that an attorney hired by Xxxxxx may have in acting on behalf of Xxxxxxxx in confessing judgment against Xxxxxxxx while such attorney is retained by Xxxxxx. Xxxxxxxx expressly consents to such attorney acting for Xxxxxxxx in confessing judgment.

Appears in 1 contract

Samples: Promissory Note (Ourpets Co)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Borrower hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Investor and any attorney-at-law, each as Gxxxx’x the Borrower’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx the Company for the unpaid amount of secured promissory this Note or any undelivered shares of the Company’s Ordinary Shares not delivered upon Investors’s conversion of their note or exercise of their Ordinary Shares Purchase Warrant, as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Investor setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Note verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Borrower waives the right to contest CemtrexInvestor’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Investor may elect until all amounts owing on the secured promissory note this Note have been paid in fullfull and all shares of stock that have been exercised under the Ordinary Shares Purchase Warrant have been delivered. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Investor shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Investor shall not be bound by Section 5.6 of this Agreement and the Investor shall have the option to commence legal proceedings with any court of their choosing.

Appears in 1 contract

Samples: Promissory Note (SMX (Security Matters) Public LTD Co)

Confession of Judgment. Upon the occurrence and during the continuation of any default under the secured promissory note described in Section 1(b) of this Settlement Agreement, and in addition to any other right or remedy of Cemtrex hereunder, under the secured promissory note or otherwise at law or in equity, Gxxxx The Company hereby irrevocably authorizes and empowers Cemtrex or its legal counselempowers, the Buyer and any attorney-at-law, each as Gxxxx’x the Company’s attorney-in-fact, to appear ex parte in any court of record and without notice to Gxxxx to confess judgment against Gxxxx for the unpaid amount Company, if the Company fails to issue the shares due or the shares due upon exercise of secured promissory note the Warrants by the Buyer, as evidenced by the Affidavit of Confession of Judgment an affidavit signed by Gxxxx as of the date of this Settlement Agreement and to be completed by Cemtrex or its counsel pursuant to the foregoing power of attorney (which power is coupled with an interest), a copy of which is attached as Exhibit B hereto (the “Affidavit”). The Affidavit shall set Hxxxxx setting forth the amount then due hereunderdue, including attorneys’ fees plus attorney’s fees and cost costs of suit, and to release all errors, and waive all rights of appeal. Gxxxx If a copy of this Agreement verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the original as a warrant of attorney. The Company waives the right to contest CemtrexBxxxx’s rights under this Section 4section, including without limitation the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing right warrant and power to confess judgment will be deemed to exhaust such the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, and such ; but the power shall will continue undiminished and may be exercised from time to time as Cemtrex Buyer may elect until all amounts owing on upon exercise of the secured promissory note warrants have been paid issued in full. The Company hereby further waives and releases any and all claims or causes of action which the Company might have against any attorney acting under the terms of authority which the Company has granted herein arising out of or connected with the confession of judgment hereunder. Notwithstanding anything to the contrary contained herein, Buyer shall not exercise its rights with respect to the foregoing power of attorney unless or until an Event of Default has occurred. Neither the Confession of Judgment nor the Buyer shall not be bound by Section 8 of this Agreement and the Investor shall have the option to commence legal proceedings with any court of their choosing.

Appears in 1 contract

Samples: Securities Purchase Agreement (Bruush Oral Care Inc.)