Section 6.08 Task. 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 Coverage Interest. 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 Suggestions. (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) For as long as Financial is interested in or lien toward any Equity, Borrower often hold otherwise reason enough to be held all of the related Records inside trust to possess Financial.
Borrower should keep otherwise reason to be kept in reasonable detail books and you can info away from account of its property and you may company https://paydayloanalabama.com/brundidge/ and you will should clearly mirror therein new promise out-of Collateral to Lender
(c) On practical progress see regarding Lender, Borrower will (x) make and all such as Information accessible to Financial to look at these Info, sometimes because of the its own officials otherwise teams, otherwise by the agencies or builders, otherwise one another, to make duplicates of all the or one section thereof, and you may (y) allow Lender otherwise its subscribed agencies to go over the new points, finances and you may levels out of Debtor using its chief working administrator and you may head financial manager and also to discuss the points, cash and you will membership away from Borrower along with its separate specialized social accounting firms.
Section 6.16 Applicable 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.
Debtor will alert, otherwise reason enough to be informed, almost every other group carrying these Information of appeal and you can liens in support of Bank supplied hereby
Section 6.18 Chief executive Workplace; Jurisdiction out-of Team. 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.
