The net proceeds of any collateral held by Bank as security for any of the Liabilities shall be applied first to the expenses of Bank in preparing the collateral for sale, selling and the like, including, without limitation, reasonable attorney's fees and expenses incurred by Bank (including fees and expenses of any litigation incident to any of the foregoing), and second, to the complete satisfaction of all of the Liabilities together with all interest thereon and (3) Upon five (5) days written notice to Debtor, Bank may, at its option, begin accruing interest, in addition to the interest provided for above, at a rate not to exceed five percent (5 %) per annum on the unpaid principal balance hereof, provided, however, that no interest shall accrue hereunder in excess of the maximum amount of interest allowed by law.
Principal definition promissory note code#
(The term «Obligor» as used herein shall include Debtor and all other persons liable, either absolutely or contingently, on the Liabilities, including endorsers, sureties and guarantors) (2) If any Obligor becomes insolvent or makes an assignment for the benefit of creditors, or if any petition is filed by or against any Obligor under any provision of any state or federal law or statute alleging that such Obligor is insolvent or unable to pay debts as they mature or under any provision of the Federal Bankruptcy Act (3) The entry of any judgement against any Obligor which remains unsatisfied for fifteen (15) days or the issuing of any attachment, levy or garnishment against any property of any Obligor or the occurrence of any substantial change in the financial condition of any Obligor which, in the sole, reasonable judgement of Bank, is materially adverse (4) The dissolution, merger, consolidation or reorganization of any Obligor which is a corporation or partnership without the express prior written consent of Bank (5) The death, incarceration or adjudication of legal incompetence of any Obligor who is a natural person (6) If any information heretofore or hereafter furnished to Bank by any Obligor in connection with any of the Liabilities, or in connection with any guarantee or surety agreement applicable to any of the Liabilities, should prove to be materially false or incorrect (7) The failure of any Obligor to furnish to Bank financial and other information as Bank may reasonably request or require.īank's rights upon default- Upon the occurrence of an Event of Default: (1) Unless Bank elects otherwise in writing, the entire unpaid balance of this Note and of such of the Liabilities as are not then due and payable shall be immediately due and payable without notice to or demand on any Obligor (2) Bank may exercise all of the rights, privileges and remedies of a Secured Party under the Pennsylvania Uniform Commercial Code and, further, may exercise all of its rights and remedies under any security agreement, pledge agreement, note or other agreement or document issued in connection with or arising out of any of the Liabilities, all of which remedies shall be cumulative. Said lien and security interest shall be independent of any right of set off which Bank may have.Įvents of default- Each of the following shall be an «Event of Default» hereunder: (1) The nonpayment when due of any amount payable under or on any of the Liabilities, or the failure of any Obligor to observe or perform any agreement of any nature whatsoever with Bank.
Security interest- As security for the prompt payment when due of all amounts due under this Note, including any renewals, extensions and/or modifications thereof, together with all other existing and future liabilities and obligations of Debtor, or any of them, to Bank, whether absolute or contingent, of any nature whatsoever and out of whatever transactions arising (hereinafter collectively referred to as the «Liabilities»), Debtor and each of them hereby grants to Bank a lien and security interest in and to all property of Debtor or any of them which at any time Bank shall have or have the right to have in its possession, or which is in transit to it, including without limitation any balance or share belonging to Debtor or any of them of any deposit, agency, trust, escrow or other account or accounts with Bank and any other amounts which may be owing from time to time by Bank to Debtor or any of them. FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND HEREBY, the undersigned (each jointly and severally if more than one and hereinafter jointly and severally referred to as «Debtor») promises to pay to the order of_ Philadelphia, Pennsylvania (hereinafter «Bank») at any of its banking offices the sum of_Dollars to be paid as follows:
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