Res 2010-166 - Laserfiche WebLink

Home Browse Search

and all accrued interest on matured unpaid amounts will become finally due and payable upon the Maturity Date. If no Default (as defined below) has occurred which remains uncured, however, the payment obligation under this paragraph in amount of the Deferred Principal and accrued interest shall be forgiven by the Lender and deemed paid in full and Borrower shall be released from all further obligations under this Note and the 380 Agreement. 3. DEFAULT (a) The occurrence of any one of the following events shall constitute a default by Borrower (referred to as a "Default "): (i) Borrower fails to comply with the terms of the 380 Agreement and fails to cure any default therein when an opportunity to cure is provided; (ii) the Affiliate fails to satisfy its requirements identified in the 3 80 Agreement; (iii) Borrower makes or made a material misrepresentation to Lender or Lender with respect to this Note, the Security, the 380 Agreement, or any documents provided previously or in the future by Borrower to Lender related to this Note or the 380 Agreement. (b) Notice of Default Borrower will be notified in writing of the occurrence of a Default. If the Default is not cured to Lender's full and complete satisfaction within thirty (3 0) days after the date on which the notice is delivered or mailed, Lender at its option, may declare the Deferred Principal and all accrued interest on matured unpaid amounts immediately due and payable and may invoke any or all remedies permitted by law, this Note, the UCC -1 Financing Statement, or any other instrument, without further notice or demand on Borrower, except as required by law. (c) No Waiver by Lender Even if, at a time when Borrower is in Default, the Lender does not require Borrower to pay immediately in full as described above, the Lender will still have the right to do so if Borrower is in Default at a later time. (d) Payment of Lender's Cost and Expenses In the event of a Default, the Lender will have the right to be paid back by Borrower for all of Lender's costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorney's fees and court costs, if any. 4. LOAN CHARGES If a law, which applies to this Loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this Note exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and