Borrower should perhaps not make any question change in the type away from its providers due to the fact continuing within time hereof

Section 6.08 Project. Except as permitted herein, Borrower shall not sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge, hypothecate or grant a security interest in or lien on or otherwise encumber (except pursuant to the Loan Documents), any of the Collateral or any interest therein, provided that this Section 6.08 shall not prevent any transfer of Collateral in accordance with the Loan Documents.

Section 6.09 Cover Desire. Borrower shall do all things necessary to preserve the Collateral so that they remain subject to a perfected security interest hereunder. Without limiting the foregoing, Borrower will comply with all rules, regulations and other laws of any Governmental Authority and cause the Collateral to comply with all applicable rules, regulations and other laws.

Section 6.10 Facts. (a) Borrower shall collect and maintain or cause to be collected and maintained all Records relating to the Collateral in accordance with industry custom and practice for assets similar to the Collateral, including those maintained pursuant to Section 6.11, and all such Records shall be in Borrower’s possession unless Lender otherwise approves. Borrower will not allow any such papers, records or files that are an original or an only copy to leave Borrower’s possession. Borrower will maintain all such Records in good and complete condition in accordance with industry practices for assets similar to the Collateral and preserve them against loss.

(b) Getting for as long as Lender has an interest for the or lien on people Collateral, Borrower often hold otherwise cause to be held all of the associated Details from inside the believe to possess Lender.

Borrower shall remain or reason to be stored in reasonable outline books and details out-of membership of the assets and you will business and you may shall certainly reflect therein the promise of Security so you can Lender

(c) Through to sensible improve notice off Bank, Borrower shall (x) make and all for example Suggestions accessible to Bank to examine these Facts, both by its officials otherwise https://paydayloanalabama.com/mcdonald-chapel/ group, or because of the agencies otherwise contractors, or both, to make copies of all the otherwise one section thereof, and (y) enable Financial otherwise the licensed representatives to go over the brand new situations, funds and you may membership out-of Debtor along with its master functioning manager and you may head financial officer and to discuss the products, earnings and you may membership from Debtor using its independent certified personal accounting firms.

Section 6.16 Appropriate Laws. Borrower shall comply with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority.

Section 6.17 Existence. Borrower shall preserve and maintain its legal existence and all of its material rights, privileges, material licenses and franchises.

Borrower shall notify, otherwise reason enough to be notified, any cluster carrying such Details of the passions and liens in support of Bank supplied hereby

Section 6.18 Leader Place of work; Legislation away from Providers. Borrower shall not move its chief executive office from the address referred to in Section 3.17 or change its jurisdiction of organization from the jurisdiction referred to in Section 3.17 unless it shall have provided Lender 30 days’ prior written notice of such change.

Section 6.19 Taxes. Borrower shall timely file all tax returns that are required to be filed by them and shall timely pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained.

By kibriDagan in payday loans with bad credit near me on 24.10.2024