ARTICLE 7. DEFAULTS
7.1 Events of Default. Each of the following events shall constitute an Event of Default under this Agreement:
(a) Non-Payment. Either Borrower shall for any reason whatsoever fail to pay in full (i) any amount of principal of any Loan when and as required to be paid herein; or (ii) any interest or fee payable hereunder within three Business Days after the same shall become due; or (iii) any other amount payable hereunder or pursuant to any other Loan Document within three (3) Business Days of when such amount shall become due and payable. Acceptance of partial payment by the Lender shall not constitute a waiver of Borrower's failure to make payment in full.
(b) Incorrect Representation or Warranty. Any representation or warranty made by Borrower in this Agreement shall prove to have been incorrect, untrue or misleading in any material respect as of the date made or any certificate confirming such representation or warranty or any information certificate or opinion in writing furnished by Borrower under this Agreement proves to have been untrue or misleading in any material respect as of its date.
(c) Breach of Other Provision. Borrower shall for any reason whatsoever fail to perform or violate (i) the covenants in Sections 5.1; or (ii) any other provision of this Agreement or the Notes and such failure or violation shall not be remediable or, if remediable, shall continue unremedied for a period of 30 days from the date the Lender gives notice to Borrower with respect thereto.
(d) Other Indebtedness. Borrower shall fail to pay in full when and as due any amount owed with respect to any indebtedness, or there shall occur any other event of default under any agreement or instrument relating to its indebtedness, in either case, in an obligations under the other Loan Documents, and may pledge the same to any Federal Reserve Bank as collateral security.
7.2 Set-Off. If an Event of Default shall have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrowers against any and all of the obligations of the Borrower now or hereafter existing under this Agreement, irrespective of whether or not the Lender shall have made any demand under this Agreement and although such obligations may be matured.
7.3 Patriot Act. The Bank hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title 111 of Pub. L. 107-56) (the "Act”), it is required to obtain, verify and record information that identifies the Borrower, guarantor or grantor (each, a "Loan Party"), which information includes the name and address of each Loan Party and other information that will allow the Lender to identify such Loan Party in accordance with the Act.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized signatories.
ARTICLE 7. DEFAULTS7.1 Events of Default. Each of the following events shall constitute an Event of Default under this Agreement:(a) Non-Payment. Either Borrower shall for any reason whatsoever fail to pay in full (i) any amount of principal of any Loan when and as required to be paid herein; or (ii) any interest or fee payable hereunder within three Business Days after the same shall become due; or (iii) any other amount payable hereunder or pursuant to any other Loan Document within three (3) Business Days of when such amount shall become due and payable. Acceptance of partial payment by the Lender shall not constitute a waiver of Borrower's failure to make payment in full. (b) Incorrect Representation or Warranty. Any representation or warranty made by Borrower in this Agreement shall prove to have been incorrect, untrue or misleading in any material respect as of the date made or any certificate confirming such representation or warranty or any information certificate or opinion in writing furnished by Borrower under this Agreement proves to have been untrue or misleading in any material respect as of its date. (c) Breach of Other Provision. Borrower shall for any reason whatsoever fail to perform or violate (i) the covenants in Sections 5.1; or (ii) any other provision of this Agreement or the Notes and such failure or violation shall not be remediable or, if remediable, shall continue unremedied for a period of 30 days from the date the Lender gives notice to Borrower with respect thereto. (d) Other Indebtedness. Borrower shall fail to pay in full when and as due any amount owed with respect to any indebtedness, or there shall occur any other event of default under any agreement or instrument relating to its indebtedness, in either case, in an obligations under the other Loan Documents, and may pledge the same to any Federal Reserve Bank as collateral security. 7.2 Set-Off. If an Event of Default shall have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrowers against any and all of the obligations of the Borrower now or hereafter existing under this Agreement, irrespective of whether or not the Lender shall have made any demand under this Agreement and although such obligations may be matured. 7.3 Patriot Act. The Bank hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title 111 of Pub. L. 107-56) (the "Act”), it is required to obtain, verify and record information that identifies the Borrower, guarantor or grantor (each, a "Loan Party"), which information includes the name and address of each Loan Party and other information that will allow the Lender to identify such Loan Party in accordance with the Act. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized signatories.
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