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SAY THAT AGAIN?

May 30, 2025

The loan agreement says: “All contractual rates of interest chargeable on the outstanding Term Loans shall continue to accrue and be paid even after default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar.”

A former banker friend says that “any event or occurrence similar or dissimilar” is some lawyer “fancy talk” for “the kitchen sink!”

See our "Say That Again" collection

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May for-profit tenant make gifts to 501(c)(3) museum?

What is new board’s responsibility for missing money?

How do I prevent being voted out of office at nonprofit?

Should new nonprofit be 501(c)(3) or 509?

May founder pass nonprofit to new board?

Can private club bar former member from public events?

Can (c)(3) be used as social club?

What deduction for gift that charity sells for less than value?

May we crowdfund for Maui victims?

What should nonprofit do when president died and no election was held?

Should treasurer of nonprofit be on the board?

Should grantmaker question applicant’s financial management?

Should community nonprofit close down?

How much can I deduct for gift of business car?

How do we record gifts of payment of charitable expenses?

May gifts to “general fund” be used for operations?

Should nonprofit founder seek lifetime position on board?

Must lone director find solution for nonprofit?

May minor control sole member corporation?

May for-profit create disaster relief charity for employees?