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3 <br />611369v1EL185-30 <br />Jarvis Street NW, Elk River, Minnesota 55330. <br /> <br />4.7. Collateral Use. Distinctive Iron must use the Collateral only for business <br />purposes. Distinctive Iron must not use or keep any Collateral for any unlawful <br />purpose or in violation of any federal, state or local law, statute or ordinance. <br /> <br />4.8. Maintenance of Collateral. Distinctive Iron must maintain all tangible Collateral <br />in good condition and repair. Distinctive Iron must not commit or permit damage <br />to or destruction of any of the Collateral. Distinctive Iron must give Secured <br />Party prompt written notice of any material loss of or damage to any tangible <br />Collateral and of any other happening or event that materially affects the <br />existence, value or amount of the Collateral. <br /> <br />4.9. Disposition of Collateral. Distinctive Iron must not sell or otherwise dispose of <br />any Collateral or any interest in any Collateral without the prior written consent of <br />Secured Party, except that until the occurrence of an Event of Default (as defined <br />in Section 5 below), Distinctive Iron may sell any inventory constituting <br />Collateral in the ordinary course of Distinctive Iron’s business. <br /> <br />4.10. Taxes, Assessments and Liens. Distinctive Iron must promptly pay all taxes and <br />other governmental charges levied or assessed upon or against any Collateral. <br /> <br />4.11. Records; Access. Distinctive Iron must keep accurate and complete records <br />pertaining to the Collateral and to Distinctive Iron’s business and financial <br />condition and will submit to Secured Party all reports regarding the Collateral and <br />Distinctive Iron’s business and financial condition as and when Secured Party <br />may reasonably request. During normal business hours, Distinctive Iron must <br />permit Secured Party and its representatives to examine or inspect any Collateral, <br />wherever located, and to examine, inspect and copy Distinctive Iron’s books and <br />records relating to the Collateral and Distinctive Iron’s business and financial <br />condition. <br /> <br />4.12. Insurance. Distinctive Iron must keep all tangible Collateral insured against risks <br />of fire (including so-called extended coverage), theft and other risks and in such <br />amounts as Secured Party may reasonably request, with any loss payable to <br />Secured Party to the extent of its interest. Distinctive Iron assigns to Secured <br />Party all money due or to become due with respect to, and all other rights of <br />Distinctive Iron with respect to, all insurance concerning the Collateral and <br />Distinctive Iron directs the issuer of any such insurance to pay all such money <br />directly to Secured Party. <br /> <br />4.13. Collection Costs. Distinctive Iron must reimburse Secured Party on demand for <br />all costs of collection of any of the Obligations and all other expenses incurred by <br />Secured Party in connection with the perfection, protection, defense or <br />enforcement of the Security Interest and this Agreement, including all reasonable <br />attorneys’ fees incurred by Secured Party whether or not any litigation or