Common use of EFFECT OF AN EVENT OF DEFAULT Clause in Contracts

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCES. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, equity or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESAGREEMENT, AND BORROWER AGREES TO ITS TERMS. Notwithstanding any other provision of this AgreementBORROWER: ACE Motor Company By: /s/ Xxxxxxx Xxxxxx ------------------------ Xxxxxxx Xxxxxx President LENDER: AutoPrime, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.Inc. By: /s/ Illegible ------------------------ Title

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect XxxxxxLender’s right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESCOVENANT. Notwithstanding any other provision of this AgreementDEBT SERVICE COVERAGE RATIO TO BE MEASURED ANNUALLY. DEBT SERVICE COVERAGE RATIO > 1.20. DEFINED AS: EARNINGS BEFORE INTEREST, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sDEPRECIATION AND AMORTIZATION DIVIDED BY INTEREST EXPENSE PLUS CURRENT MATURITIES OF LONG-TERM DEBT FOR BORROWER AND GUARANTOR ON A CONSOLIDATED BASIS.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, equity or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESAGREEMENT, AND BORROWER AGREES TO ITS TERMS. Notwithstanding any other provision of this AgreementBORROWER: ACE Motor Company By: /s/ Xxxxxxx Xxxxxx ----------------------- Xxxxxxx Xxxxxx President LENDER: AutoPrime, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.Inc. By: /s/ Illegible ------------------------ Title

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s Lender`s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s Lender`s rights and remedies shall be he cumulative and may be he exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender`s right to declare a default and to exercise its rights and remedies. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement: AMENDMENTS, This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. Loan No 0300818580 BUSINESS LOAN AGREEMENT Page 4 (ASSET BASEDContinued) ADVANCES. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.--------------------------------------------------------------------------------

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration accelerations shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedyrxxxxx, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remediesrxxxxxxs. BUSINESS LOAN BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS NEGATIVX XXXXXX AGREEMENT, AND BORROWER AGREES TO ITS TERMS. THIS AGREEMENT (ASSET BASED) ADVANCESIS DATED AS OF JULY 25, 0000 XORROWER: DAWSON PRODUCTION SERVICES, INC. Notwithstanding any other provision of this AgreementBY: /s/ MICHAEL E. LITTLE MXXXXXX E. LITTLE, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.PRESIDENT/CHIEF EXECUTIXX XXXXXXX XXXXXR: THE FRXXX XXXXXXXX XXXX

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT DEFAULT RATE. Following an Event of Default, including failure to pay upon final maturity, Lender, at its option, may do one or both of the following: (ASSET BASEDa) ADVANCESincrease the variable interest rate on the Note to five percentage points (5.000%) over the otherwise effective interest rate payable thereunder, and (b) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the interest rate provided in the Note. Notwithstanding any other provision MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. ADDENDUM TO BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESAGREEMENT. Notwithstanding any other provision An exhibit, titled "Addendum to Business Loan Agreement," is attached to this Agreement and by this reference is made a part of this AgreementAgreement just as if all the provisions, Xxxxxxxx acknowledges terms and agrees that all Advances shall be used for conditions of the stated purpose as specified Exhibit had been fully set forth in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sthis Agreement .

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s 's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT Loan No: 6001 (ASSET BASEDContinued) ADVANCESPage 4 FRAUDS DISCLOSURE. Notwithstanding any other provision UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US (LENDER) CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE, MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to To pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s 's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT FRAUDS DISCLOSURE. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US (ASSET BASEDLENDER) ADVANCESCONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY US TO BE ENFORCEABLE. Notwithstanding any other provision MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s 's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT NON-USE FEE. Quarterly non-use fee of 25 basis points. FIXED CHARGE COVERAGE RATIO REQUIREMENT. A fixed charge coverage ratio of 1.25:1 is required and will be tested annually beginning 09/30/2020. Fixed Charge Coverage Ratio to be defined as follows: EBITDA plus capital contributions, plus non-cash expenses, plus on-time expenses, less total distributions, divided by principal and interest payments on all outstanding debt, plus capital expenditures (ASSET BASED) ADVANCES. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sCAPEX).

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESADDITIONAL COVENANTS, DUE TO LENDER: ANNUAL CPA AUDITED FINANCIAL STATEMENTS AND QUARTERLY MANAGEMENT PREPARED FINANCIAL STATEMENTS OF THE BORROWER. Notwithstanding any other provision MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS NOTICE OF FINAL AGREEMENT. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT (ASSET BASED) ADVANCESBETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sTHERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT DEFAULT RATE. Upon default, including failure to pay upon final maturity, Lender, at its option, may do one or both of the following: (ASSET BASEDa) ADVANCESincrease the variable interest rate on this Note to five percentage points (5.000%) over the Interest Rate otherwise payable thereunder, and (b) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in the Note. Notwithstanding any other provision MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges Amendment and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.Restatement:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. Furthermore, upon the occurrence of an Event of Default, including failure to pay upon final maturity, the Lender, at its option, may also, if permitted under applicable law, increase the Interest Rate to a rate equal to the Prime Borrowing Rate plus 5%. The Interest Rate will not exceed the maximum rate permitted by applicable law. In addition, if any payment of principal or interest is 15 or more days past due, Borrower will be charged a late charge of 5% of the delinquent payment. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCES. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, 's option all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at lawLaw, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and any may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT DEFAULT RATE. Following an Event of Default, including failure to pay upon final maturity, Lender, at its option, may do one or both of the following: (ASSET BASEDa) ADVANCESincrease the variable interest rate on the Note to five percentage points (5.000%) over the otherwise effective interest rate payable thereunder, and (b) add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the interest rate provided in the Note. Notwithstanding any other provision MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESGUARANTOR'S FINANCIAL STATEMENTS. Notwithstanding any other provision Guarantor agrees to furnish Lender with the following: Annual Statements for Individual Guarantors. As soon as available after the end of this Agreementeach fiscal year, Xxxxxxxx acknowledges Guarantor's balance sheet and agrees that all Advances shall be used income statement for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made year ended, prepared by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sIndividual Guarantor.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of or any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESCOVENANTS/SERVICING REQUIREMENTS. Notwithstanding any other provision 1. ANNUAL CPA COMPILED FINANCIAL STATEMENTS OF THE BORROWER. 2. ANNUAL PERSONAL FINANCIAL STATEMENTS AND TAX RETURNS OF THE GUARANTORS. MAINTAIN A MINIMUM NET WORTH POSITION OF $100,000.00. MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of or any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESCOVENANTS/SERVICING REQUIREMENTS. Notwithstanding any other provision of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance1. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sANNUAL CPA COMPILED FINANCIAL STATEMENTS OF THE BORROWER. 2. ANNUAL PERSONAL FINANCIAL STATEMENTS AND TAX RETURNS OF THE GUARANTORS. MAINTAIN A MINIMUM NET WORTH POSITION OF $100,000.00.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LENDER'S LOAN AGREEMENT (ASSET BASED) ADVANCESFEES. Notwithstanding any other provision In consideration for Lender holding itself ready, willing and able to extend the loan evidenced by this Note, Borrower has paid Lender a loan fee of $5,000.00, which represents 1.00% of the original amount of this AgreementNote. If Lender extends the maturity date of this Note beyond its stated maturity, Xxxxxxxx acknowledges and agrees that all Advances Lender shall have the right, in its sole discretion to automatically assess a fee for the extension, which fee shall be used same percentage as the original loan fee, pro-rated to account for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity length of Borrower, which is held at a financial institution other than that of Xxxxxx’sthe extension.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Payment Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall rexxxx xhall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default declaxx x xefault and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESIf any Event of Default, other than Payment Default, shall occur or in the event the borrower is in violation of the covenants and the Bank decides to call the subject facility, then the Borrower will be given six months to payoff the subject facility, at 1/6 of the outstanding balance each month till termination. Notwithstanding any other provision If Borrower is able to secure another line of this Agreementcredit upon notification of termination, Xxxxxxxx acknowledges and agrees that all Advances shall the new line must be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of payoff Borrower, which is held at a financial institution other than that of Xxxxxx’s's existing Facility with Bank.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvencyinsolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect XxxxxxLender’s right to declare a default and to exercise its rights and remedies. BUSINESS ADDITIONAL LOAN AGREEMENT (ASSET BASED) ADVANCESFINANCIAL REPORTING COVENANTS. Notwithstanding any other provision of this Agreement1. SUBMISSION OF FISCAL YEAR END FINANCIAL STATEMENT: AS SOON AS AVAILABLE, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by XxxxxxxxAND WITHIN SEC REPORTING REQUIREMENTS, orAFTER THE END OF EACH FISCAL YEAR, when applicableBORROWER’S CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT FOR THE YEAR, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sAUDITED BY A CERTIFIED PUBLIC ACCOUNTANT SATISFACTORY TO LENDER.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s 's option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “"Insolvency” " subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s 's rights and remedies shall be cumulative and may be exercised singularly or concurrently. , Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s Lender's right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT ADDITION PROVISION. Maintain current ratio of at least 1:1 Maintain long term debt/consolidated net worth, in accordance with Generally Accepted Accounting Principles (ASSET BASEDGAAP) ADVANCESas currently in effect, of not more than 1:1. Notwithstanding any other provision Above ratios must be maintained in order for company to pay dividends. MISCELLANBOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement, Xxxxxxxx acknowledges and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’s.:

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness indebtedness immediately will become due and payable, all without notice of any kind to the Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly singularity or concurrently. Election by Xxxxxx Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any an Grantor shall not affect XxxxxxLender’s right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT Should Lender elect to declare Borrower in default in the event and event of default should occur, Lender shall do so in writing and upon such notice Borrower shall have five (ASSET BASED5) ADVANCES. Notwithstanding days from the date of the notice to cure any other provision of this Agreement, Xxxxxxxx acknowledges monetary default so declared by Lender and agrees that all Advances shall be used for the stated purpose as specified in each application for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made fifteen (15) days to cure any non-monetary default so declared by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of Borrower, which is held at a financial institution other than that of Xxxxxx’sLender.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Xxxxxx’s right to declare a default and to exercise its rights and remedies. BUSINESS LOAN AGREEMENT (ASSET BASED) ADVANCESLETTER OF CREDIT AVAILABILITY. Notwithstanding any other provision of this AgreementIn addition to the terms previously set forth, Xxxxxxxx acknowledges and agrees that all Advances availability under the Note shall be used reduced by the amount of any outstanding documentary or standby Letters of Credit issued by the Lender for the stated purpose as specified in each application Borrower’s account. Letters of Credit issued under this line of credit must be issued with an expiration date prior to the maturity date of the Note. Letters of Credit issued for Advance. Xxxxxxxx further acknowledges and agrees that Advances shall not be made by Xxxxxx to any deposit account owned by Xxxxxxxx, or, when applicable, a related entity of the Borrower, which is held at a financial institution other than that are presented for payment prior to the maturity date of Xxxxxx’sthe Note, shall be funded by an advance from the line of credit as evidenced by the Note. If not sooner paid, all Letters of Credit presented for payment and funded by an advance from the line of credit shall be due and payable upon the maturity date of the Note.