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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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Can church use proceeds of property sale to pay staff retirement?

What happens when all directors of nonprofit are dead?

May volunteer fire department spend for beer?

May charity accept gifts from foreigners?

How do I keep control of nonprofit?

Must I have three members of my nonprofit corporation?

How should we correct nonprofit board minutes?

May private foundation sell stuff on its website?

May nonprofit use recording as minutes of board meeting?

Must nonprofit founder incorporate in home state?

Should we distinguish between nonprofit board officers and corporate officers?

May we merge nonprofit and charity?

What do we do if nobody runs for election at nonprofit?

May nonprofit have both voting and non-voting members?

Can I charge property taxes to nonprofit tenant?

How does member transfer ownership of charitable nonprofit?

May charity board chair be paid from grant?

May charity automatically increase monthly donation?

Should founder know identity of anonymous donor?

How should (c)(6) nonprofit deal with charitable contributions?