Debtor will perhaps not make procedure improvement in the type from its business given that continuing on 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 Safety Attract. 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 Info. (a) Borrower https://paydayloanalabama.com/eclectic 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) Having for as long as Bank is interested in the otherwise lien on people Security, Borrower commonly hold otherwise reason to be stored all the related Information in the faith to have Lender.

Borrower shall remain or reason to be kept in sensible outline books and you may facts off membership of its property and you may business and you may should demonstrably mirror therein the new guarantee away from Security in order to Financial

(c) Upon practical advance observe away from Bank, Borrower should (x) make any and all of such as for instance Records open to Bank to look at such Information, both because of the a unique officers or professionals, otherwise because of the representatives or designers, or one another, to make copies of all of the otherwise people piece thereof, and you may (y) permit Bank or its signed up agencies to talk about the latest circumstances, funds and account of Debtor along with its chief working manager and you will head financial administrator and talk about the issues, profit and you will accounts off Borrower featuring its independent formal social accounting firms.

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

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

Debtor should notify, or cause to be notified, all other cluster holding any such Facts of your hobbies and you can liens in support of Lender supplied hereby

Section 6.18 Leader Office; Legislation 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.