Borrower represents and warrants that: (a) Borrower is just a business, restricted liability business, partnership or proprietorship as mentioned below Borrowers signature duly arranged, validly current plus in good standing beneath the regulations of this state of their company as mentioned below Borrowers signature and Debtor is qualified to complete business and it is in good standing underneath the legislation of each and every other state when the gear is or are going to be positioned; (b) Borrowers title as set forth during the outset for this contract is its complete and proper legal title as suggested within 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 have now been duly authorized by all necessary business, business, partnership or proprietorship action; (d) this contract, the Note and each related document happens to be duly finalized and delivered by Borrower and every such document is really a appropriate, legitimate and binding responsibility of Borrower enforceable prior to its terms; ( ag e) there’s absolutely no litigation or any other proceeding pending, or even the 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 economic condition of Borrower; (f) all stability sheets, earnings statements along with other economic data which have been sent to Lender (or JPMorgan Chase Bank, N.A.) with regards to Borrower are complete and proper in every product respects, fairly current the economic condition of Borrower regarding the dates for which, while the link between its operations for the durations which is why, exactly the same have now been furnished and also been ready according to generally accepted accounting axioms regularly used, (g) there’s been no material negative improvement in the healthiness of Borrower, monetary or elsewhere, because the date of the most extremely current economic statements brought to Lender (or JPMorgan Chase Bank, N.A.), (h) Borrowers organizational number assigned to Borrower because of hawaii of the organization is properly stated below Borrowers signature; (i) this contract additionally the Note proof that loan made mainly for company, commercial or agricultural purposes and never primarily for individual, household, or household purposes; (j) the gear is certainly not, and can perhaps not, be registered beneath the regulations of every international nation; (k) the gear is, and shall stay after all times, qualified to receive enrollment beneath the Act (since defined in Section 19 hereof); (l) the gear will probably be located in, and mainly found in, the United States all as needed by the Act; and (m) the gear won’t be found in breach of any legislation, legislation, ordinance or policy of insurance coverage impacting the upkeep, usage or flight for the gear; and (letter) Borrower qualifies being a resident associated with united states of america as defined into the Act and certainly will continue to qualify as an united states of america resident in every respect.
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 financing statements and instruments become filed aided by the Federal Aviation management, all of these Lender is authorized to register aided by the filing that is appropriate. Borrower hereby irrevocably appoints Lender as Borrowers attorney-in-fact with complete energy and authority into the 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 papers considered desirable by Lender to master, establish or provide notice of Lenders passions into the gear or in just about any security as to which Borrower has provided Lender a protection 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 pay upon Lenders request any out-of-pocket expenses and expense compensated or incurred by Lender associated with the above terms with this contract or even the financing and closing with this contract (including, without limitation, all out-of-pocket costs and costs of every outside counsel to Lender).
12. ACTIVITIES OF DEFAULT.
All the after events shall represent a conference of Default under this contract as well as the Note: (a) Borrower doesn’t spend any installment re re re payment or other quantity due under this contract or perhaps the Note within 10 times of its deadline; or (b) debtor does not perform or observe any one of its obligations in Sections 3, 9, or 18 hereof; or (c) Borrower fails to do or observe some of its other responsibilities in this contract or even the Note within thirty day period after Lender notifies Borrower of these failure; or (d) debtor or any Guarantor does not spend or perform or observe any term, covenant (including, however restricted to, any economic covenant), contract or condition found in, or there shall take place any re payment or other default under or as defined in, any loan, credit contract, extension 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 perhaps not be remedied in the time period (if any) within which such Affiliate Credit Agreement permits such standard to be remedied; or ( ag ag e) any declaration, representation or guarantee created by Borrower in this contract or in just about any document, certification or financial record associated with this contract demonstrates whenever you want to own been untrue or deceptive in almost any product respect at enough time of the full time whenever made; or (f) debtor or any Guarantor becomes insolvent or bankrupt, or admits its incapacity to pay for its debts while they mature, or makes an project for the main benefit of https://installmentloansgroup.com/payday-loans-wy/ creditors, or pertains for, institutes or consents towards the visit of the receiver, trustee or comparable official for this or any significant element of its home or such official is appointed without its consent, or relates for, institutes or consents to virtually any bankruptcy, insolvency, reorganization, financial obligation moratorium, liquidation or similar proceeding associated with it or any significant element of its home underneath the rules of any jurisdiction or such proceeding is instituted against it without stay or dismissal for over 60 times, or it begins any work amounting to a company failure or perhaps a winding up of the affairs, or it stops to accomplish company as a going concern; or (g) with regards to any guaranty, page of credit, pledge contract, protection contract, mortgage, deed of trust, financial obligation subordination contract or any other credit improvement or credit help contract (whether now current or hereafter arising) finalized or given by any party (each a Guarantor) associated with all or any section of Borrowers responsibilities under this contract or even the Note, the Guarantor defaults with its responsibilities thereunder or such contract shall stop to stay complete force and impact or will probably be announced become null, void, invalid or unenforceable because of the Guarantor; or (h) debtor or any Guarantor does not spend or perform or observe any term, covenant (including, although not limited by, any economic covenant), contract or condition contained in, or there shall happen any repayment or any other default under or as defined in just about any Other Credit contract (as defined in Section 19 hereof) that shall never be remedied in the time period (if any) within which such Other Credit Agreement allows such standard to be remedied, whether or not such default is waived by every other celebration to such Other contract or such default produces or leads to the termination of these Other Credit Agreement or the acceleration of this obligation, indebtedness or any other responsibility under such Other Credit Agreement; or (i) debtor or any Guarantor shall suffer the increasing loss of any product permit or franchise whenever Lender shall fairly conclude that such loss fairly impairs Borrowers or such Guarantors power to perform its responsibilities needed under this contract or the Note; or (j) debtor or any Guarantor shall neglect to spend any final judgment for the repayment of cash in a sum corresponding to or perhaps in more than $50,000.00; or (k) there shall take place in Lenders reasonable opinion any material unfavorable change into the economic condition, company or operations of Borrower or any Guarantor that may impair or impede Borrowers capacity to fulfill its obligations hereunder or beneath the Note.