Section 6.08 Assignment. 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 Protection Notice. 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 Details. (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 no credit loans Bon Secour AL 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 own as long as Bank is interested in otherwise lien with the people Collateral, Debtor commonly keep or reason to be held the associated Suggestions inside the trust to possess Financial.
Debtor will remain otherwise reason enough to be kept in realistic detail courses and you may information regarding account of the property and organization and shall obviously echo therein this new guarantee regarding Equity so you can Lender
(c) Upon realistic improve find off Financial, Debtor should (x) make and all of such as Suggestions accessible to Lender to look at such Info, possibly from the its officials otherwise personnel, or because of the agents or builders, or both, and make duplicates of the many or any piece thereof, and you may (y) enable Lender otherwise the licensed agencies to go over the fresh new activities, cash and you may membership out of Borrower having its master functioning manager and head monetary manager also to talk about the affairs, finances and profile away from Borrower along with its independent specialized personal accountants.
Section 6.16 Appropriate Rules. 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 alert, otherwise cause to be notified, every other team carrying these Ideas of one’s hobbies and you may liens in support of Lender granted hereby
Section 6.18 Chief executive Workplace; Legislation out of Business. 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 Taxation. 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.