DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; then, at Lender’s option, and upon written verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).
Appears in 3 contracts
Samples: Term Credit Agreement (United Wisconsin Grain Producers LLC), United Wisconsin Grain Producers LLC, United Wisconsin Grain Producers LLC
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any other indebtedness of any Customer to LenderBank, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s 's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s 's obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; security agreement securing payment under this Agreement, then, at Lender’s Bank's option, and upon written or verbal notice to any Customer, Lender’s Bank's obligation to make advances on the Loans under this Agreement shall terminate and the this total unpaid balance shall become immediately due and payable without presentment[o], demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s Bank's obligation to make advances on the Loans under this Agreement shall will automatically terminate and the total unpaid balance shall automatically become due and payable in the event any Customer or guarantor becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive Bank's receipt of any payment on this Agreement after the occurrence of an event of default without waiving any other subsequent or prior shall not constitute a waiver of the default of the Bank's rights and remedies upon such default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees All Customer's and guarantors agree to pay all costs of collection collecting before and after judgment, including reasonable attorneys’ ' fees (including those incurred in successful defense defenses or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States State Bankruptcy Code)) providing, however, that if Arizona law is applicable to this Agreement and if the Credit Line is $10,000 or less. Customer agrees to pay court costs, expenses and reasonable attorneys' fees if the Loans are referred for collection to an attorney other than a salaried employee of Bank. Bank may amend the terms of this Agreement including the Credit Line, from time to time, and will mail to Customer at Customer's last known address shown on the records of Bank, advance written notice of any such amendment. To the extent permitted by law, amendments will apply to outstanding Loan balances and to future Loans.
Appears in 3 contracts
Samples: Credit Agreement (Pick Barbara), Credit Agreement (Good Chris), Credit Agreement (Pick Carl)
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to LenderCustomer, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s 's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (ea) any guaranty of Customer’s 's obligations under this Agreement or the Note is revoked or becomes unenforceable for far any reason or any such guarantor dies, dies or ceases to exist or becomes the subject of any bankruptcy or insolvency proceedingexist, or (f) an event of default occurs under any Security Document or the NoteDocument; then, at Lender’s Xxxxxx's option, and upon written or verbal notice to Customer, Lender’s Xxxxxx's obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, . all of which are hereby expressly waived by Customer. Lender’s 's obligation to make advances on the Loans loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s Xxxxxx's costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ ' fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).
Appears in 2 contracts
Samples: Credit Agreement (Chromaline Corp), Credit Agreement (Chromaline Corp)
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, (b) ). any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note (e) Customer, Customer’s spouse or any Security Documentssurety or guarantor for any of the Customer’s indebtedness under this Agreement dies, ceases to exist, becomes insolvent or the subject of bankruptcy or insolvency proceedings, (ef) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceedingreason, or (fg) an event of default occurs under any Security Document or the NoteDocument; then, at Lender’s option, and upon written verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection collection, before and after judgment, including including, without limitation, reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code). Customer agrees to indemnify and hold harmless Lender, its officers, directors, employees and agents, for, from and against any and all claims, damages, judgments, penalties and expenses, including reasonable attorneys’ fees, arising directly or indirectly from credit extended under this Agreement or the activities of Customer. This indemnity shall survive termination of this Agreement, the repayment of all Loans and the discharge and release of any collateral for the Loans.
Appears in 1 contract
Samples: Business Credit Agreement (Citizens Community Bancorp Inc.)
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when The obligations due under this Agreement Note shall, without notice, become immediately due and payable if: (i) there is entered any order, judgment or decree by a court of competent jurisdiction for relief in respect of Maker under any applicable federal or state bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law, whether now or hereafter in effect, or appointing a receiver, assignee or trustee of all or a substantial part of Maker’s property, assets or revenues and that order, judgment or decree shall have continued unstayed, unbonded and in effect for a period of thirty (30) days; (ii) Maker files a petition seeking relief under the United States Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation or similar law, or consent to the institution thereof or to the filing of any such petition or to the appointment or taking of possession by a receiver, liquidator, assignee, trustee or custodian of any substantial part of the properties, assets or revenues of Maker or the Note making by Maker of a general assignment for the benefit of its creditors; or under any other instrument evidencing any indebtedness of Customer to Lender, (biii) any representation or warranty made the obligations due under this Agreement or information provided by Customer Note are not paid in connection with this Agreement is or was false or fraudulent in any material respect, full on the Maturity Date (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any each an “Event of the covenants or duties contained in this AgreementDefault”). If an Event of Default has occurred, the aggregate principal amount of this Note or any Security Documents, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; then, at Lender’s option, and upon written verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable to Payee without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances action on the Loans under this Agreement part of Payee, and Maker shall automatically terminate and the total unpaid balance shall automatically become immediately pay to Payee all amounts due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedingswith respect to this Note. Lender may waive any default without waiving Payee shall also have any other subsequent rights which Payee may have under any contract or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before agreement and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense any other rights or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought remedies which Payee may have pursuant to the United States Bankruptcy Code)applicable law.
Appears in 1 contract
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to LenderCustomer, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, Agreement or the Note or any Security DocumentsNote, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist exist, or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; then, at Lender’s Lender option, and upon written or verbal notice to Customer, Lender’s obligation to make advances on the Loans Loan under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).
Appears in 1 contract
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to LenderCustomer, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s 's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s 's obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, dies or ceases to exist or becomes the subject of any bankruptcy or insolvency proceedingexist, or (f) an event of default occurs under any Security Document or the NoteDocument; then, at Lender’s 's option, and upon written or verbal notice to Customer, Lender’s 's obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s 's obligation to make advances on the Loans loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s 's costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgmentJudgment, including reasonable attorneys’ ' fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).
Appears in 1 contract
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to LenderCustomer, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s 's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s Customers's obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, dies or ceases to exist or becomes the subject of any bankruptcy or insolvency proceedingexist, or (f) an event of default occurs under any Security Document or the NoteDocument; then, at Lender’s optionlender's Option, and upon written or verbal notice to Customer, Lender’s 's obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s 's obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ ' fees (including those incurred in successful defense or of settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code). Customer agrees to indemnity and hold harmless Lender, its officers, directors, employees and agents, from and against any and all claims, damages, judgments, penalties and expenses, including reasonable attorneys' fees, arising directly or indirectly from credit extended under this Agreement or the activities of Customer. This indemnity shall survive termination of this Agreement, the repayment of all Loans and the discharge and release or any collateral for the Loans.
Appears in 1 contract
DEFAULT AND ACCELERATION. Upon the occurrence For purposes of this Note, Maker shall be -------------------------- in "DEFAULT" under this Note if any one or more of the following events of defaultoccurs: (a) Customer Maker fails to make any payment of interest, principal or other amount hereunder on or before the Maturity Date; (b) Maker admits in writing Maker's inability to pay Maker's debts as such debts become due, makes a general assignment for the benefit of creditors, or files any amount when due petition or action for relief under this Agreement any bankruptcy, reorganization, insolvency or the Note moratorium law or under any other instrument evidencing any indebtedness of Customer to Lenderlaw for the relief of, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respectrelating to, debtors; (c) a material adverse change occurs in Customer’s financial condition, Maker commits any breach of or default under this Note or any instrument securing or otherwise assuring payment of or performance under this Note; (d) Customer fails to timely observe any involuntary petition is filed against Maker under any bankruptcy, reorganization, insolvency or perform moratorium law or under any other law for the relief of, or relating to, debtors; (e) a levy or writ of attachment or garnishment or other like judicial process is filed or issued against or upon the Maker or any of the covenants or duties contained "Collateral" (defined in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, Section 13 below); or (f) an event Holder deems itself insecure, believing that the prospect of default occurs payment under this Note is impaired or fears the Collateral is at risk of being compromised. Notwithstanding any Security Document or other provision of this Note to the Note; thencontrary, upon the occurrence of a Default, Holder may, at Lender’s option, and upon written verbal Holder's option but witx xxxxten notice to CustomerMaker, Lender’s obligation to make advances on the Loans entire indebtedness evidenced by this Note, including the entire principal balance outstanding hereunder, any and all unpaid interest accrued thereon and any and all other amounts due and owing under this Agreement Note, shall terminate and the total unpaid balance shall become immediately be due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code)payable.
Appears in 1 contract
Samples: Rapidtron Inc
DEFAULT AND ACCELERATION. Upon The unpaid balance of this Note shall, at the occurrence option of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note XXX or any Security Documentsholder of this Note and immediately upon demand, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; then, at Lender’s option, mature and upon written verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject that: (i) Borrower fails to make any payment under this Note when due and such failure remains uncured 10 business days after XXX’s delivery to Borrower of bankruptcy or written notice of such failure; (ii) other insolvency proceedings. Lender may waive than payment default (addressed in clause (i), above), there is any default by Borrower of its obligations under this Note or any security agreement, mortgage, deed of trust, or similar agreement or instrument related to this Note (including, without waiving limitation, the material inaccuracy of any representation or warranty made by Borrower in this Note or any such agreement or instrument), or any agreement, document, or instrument evidencing a grant by XXX to Borrower, and such default remains uncured one calendar month after XXX’s delivery to Borrower of written notice of such default; (iii) Borrower is in material breach of any other subsequent agreement with XXX; or prior default(iv) Borrower is in breach of any other agreement regarding any other credit facility with any lender other than XXX or Borrower is in breach of any other agreement regarding indebtedness for borrowed money in excess of $50,000 owed to a creditor other than XXX (in each case a "Nonbankruptcy Default"). Customer agrees to pay Lender’s costs of administration The unpaid balance of this AgreementNote will automatically mature and become immediately payable in the event that Borrower fails to timely notify XXX that it has made a taxable expenditure, as described in Section 6. Customer also agrees The unpaid balance of this Note will automatically mature and become immediately payable in the event that: (i) Borrower institutes or consents to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement the institution of any counterclaim brought by Customer proceeding under any Debtor Relief Law (as defined below); (ii) Borrower makes an assignment for the benefit of creditors; (iii) Borrower applies for or incident to any action or proceeding involving Customer brought pursuant consents to the United States appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer for Borrower or for all or any material portion of Xxxxxxxx's property; (iv) any receiver, trustee, custodian, conservator, liquidator, or similar officer is appointed without Xxxxxxxx's application or consent and such appointment continues undischarged or unstayed for sixty calendar days; or (v) any proceeding under any Debtor Relief Law relating to Borrower or to all or any material portion of Borrower's property is instituted without Borrower's consent and continues undismissed or unstayed for sixty calendar days, or an order for relief is entered in any such proceeding (a "Bankruptcy CodeDefault") (any Bankruptcy Default or Nonbankruptcy Default, a "Default"). The receipt by XXX, or by any holder of this Note, of any payment after the occurrence of a Default will not constitute a waiver of such Default or of any rights and remedies of XXX or such holder.
Appears in 1 contract
Samples: gasocialimpact.com
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any other indebtedness of any Customer to LenderBank, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s 's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s 's obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; security agreement securing payment under this Agreement, then, at Lender’s Bank's option, and upon written or verbal notice to any Customer, Lender’s Bank's obligation to make advances on the Loans under this Agreement shall terminate and the this total unpaid balance shall become immediately due and payable without presentment[?], demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s Bank's obligation to make advances on the Loans under this Agreement shall will automatically terminate and the total unpaid balance shall automatically become due and payable in the event any Customer or guarantor becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive Bank's receipt of any payment on this Agreement after the occurrence of an event of default without waiving any other subsequent or prior shall not constitute a waiver of the default of the Bank's rights and remedies upon such default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees All Customer's and guarantors agree to pay all costs of collection collecting before and after judgment, including reasonable attorneys’ ' fees (including those incurred in successful defense defenses or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States State Bankruptcy Code)) providing, however, that if Arizona law is applicable to this Agreement and if the Credit Line is $10,000 or less. Customer agrees to pay court costs, expenses and reasonable attorneys' fees if the Loans are referred for collection to an attorney other than a salaried employee of Bank. Bank may amend the terms of this Agreement including the Credit Line, from time to time, and will mail to Customer at Customer's last known address shown on the records of Bank, advance written notice of any such amendment. To the extent permitted by law, amendments will apply to outstanding Loan balances and to future Loans.
Appears in 1 contract
Samples: Credit Agreement (Good Chris)
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, Customer; (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, ; (c) a material adverse change occurs in Customer’s 's financial condition, ; (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, ; (e) any guaranty of Customer’s 's obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or reason; (f) an event of default occurs under any Security Document Document; (g) a sale, lease or other disposition of the Noteassets of the Customer occurs, except for sales of inventory in the ordinary course of business; then(h) the Customer acquires all or substantially all of the assets or equity interests in any other business enterprise, whether in one or a series of transactions; (i) the Customer merges into or consolidates with any other business enterprise, or another business enterprise merges into the Customer; (j) the Customer enters into any agreement directly or indirectly, to sell or transfer any property, real or personal, used in its business, and thereafter the Customer leases such property, or other property which it intends to use for substantially the same purposes; or (k) any person who owns any of the capital stock of the Customer on the date of this Agreement transfers, sells, gives or otherwise disposes of any of the shares of capital stock of the Customer to any other person (including another person who own any shares of capital stock of the Customer on the date of this Agreement), then at Lender’s 's option, and upon notice written or verbal notice to Customer, Lender’s 's obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall immediately become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s 's obligation to make advances on the Loans under this Agreement shall automatically and immediately terminate and the total unpaid balance shall automatically and immediately become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s 's costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ ' fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States U.S. Bankruptcy Code).
Appears in 1 contract
Samples: Revolving Credit Agreement (First Midwest Bancorp Inc)
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to LenderCustomer, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer’s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist exist, or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the NoteDocument; then, at Lender’s option, and upon written or verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).
Appears in 1 contract
DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, Customer; (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, ; (c) a material adverse change occurs in Customer’s financial condition, ; (d) any guaranty of Customer’s obligations under this Agreement is revoked or becomes unenforceable for any reason; (e) an event of default occurs under any Security Document; (f) a sale, lease or other disposition of the assets of the Customer occurs, except for sales of inventory in the ordinary course of business; (g) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer’s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, ; or (fh) an event of default occurs under Customer merges or consolidates with any Security Document other business enterprise, unless Customer is the surviving entity in such merger or the Noteconsolidation; then, then at Lender’s option, and upon notice written or verbal notice to Customer, Lender’s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall immediately become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender’s obligation to make advances on the Loans under this Agreement shall automatically and immediately terminate and the total unpaid balance shall automatically and immediately become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender’s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys’ fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States U.S. Bankruptcy Code).
Appears in 1 contract
Samples: First Midwest Bancorp Inc