Confessed Judgment Clause Samples

Confessed Judgment. Borrower irrevocably authorizes and empowers any attorney of record, or the prothonotary, clerk or similar officer of any court in any county of the State of Maryland or of Baltimore City, Maryland, or in the United States District Court for the District of Maryland, as attorney for Borrower, as well as for any persons claiming under, by or through Borrower, to appear for Borrower in any such court in any such action brought against Borrower at the suit of Lender to confess judgment against Borrower in favor of Lender in the full amount due amount due on this Secured Term Note (including principal, accrued interest and any and all charges, fees and costs) plus reasonable attorneys incurred plus court costs, all without prior notice or opportunity of Borrower for prior hearing. The authority and power to appear for and enter judgment against Borrower shall not be exhausted by one or more exercises thereof, or by any imperfect exercise thereof, and shall not be extinguished by any judgment entered pursuant thereto; such authority and power may be exercised on one or more occasions from time to time, in the same or different jurisdictions, as often as Lender shall deem necessary, convenient and proper.

Confessed Judgment. Upon the occurrence of a default in the payment of the whole or any part of the debt evidenced hereby beyond any applicable notice and cure period, or if an Event of Default (as defined in the Deed of Trust) be made in the performance of any of the terms, agreements, covenants, or conditions contained herein or contained in the Additional Guaranty, the Deed of Trust or in any Loan Document, Borrower authorizes and empowers any attorney or any clerk of any court of record in the United States of America to appear on behalf of Borrower in any court having jurisdiction, in one or more proceedings, or before any clerk thereof or other court official, and TO CONFESS JUDGMENT AGAINST BORROWER, WITHOUT PRIOR NOTICE OR OPPORTUNITY OF BORROWER FOR PRIOR HEARING, in favor of Lender or the Holder for and in the amount of the unpaid Principal Sum, all interest accrued and unpaid thereon, all other amounts due and payable by Borrower to Lender or the Holder under the terms of this Note, court costs, expenses, and attorneys’ fees of five percent (5%) of the total amount then due hereunder. Notwithstanding the Lender’s right to the attorneys’ fees described above in connection with any confession of judgment proceeding, the Lender may only collect such actual reasonable attorneys’ fees and expenses that are incurred by its counsel in connection therewith, and upon payment of the amount of the judgment, including such actual reasonable attorneys’ fees and expenses, the judgment shall be considered satisfied. Borrower waives and releases, to the extent permitted by applicable law, the benefit of any and every statute, ordinance, rule of court and all errors and all rights of exemption, appeal, stay of execution, inquisition, other relief from the enforcement or immediate enforcement of a judgment or related proceedings on a judgment, and other rights to which Borrower may otherwise be entitled under the laws of the United States of America or of any state or possession of the United States of America now in force or which may hereafter be enacted. The authority and power to appear for and enter judgment against Borrower shall not be exhausted by one or more exercises thereof, or by any imperfect exercise thereof, and shall not be extinguished by any judgment entered pursuant thereto. Such authority and power may be exercised on one or more occasions, from time to time, in the same or different jurisdictions as often as Lender or the Holder shall deem necessary or advisable...

Confessed Judgment. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, EACH BORROWER HEREBY AUTHORIZES ANY ATTORNEY DESIGNATED BY THE LENDER OR ANY CLERK OF ANY COURT OF RECORD TO APPEAR FOR SUCH BORROWER IN ANY COURT OF RECORD AND CONFESS JUDGMENT WITHOUT PRIOR HEARING AGAINST THE BORROWER IN FAVOR OF THE LENDER FOR AND IN THE AMOUNT OF THE UNPAID PRINCIPAL SUM, ALL INTEREST ACCRUED AND UNPAID THEREON, ALL OTHER AMOUNTS PAYABLE BY THE BORROWER TO THE LENDER UNDER THE TERMS OF THIS NOTE OR ANY OF THE OTHER FINANCING DOCUMENTS, COSTS OF SUIT, AND ATTORNEYS’ FEES OF FIFTEEN PERCENT (15%) OF THE UNPAID PRINCIPAL SUM AND INTEREST THEN DUE HEREUNDER. BY ITS ACCEPTANCE OF THIS NOTE, THE LENDER AGREES THAT IN THE EVENT THE LENDER EXERCISES AT ANY TIME ITS RIGHT TO CONFESS JUDGMENT UNDER THIS NOTE, THE LENDER SHALL USE ITS BEST EFFORTS TO OBTAIN LEGAL COUNSEL WHO WILL CHARGE THE LENDER FOR ITS SERVICES ON AN HOURLY BASIS, AT ITS CUSTOMARY HOURLY RATES AND ONLY FOR THE TIME AND REASONABLE EXPENSES INCURRED. IN NO EVENT SHALL THE LENDER ENFORCE THE LEGAL FEES PORTION OF A CONFESSED JUDGMENT AWARD FOR AN AMOUNT IN EXCESS OF THE FEES AND EXPENSES ACTUALLY CHARGED TO THE LENDER FOR SERVICES RENDERED BY ITS COUNSEL IN CONNECTION WITH SUCH CONFESSION OF JUDGMENT AND/OR THE COLLECTION OF SUMS OWED TO THE LENDER. IN THE EVENT THE LENDER RECEIVES, THROUGH EXECUTION UPON A CONFESSED JUDGMENT, PAYMENTS ON ACCOUNT OF ATTORNEYS’ FEES IN EXCESS OF SUCH ACTUAL ATTORNEYS’ FEES AND EXPENSES INCURRED BY THE LENDER, THEN, AFTER FULL REPAYMENT AND SATISFACTION OF ALL OF THE OBLIGATIONS UNDER AND IN CONNECTION WITH THIS NOTE, THE LOAN AGREEMENT AND ALL OF THE OTHER LOAN DOCUMENTS, THE LENDER SHALL REFUND SUCH EXCESS AMOUNT TO THE BORROWERS. EACH BORROWER HEREBY RELEASES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ALL ERRORS AND ALL RIGHTS OF EXEMPTION, APPEAL, STAY OF EXECUTION, INQUISITION, AND OTHER RIGHTS TO WHICH SUCH BORROWER MAY OTHERWISE BE ENTITLED UNDER THE LAWS OF THE UNITED STATES OF AMERICA OR OF ANY STATE OR POSSESSION OF THE UNITED STATES OF AMERICA NOW IN FORCE AND WHICH MAY HEREAFTER BE ENACTED. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST ANY BORROWER SHALL NOT BE EXHAUSTED BY ONE OR MORE EXERCISES THEREOF OR BY ANY IMPERFECT EXERCISE THEREOF AND SHALL NOT BE EXTINGUISHED BY ANY JUDGMENT ENTERED PURSUANT THERETO. SUCH AUTHORITY MAY BE EXERCISED ON ONE OR MORE OCCASIONS OR FROM TIME TO TIME IN THE SAME OR DIFFERENT JURISDICTIONS AS OFTEN AS THE LENDER SHALL DEEM NECESSARY OR D...

Confessed Judgment. Upon the occurrence of an Event of Default, each of the Borrowers hereby authorizes any attorney designated by the Lender or any clerk of any court of record to appear for the Borrowers in any court of record and confess judgment without prior hearing against each of the Borrowers in favor of the Lender for and in the amount of the unpaid Principal Sum, all interest accrued and unpaid thereon, all other amounts payable by the Borrowers to the Lender under the terms of this Note or any of the other Financing Documents, costs of suit, and attorneys' fees of fifteen percent (15%) of the unpaid Principal Sum and interest then due hereunder. Each of the Borrowers hereby releases, to the extent permitted by applicable law, all errors and all rights of exemption, appeal, stay of execution, inquisition, and other rights to which the Borrowers, or either of them, may otherwise be entitled under the laws of the United States of America or of any state or possession of the United States of America now in force and which may hereafter be enacted. The authority and power to appear for and enter judgment against the Borrowers shall not be exhausted by one or more exercises thereof or by any imperfect exercise thereof and shall not be extinguished by any judgment entered pursuant thereto. Such authority may be exercised on one or more occasions or from time to time in the same or different jurisdictions as often as the Lender shall deem necessary or desirable, for all of which this Note shall be a sufficient warrant.

Confessed Judgment. Upon a Default, the Guarantor authorizes the clerk or any attorney of any court of record to appear for it and enter judgment by confession without prior notice or opportunity for prior hearing for the Guarantor’s obligations then outstanding, together with interest, court costs and attorneys’ fees equal to 15% of the sum of the Guarantor’s obligations then outstanding. The Guarantor waives and releases, to the extent permitted by law, all errors and all rights of exemption, appeal, stay of execution, inquisition, and extension upon any levy on real estate or personal property to which the Guarantor may otherwise be entitled under any law. The authority to appear for and enter judgment against the Guarantor may be exercised on one or more occasions, and shall not be extinguished by any judgment entered pursuant thereto. This authority may be exercised in the same or different jurisdictions, as often as the lender determines to be necessary or desirable.

Confessed Judgment. The obligations of NPR to the Bank and PRMSA under Section 2.2 of this Agreement shall be evidenced and secured by a confessed judgment, which shall be memorialized in an affidavit for judgment by confession, made and delivered by NPR (the "Affidavit") in the form attached hereto as Exhibit B. Simultaneously with the execution of this Agreement, NPR, Holding, PRMSA and the Bank shall enter into an escrow agreement in the form and substance attached hereto as Exhibit C (the "Judgment Escrow") and NPR shall execute and deliver to the Judgment Escrow Agent thereunder the Affidavit specifying the liability amount therein, equal to the Specified Amount (as that term is defined in the Settlement Agreement), or so much thereof as may be advanced and outstanding at any time by PRMSA and the Bank pursuant to the Settlement Agreement. The confessed judgment shall remain effective and enforceable so long as PRMSA and the Bank remain liable to the Fund under the Settlement Agreement.

Confessed Judgment. The Guarantor hereby empowers any attorney of any court of record, after the occurrence of any Event of Default hereunder, to appear for the Guarantor and, with or without complaint filed, confess judgment, or a series of judgments, against the Guarantor in favor of the Lender or any holder hereof for the entire principal balance of this Note, all accrued interest and all other amounts due hereunder, together with costs of suit reasonable attorneys’ fees, and for doing so, this Note or a copy verified by affidavit shall be a sufficient warrant. The Guarantor hereby forever waives and releases all errors in said proceedings and all rights of appeal and all relief from any and all appraisement, stay or exemption laws of any state now in force or hereafter enacted. Interest on any such judgment shall accrue at the Default Rate. No single exercise of the foregoing power to confess judgment, or a series of judgments, shall be deemed to exhaust the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, but the power shall continue undiminished and it may be exercised from time to time as often as the Lender shall elect until such time as the Lender shall have received payment in full of the debt, interest and costs. Notwithstanding the attorney’s commission provided for in the preceding paragraph (which is included in the warrant for purposes of establishing a sum certain), the amount of attorneys’ fees that the Lender may recover from the Guarantor shall not exceed the actual attorneys’ fees incurred by the Lender.

Confessed Judgment. Upon the occurrence of an Event of Default, each Borrower hereby authorizes any attorney designated by the Lender or any clerk of any court of record to appear for the Borrowers in any court of record and confess judgment without prior hearing against the Borrowers in favor of the Lender for and in the amount of the unpaid Principal Sum, all interest accrued and unpaid thereon, all other amounts payable by any Borrower to the Lender under the terms of this Note or any of the other Financing Documents, costs of suit, and attorneys' fees of fifteen percent (15%) of the unpaid Principal Sum and interest then due

Confessed Judgment a. If the Omimex Group defaults in paying the full amount of the Assumed Tax Liability Judgment Amount (as defined below) at any time after (i) DIAN obtains a nonappealable judgment by any competent Colombian court of law that Sabacol is liable for any portion of the Assumed Tax Liability and interest and penalties that accrue thereon after the Closing (the "Assumed Tax Liability Judgment Amount") and (ii) Sabacol provides the Omimex Group with 30 days prior written notice of such judgment, the Omimex Group authorizes any attorney designated by Sabacol to appear for the Omimex Group in any court of record and confess judgment in favor of Sabacol or its successor for and in the amount of the Assumed Tax Liability Judgment Amount, costs of suit and reasonable attorney fees, less any amounts that the Omimex Group has paid towards or to reduce the Assumed Tax Liability (the "Confessed Judgment A"). Sabacol shall pay to DIAN any amount that the Omimex Group pays to Sabacol under the Confessed Judgment A until the Assumed Tax Liability is fully satisfied and paid. All liability and obligations of the Omimex Group to pay, assume or otherwise be responsible for the Assumed Tax Liability shall cease, terminate and have no further force or effect to the extent of the amount of any payment that the Omimex Group pays to Sabacol under the Confessed Judgment A that is attributable to the Assumed Tax Liability. b. If the Omimex Group fails to pay the full amount of the Assumed Tax Liability and interest and penalties that accrue thereon after the Closing by June 30, 2000, the Omimex Group authorizes any attorney designated by Sabacol to appear for the Omimex Group in any court of record and confess judgment in favor of Sabacol or its successor for and in the amount of the Assumed Tax Liability, interest and penalties that accrue thereon after the Closing, costs of suit and reasonable attorney fees, less any amounts that the Omimex Group has paid towards or to reduce the Assumed Tax Liability (the "Confessed Judgment B") or under the Confessed Judgment A. Sabacol shall pay to DIAN any amount that the Omimex Group pays to Sabacol under the Confessed Judgment B until the Assumed Tax Liability is fully satisfied and paid. All liability and obligations of the Omimex Group to pay, assume or otherwise be responsible for the Assumed Tax Liability shall cease, terminate and have no further force or effect to the extent of the amount of any payment that the Omimex Group pays to Sa...