7.5. SR 07-20-2015 - Laserfiche WebLink

Home Browse Search

4.7.Collateral Use. Morrell Oversize must use the Collateral only for business purposes. Morrell Oversize must not use or keep any Collateral for any unlawful purpose or in violation of any federal, state or local law, statute or ordinance. 4.8.Maintenance of Collateral. Morrell Oversize must maintain all tangible Collateral in good condition and repair. Morrell Oversize must not commit or permit damage to or destruction of any of the Collateral. Morrell Oversize must give Secured Party prompt written notice of any material loss of or damage to any tangible Collateral and of any other happening or event that materially affects the existence, value or amount of the Collateral. 4.9.Disposition of Collateral. Morrell Oversize must not sell or otherwise dispose of any Collateral or any interest in any Collateral without the prior written consent of Secured Party, except that until the occurrence of an Event of Default (as defined in Section 5 below), Morrell Oversize may sell any inventory constituting Collateral in the ordinary course of Morrell Oversize’s business. 4.10.Taxes, Assessments and Liens. Morrell Oversize must promptly pay all taxes and other governmental charges levied or assessed upon or against any Collateral. 4.11.Records; Access. Morrell Oversize must keep accurate and complete records pertaining to the Collateral and to Morrell Oversize’s business and financial condition and will submit to Secured Party all reports regarding the Collateral and Morrell Oversize’s business and financial condition as and when Secured Party may reasonably request. During normal business hours, Morrell Oversize must permit Secured Party and its representatives to examine or inspect any Collateral, wherever located, and to examine, inspect and copy Morrell Oversize’s books and records relating to the Collateral and Morrell Oversize’s business and financial condition. 4.12.Insurance. Morrell Oversize must keep all tangible Collateral insured against risks of fire (including so-called extended coverage), theft and other risks and in such amounts as Secured Party may reasonably request, with any loss payable to Secured Party to the extent of its interest. Morrell Oversize assigns to Secured Party all money due or to become due with respect to, and all other rights of Morrell Oversize with respect to, all insurance concerning the Collateral and Morrell Oversize directs the issuer of any such insurance to pay all such money directly to Secured Party. 4.13.Collection Costs. Morrell Oversize must reimburse Secured Party on demand for all costs of collection of any of the Obligations and all other expenses incurred by Secured Party in connection with the perfection, protection, defense or enforcement of the Security Interest and this Agreement, including all reasonable attorneys’ fees incurred by Secured Party whether or not any litigation or bankruptcy or insolvency proceeding is commenced. 3 464432v1 EL185-33