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 Shelter Focus. 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 https://paydayloanalabama.com/babbie/ loss.
(b) For as long as Lender has an interest into the or lien for the one Equity, Borrower have a tendency to keep otherwise reason enough to be kept all associated Details within the believe having Financial.
Borrower will keep or cause to be kept in realistic detail instructions and records from account of their property and you may providers and you may should obviously echo therein this new pledge away from Collateral in order to Lender
(c) On realistic progress notice regarding Bank, Borrower will (x) make and all sorts of like Suggestions open to Bank to examine such Records, possibly from the its own officials otherwise team, or from the representatives otherwise contractors, otherwise both, and work out copies of the many or any piece thereof, and you can (y) enable Bank or its licensed representatives to discuss the fresh new situations, funds and you can account out of Borrower with its head operating manager and you may captain financial manager and talk about the activities, finances and you can membership away from Borrower with its separate authoritative public accountants.
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.
Borrower shall notify, otherwise reason enough to be informed, almost every other team holding such Facts of the hobbies and you may liens and only Financial granted hereby
Section 6.18 Chief executive Office; Legislation away from Company. 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 Fees. 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.