Additional Covenants of Borrower. Until payment or satisfaction in full of all Liabilities and termination of this Agreement, unless Borrower obtains Bank's prior written consent waiving or modifying any of Borrower's covenants hereunder in any specific instance, Borrower agrees as follows:
(a) Borrower shall at all times keep accurate and complete books, records and accounts with respect to all of Borrower's business activities, in accordance with sound accounting practices and generally accepted accounting principles consistently applied, and shall keep such books, records and accounts, and any copies thereof, only at the addresses indicated for such purpose on Exhibit B;
(b) Borrower agrees to deliver to Bank the following financial information, all of which shall be prepared in accordance with generally accepted accounting principles consistently applied: (i) no later than twenty (20) days after each calendar month, copies of internally prepared financial statements, including, without limitation, balance sheets and statements of income, retained earnings and cash flow of Borrower, certified by the Chief Financial Officer of Borrower; (ii) no later than thirty (30) days after the end of each of the first three quarters of Borrower's fiscal year a balance sheet, operating statement and reconciliation of surplus of Borrower, which quarterly financial statements may be unaudited but shall be certified by the Chief Financial Officer of Borrower; and (iii) no later than seventy-five (75) days after the end of each of Borrower's fiscal years, audited annual financial statements with an unqualified opinion by independent certified public accountants selected by Borrower and reasonably satisfactory to Bank, which financial statements shall be accompanied by a letter from such accountants acknowledging that they are aware that a primary intent of Borrower in obtaining such financial statements is to influence Bank and that Bank is relying upon such financial statements in connection with the exercise of its rights hereunder and copies of any management letters sent to the Borrower by such accountants;
(c) Borrower shall promptly advise Bank in writing of any material adverse change in the business, assets or condition, financial or otherwise, of Borrower, the occurrence of any Event of Default hereunder or the occurrence of any event which, if uncured, will become an Event of Default hereunder after notice or lapse of time (or both);
(d) Bank, or any Persons designated by it, shall have the rig...
Additional Covenants of Borrower. Borrower covenants and agrees with Lender as follows:
Additional Covenants of Borrower. (a) [*****]
(b) [*****] SECTION 9.14. [*****].
Additional Covenants of Borrower. 6.1. Borrower covenants and agrees to defend the right, title and security interest of Lender in and to the Pledged Securities and the proceeds thereof, and to maintain and preserve the lien and security interest provided for by this Agreement against the claim and demands of all third parties, so long as this Agreement shall remain in effect.
6.2. Borrower covenants and agrees not to sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, or create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any of the Pledged Securities, or any interest therein, or any proceeds thereof, except for the lien and security interest provided for by this Agreement and any security agreement securing only Lender.
6.3. Borrower covenants and agrees (a) to cooperate, in good faith, with Lender and to do or cause to be done all such other acts as may be necessary to enforce the rights of Lender under this Agreement, (b) not to take any action, or to fail to take any action that would be adverse to the interest of Lender in the Collateral and hereunder, and (c) to make any sale or sales of any portion or all of the Pledged Securities valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales at Borrower’s expense.
Additional Covenants of Borrower. Without the prior written consent of Lender, neither Borrower nor any of its Subsidiaries shall amend, modify, restate, cancel, supplement, terminate or waive any provision of any Material Contract, or grant any consent thereunder, that would be material and adverse to Lender’s rights under the Loan Documents or Borrower’s ability to perform its Obligations.
Additional Covenants of Borrower. 11 6.1 No Transfer, Subordinate Mortgage Financing or other Encumbrance of Financed Property . . . . . . . 11 6.2
Additional Covenants of Borrower. Section 9.11 of the Existing Loan Agreement is hereby amended to add the following at the end thereof: “; provided that this Section 9.11 shall not prohibit Borrower from terminating any Included Product Agreement so long as before and after giving effect thereto, the Margin Requirement shall be satisfied”
Additional Covenants of Borrower. Borrower further covenants and agrees with Bank as follows:
Additional Covenants of Borrower. Borrower covenants and agrees with Lender as follows:
A. To maintain adequate insurance with responsible companies in such amounts and against such risks and hazards as are normally insured against by similar businesses; to pay before penalties attach all taxes, assessments, fees and similar charges lawfully assessed upon Borrower and/or the Property, except to the extent being contested in good faith; to preserve its corporate existence in good standing and continue to conduct and operate its business substantially as presently conducted in accordance with all applicable laws and regulations; to pay its indebtedness and obligations when due under normal terms; to maintain proper books of record and account; and to furnish to Lender and allow Lender to review such information and books and records as Lender may reasonably request.
B. To furnish to Lender within ninety (90) days after the close of each fiscal year, audited financial statements as of the close of such year, containing a balance sheet and statements of income, retained earnings and cash flows for such year, prepared in accordance with generally accepted accounting principles and certified by independent certified public accountants.
C. To furnish to Lender, within forty-five (45) days after the close of each quarter of each fiscal year, detailed financial statements as of the close of such fiscal period, containing a balance sheet and statements of income, retained earnings and cash flows for such period and for the portion of its year ending with such period, prepared in accordance with generally accepted accounting principles and containing the written statement of the chief financial officer of Borrower that to the best of his knowledge and belief, the financial statements are accurate and complete and have been prepared in accordance with generally accepted accounting principles and the requirements of the Securities and Exchange Commission.
D. To furnish to Lender, within forty-five (45) days after the close of each quarter of each fiscal year, all quarterly financial statements submitted to the Securities and Exchange Commission.
E. That Borrower shall use its best efforts to hire and retain residents of the City of Detroit whose qualifications meet applicable job requirements, consistent with current hiring practices.
F. To keep Lender periodically apprised of the progress of Xx. Xxxxx'x suit against Borrower, and of the progress of the two pending Miraphen product liability suits agai...
Additional Covenants of Borrower. Section 12 of the Loan Agreement is hereby amended by amending and restating Section 12(v) in its entirety to read as follows:
