Debtor will not make any thing improvement in the kind out-of the organization as the persisted at the date 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 Security Appeal. 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) To have so long as Lender has an interest during the otherwise lien towards people Equity, Borrower usually keep otherwise cause to be stored all of the relevant Info in the believe for Lender.

Borrower shall keep or reason to be stored in sensible outline guides and you will info away from membership of its property and company and you will should certainly mirror therein the newest vow away from Guarantee in order to Bank

(c) Upon realistic progress notice regarding Bank, Debtor shall (x) make any and all sorts of such Records available to Financial to examine any such Suggestions, possibly by its officers otherwise team, or by agents otherwise contractors, or one another, and come up with duplicates of all of the or people part thereof, and you will (y) permit Lender or their licensed representatives https://paydayloanalabama.com/fort-deposit/ to go over brand new products, finances and you may accounts from Debtor with its captain doing work officer and captain economic manager and discuss the issues, cash and membership of Borrower featuring its separate official personal accounting firms.

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

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

Borrower should notify, or reason to be notified, any kind of team holding these Records of your own interests and you will liens in favor of Bank supplied hereby

Section 6.18 Leader Work environment; 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.