Reso 1998-012 - Laserfiche WebLink

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SECTION 5.05 CHANGE THE PROTECT Permit nor suffer to exist any material change in the project's plans and/or specifications submitted to the LENDER. SECTION 5.06 LOANS, ADVANCES, INVESTMENTS Make any loan or advances to or investments in, any person or entity except those usually made in the ordinary course of business. The entire unpaid principal of the PROMISSORY NOTE, and the interest then accrued thereon, shall become and be immediately due and payable upon the written demand of the LENDER, without any other notice or demand of any kind or any presentment or protest, if any one of the following events (hereinafter an EVENT OF DEFAULT) shall occur and be continuing at the time of such demand, whether voluntarily or involuntarily, or without limitation, occurring or brought about by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any body, provided, however, that such sum shall not be then payable if BORROWER's payments have been waived, or time for making the BORROWER's payments has been extended by the LENDER: SECTION 6.01 NON-PAYMENT OF LOAN If the BORROWER shall fail to make payment when due of any installment of principal on the PROMISSORY NOTE, or interest accrued thereon, and if the default shall remain unremitting for thirty (30) days. SECTION 6.02 INCORRECT REPRESENTATION OR WARRANTY Any representation or warranty contained in, or made in connection with the execution and delivery of this AGREEMENT, or in any certificate or statement furnished pursuant hereto, shall prove to have been incorrect when made in any material respect. SECTION 6.03 DEFAULT IN COVENANTS The BORROWER shall default in the performance of any other term, covenant, or agreement contained in this AGREEMENT, and such default shall continue unremitting for thirty (30) days after the earliest of either (1) it becomes known to an executive officer of the BORROWER; or (2) written notice thereof shall have been given to the BORROWER by the LENDER. SECTION 6.04 OTHER A R FMFNTS Default by BORROWER under the terms of any agreement or instrument pursuant to which BORROWER has borrowed money from any person. SECTION 6.05 VOLUNTARY INSOLVENCY If the BORROWER shall become insolvent or shall cease to pay its debt as they mature or shall voluntarily file a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidation for it or a substantial portion of its assets, or to effect a plan or other arrangement with creditors, or shall be adjudicated bankrupt, or shall make a voluntary assignment for the benefit of creditors. SECTION 6.06 INVOLUNTARY INSOLVENCY If an insolvency petition shall be filed against the BORROWER under any bankruptcy, insolvency, or similar law or seeking the reorganization of or the appointment of any receiver, trustee, or liquidator for the BORROWER, or of a substantial part of the property of the BORROWER, or a writ or warrant of attachment or similar process shall be issued against a substantial part of the property of the BORROWER, and such petition shall not be dismissed, or such writ or warrant of attachment or similar process shall not be released or bonded, within thirty (30) days after filing of levy. Loan Agreement Page 8 of 11