THE OTHER
IN ANY DISPUTE AND HEREBY WAIVE ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY
DAMAGES THEY HAVE NOW OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY
DISPUTE.
9.13WAIVER OF JURY TRIAL.
EACH OF THE PARTIES HERETO HEREBY KNOWINGLY,
VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE Line of Credit NOTE OR THE LOAN DOCUMENTS
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN) OR ACTIONS OF THE BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
BANK'S ENTERING INTO THIS AGREEMENT.
9.14CONFESSION OF JUDGMENT.
EACH LOAN PARTY HEREBY IRREVOCABLY AUTHORIZES AND
EMPOWERS ANY ATTORNEY OR ATTORNEYS OR THE PROTHONOTARY OR CLERK OF ANY COURT IN
THE STATE OF DELAWARE, OR ELSEWHERE, UPON AND FOLLOWING THE OCCURRENCE OF AN
EVENT OF DEFAULT, TO APPEAR FOR AND CONFESS JUDGMENT AGAINST ANY LOAN PARTY FOR
THE AMOUNT FOR WHICH LOAN PARTIES MAY BE OR BECOME LIABLE TO THE BANK OR ANY OF
THEM UNDER THIS AGREEMENT OR THE Line of Credit NOTE OR THE OTHER LOAN DOCUMENTS
AS EVIDENCED BY AN AFFIDAVIT SIGNED BY AN OFFICER OF THE BANK, AS THE CASE MAY
BE, SETTING FORTH THE AMOUNT THEN DUE, PLUS ATTORNEYS' FEES EQUAL TO TWENTY
PERCENT (20%) OF PRINCIPAL AND INTEREST AND COSTS OF SUIT (PROVIDED,
HOWEVER,
THAT THE BANK SHALL ONLY SEEK TO RECOVER THOSE REASONABLE FEES ACTUALLY INCURRED
BY IT FROM TIME TO TIME), AND FOR
40
SO DOING THIS AGREEMENT OR A COPY HEREOF VERIFIED BY AFFIDAVIT SHALL BE
SUFFICIENT WARRANT, IT BEING AGREED THAT THE FOREGOING AUTHORIZATION IS A POWER
COUPLED WITH AN INTEREST.
EACH LOAN PARTY WAIVES THE RIGHT TO ANY STAY OF
EXECUTION AND THE BENEFIT OF ALL EXEMPTION LAWS NOW OR HEREAFTER IN EFFECT.
NO
SINGLE EXERCISE OF THE FOREGOING WARRANT AND POWER TO CONFESS JUDGMENT SHALL BE
DEEMED TO EXHAUST THE POWER, WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD TO
BE INVALID, VOIDABLE, OR VOID, BUT THE POWER SHALL CONTINUE UNDIMINISHED AND MAY
BE EXERCISED FROM TIME TO TIME AS OFTEN AS THE BANK SHALL ELECT UNTIL ALL
OBLIGATIONS OF LOAN PARTIES TO THE BANK HAVE BEEN PAID IN FULL.
9.15ACKNOWLEDGMENTS.
EACH LOAN PARTY ACKNOWLEDGES THAT IT HAS HAD THE
ASSISTANCE OF COUNSEL IN THE REVIEW AND EXECUTION OF THIS AGREEMENT AND,
SPECIFICALLY, SECTIONS 9.11 THROUGH AND INCLUDING 9.14 HEREOF, AND FURTHER
ACKNOWLEDGES THAT THE MEANING AND EFFECT OF THE FOREGOING WAIVER OF JURY TRIAL
AND CONFESSION OF JUDGMENT HAVE BEEN FULLY EXPLAINED TO EACH LOAN PARTY BY SUCH
COUNSEL.
9.16U.S. Patriot Act/OFAC Notice.
To help the government fight the funding of
terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each
Person who establishes a formal relationship with such institution.
Therefore,
when the Loan Parties enter into this business relationship with the Bank, the
Bank