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 https://paydayloanalabama.com/colony/ 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 Attention. 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 Ideas. (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 possess as long as Bank is interested in the otherwise lien into any Collateral, Debtor tend to hold otherwise reason enough to be kept most of the related Facts in trust to own Financial.

Debtor shall keep otherwise cause to be kept in realistic outline courses and details from account of their property and you can organization and should clearly mirror therein the latest vow from Collateral to help you Financial

(c) Abreast of reasonable progress see out of Financial, Borrower shall (x) make any and all sorts of including Information available to Lender to look at any such Info, both because of the its own officials or employees, or of the agents or builders, or one another, and also make duplicates of all the otherwise people section thereof, and you can (y) allow Bank or their signed up agencies to talk about the brand new affairs, finances and you can account away from Borrower featuring its chief doing work officer and you can chief economic manager in order to talk about the items, finances and accounts off Borrower using its independent certified personal accounting firms.

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

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

Debtor should notify, otherwise reason to be informed, any group holding these Info of your own passion and you can liens and only Bank supplied hereby

Section 6.18 Chief executive Place of work; Legislation out of 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 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.