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 https://www.paydayloanalabama.com/meadowbrook/ prevent any transfer of Collateral in accordance with the Loan Documents.

Section 6.09 Security 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 Records. (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 as long as Bank is interested when you look at the or lien on any Collateral, Debtor often keep otherwise reason to be kept every related Details from inside the faith getting Bank.

Debtor should remain or reason to be stored in reasonable detail instructions and you may details off account of their assets and company and you can should obviously reflect therein the brand new vow out of Equity to help you Bank

(c) On realistic advance see of Financial, Debtor shall (x) make any and all sorts of instance Information open to Financial to look at any such Ideas, sometimes of the its own officials otherwise staff, or of the representatives otherwise builders, or each other, and work out copies of all or one piece thereof, and (y) permit Financial otherwise its signed up representatives to go over the fresh activities, funds and you can account regarding Borrower having its captain operating manager and you may head economic manager and talk about the circumstances, finances and you can profile away from Borrower along with its separate certified societal accountants.

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

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

Borrower should notify, otherwise reason enough to be notified, various other cluster holding any such Details of one’s hobbies and liens in support of Lender provided hereby

Section 6.18 Leader Office; Legislation from Organization. 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.