6.1 EDSR 05-16-2016 - Laserfiche WebLink

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(i) Positive Net Worth. On the Commencement Date and each anniversary thereof, Borrower shall provide interim financial statements (to date) of Borrower consisting of at least statements of income, cash flow, and a balance sheet such year to date, setting forth in each case in comparative form corresponding figures from the previous fiscal year, which statements shall be certified by Borrower as true, correct and complete. In each such interim financial statement, Borrower must show a positive net worth. 13. Warranties. Borrower represents and warrants to Lender the following: (a) The Borrower is a Minnesota corporation duly formed, validly existing and in good standing under the laws of the State of Minnesota. (b) The making and performance of this Agreement and the execution and delivery of the Note and any other instrument required hereunder are within the powers of the Borrower and have been duly authorized by all necessary company action on the part of the Borrower. This Agreement, the Note, the Security Agreement and any other instruments required hereunder have been duly executed and delivered and are the legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms. (c) No litigation, tax claims or governmental proceedings are pending or threatened against the Borrower or the Loan Property, and no judgment or order of any court or administrative agency is outstanding against the Borrower or the Equipment which would have a material adverse effect on Borrower or the Equipment. (d) Borrower has filed all tax returns (federal and state) required to be filed for all prior years and paid all taxes shown thereon to be due, including interest and penalties. Borrower will file all such returns and pay all such taxes for the current and future years. (e) All information, financial or other, which has been submitted by Borrower and Guarantors in connection with the Loan is (rue, accurate and complete in all material respects. 14. Indemnification. Borrower agrees to indemnify Lender and save it harmless against all loss, liability, expense, or damages including but not limited to attorneys' fees, which may arise by reason of any default by Borrower under this Agreement, the Note, the Security Agreement. the Subsidy Agreement or any other document supporting this Loan. 15. Defaults. Each of the following shall constitute an Event of Default: (a) If (i) Entity Guarantor fails to commence construction of the Improvements within thirty (30) days after the date of this Agreement; (ii) work on construction of the Improvements is halted for more than five (5) consecutive business 1?4I24v5 .9..