Any event or circumstance occurs which the Bank reasonably believes may have a Material Adverse Effect on the repayment of the COVID-19 TCF.
(2) Default Remedies
Following the notice of default, the borrower is expected to make complete payment, failure to do so, the bank will immediately initiate loan recovery process, which shall include but not limited to, confiscating the Borrower’s personal properties, taking ownership of the collateral(s) pledged, instituting an action for breach of contract, exercising lien over the Borrower’s assets with the Bank, among others.
The Borrower shall indemnify the Bank against all losses and expenses, which may be sustained or incurred as a consequence of the occurrence of an Event of Default. For this purpose, a certificate from the Bank as to the amount of any such loss or expense shall be final and conclusive, save in the case of a manifest error.
To the extent that the Borrower may, in any suit, action or proceeding brought in connection with the exercise of the Default Remedies, be entitled to the benefit of any provision of law invalidating the exercise of the Default Remedies for any reason whatsoever, the Borrower hereby waives such benefit to the fullest extent permitted by law.