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 Defense Appeal. 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 Facts. (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 so long as Lender is interested in or lien into the one Security, Borrower will hold otherwise reason to be kept all relevant Facts within the believe having Financial.
Debtor shall keep or reason to be kept in practical outline guides and info regarding membership of the property and company and you can will clearly mirror therein this new promise away from Guarantee so you’re able to Financial
(c) Upon reasonable get better see off Financial, Borrower should (x) make any and all for example Information offered to Financial to look at such Information, sometimes by the a unique officials or employees, or of the agents or builders, otherwise both, and also make duplicates of all the or any section thereof, and (y) allow Lender or its licensed agents to talk about brand new items, cash and you will levels from Borrower featuring its head working manager and head monetary manager also to discuss the things, earnings and you will account away from Debtor having its independent specialized societal 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 Existence. Borrower shall preserve and maintain its legal existence and all of its material rights, privileges, material licenses and franchises.
Debtor should notify, or reason sites for loan in Gulf Shores Alabama enough to be notified, any kind of group holding these Details of one’s interests and you may liens and only Bank granted hereby
Section 6.18 Chief executive Workplace; Legislation from Providers. 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.
