Agreements With Respect to the Collateral. Borrower covenants and agrees with Lender as follows: (a) Borrower will not permit any of the Collateral to be removed from the location specified herein, except for temporary periods in the normal and customary use thereof and in the ordinary course of business, without the prior written consent of Lender. (b) Borrower shall notify Lender in writing of any change in the location of Borrower's principal place of business (or residence) or the location of any tangible Collateral or the place(s) where the records concerning all intangible Collateral are kept or maintained. (c) Borrower will keep the Collateral in good condition and repair and will pay and discharge all taxes, levies and other impositions levied thereon as well as the cost of repairs to or maintenance of same, and will not permit anything to be done that may impair the value of any of the Collateral. If Borrower fails to pay such sums, Lender may do so for Borrower's account and add the amount thereof to the Obligations. (d) Until the occurrence of an Event of Default (as defined in the Loan Agreement), Borrower shall be entitled to possession of the Collateral and to use the same in any lawful manner, provided that such use does not cause excessive wear and tear to the Collateral, cause it to decline in value at an excessive rate, or violate the terms of any policy of insurance thereon. (e) Borrower will not sell, exchange, lease or otherwise dispose of any of the Collateral or any interest therein without the prior written consent of Lender. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall have the right to process and sell Borrower's inventory in the regular course of business. Lender's security interest hereunder shall attach to all proceeds of all sales or other dispositions of the Collateral. If at any time any such proceeds shall be represented by any instruments, chattel paper or documents of title, then such instruments, chattel paper or documents of title shall be promptly delivered to Lender and subject to the security interest granted hereby. If at any time any of Borrower's inventory is represented by any document of title, such document of title will be delivered promptly to Lender and subject to the security interest granted hereby. (f) Borrower will not allow the Collateral to be attached to real estate in such manner as to become a fixture or a part of any real estate. (g) Borrower will at all times keep the Collateral insured against all insurable hazards in amounts equal to the full cash value of the Collateral. Such insurance shall be in such companies as may be acceptable to Lender, with provisions satisfactory to Lender for payment of all losses thereunder to Lender as its interests may appear. If required by Lender, Borrower shall deposit the policies with Lender. Any money received by Lender under said policies may be applied to the payment of the Obligations, whether or not due and payable, or at Lender's option may be delivered by Lender to Borrower for the purpose of repairing or restoring the Collateral. Borrower assigns to Lender all right to receive proceeds of insurance not exceeding the amounts secured hereby, directs any insurer to pay all proceeds directly to Lender, and appoints Lender Borrower's attorney-in-fact to endorse any draft or check made payable to Borrower in order to collect the benefits of such insurance. If Borrower fails to keep the Collateral insured as required by Lender, Lender shall have the right to obtain such insurance at Borrower's expense and add the cost thereof to the Obligations. (h) Borrower will not permit any liens or security interests other than those created by this Agreement and the Permitted Encumbrances to attach to any of the Collateral, nor permit any of the Collateral to be levied upon under any legal process, nor permit anything to be done that may impair the security intended to be afforded by this Agreement, nor permit any tangible Collateral to become attached to or commingled with other goods without the prior written consent of Lender.
Appears in 2 contracts
Samples: Loan Agreement (Dreams Inc), Loan Agreement (Dreams Inc)
Agreements With Respect to the Collateral. Borrower covenants and agrees with Lender as follows:
(a) Borrower will not permit any of the Collateral to be removed from the location specified herein, except for temporary periods in the normal and customary use thereof and in the ordinary course of businessthereof, without the prior written consent of Lender.
(b) Borrower shall notify Lender in writing of any change in the location of Borrower's principal place of business (or residence) or the location of any tangible Collateral or the place(s) where the records concerning all intangible Collateral are kept or maintained.
(c) Borrower will keep the Collateral in good condition and repair and will pay and discharge all taxes, levies and other impositions levied thereon as well as the cost of repairs to or maintenance of same, and will not permit anything to be done that may impair the value of any of the Collateral. If Borrower fails to pay such sums, Lender may do so for Borrower's account and add the amount thereof to the Obligations.
(d) Until the occurrence of an Event of Default (as defined in the Loan Agreement)Default, Borrower shall be entitled to possession of the Collateral and to use the same in any lawful manner, provided that such use does not cause excessive wear and tear to the Collateral, cause it to decline in value at an excessive rate, or violate the terms of any policy of insurance thereon.
(e) Borrower will not sell, exchange, lease or otherwise dispose of any of the Collateral or any interest therein without the prior written consent of Lender. Notwithstanding the foregoing, so long as an Event of Default has is not occurredcontinuing, Borrower shall have the right to process and sell Borrower's inventory in the regular course of business and to sell or otherwise dispose of obsolete assets in the ordinary course of business. Lender's security interest hereunder shall attach to all proceeds of all sales or other dispositions of the Collateral. If at any time any such proceeds shall be represented by any instruments, chattel paper or documents of title, then such instruments, chattel paper or documents of title shall be promptly delivered to Lender Lender, and subject to the security interest granted hereby. If at any time any of Borrower's inventory is represented by any document of title, such document of title will be delivered promptly to Lender and subject to the security interest granted hereby.
(f) Borrower will not allow the Collateral to be attached to real estate in such manner as to become a fixture or a part of any real estate.
(g) Borrower will at all times keep the Collateral insured against all insurable hazards in amounts equal to the full cash value of the Collateral. Such insurance shall be in such companies as may be acceptable to Lender, with provisions satisfactory to Lender for payment of all losses thereunder to Lender as its interests may appear. If required by Lender, Borrower shall deposit the policies with Lender. Any money received by Lender under said policies may be applied to the payment of the Obligations, whether or not due and payable, or at Lender's option may be delivered by Lender to Borrower for the purpose of repairing or restoring the Collateral. Borrower assigns to Lender all right to receive proceeds of insurance not exceeding the amounts secured hereby, directs any insurer to pay all proceeds directly to Lender, and appoints Lender Borrower's attorney-in-fact to endorse any draft or check made payable to Borrower in order to collect the benefits of such insurance. If Borrower fails to keep the Collateral insured as required required' by Lender, Lender shall have the right to obtain such insurance at Borrower's expense and add the cost thereof to the Obligations.
(h) Borrower will not permit any liens or security interests other than those created by this Agreement and the Permitted Encumbrances to attach to any of the Collateral, nor permit any of the Collateral to be levied upon under any legal process, nor permit anything to be done that may impair the security intended to be afforded by this Agreement, nor permit any tangible Collateral to become attached to or commingled with other goods without the prior written consent of Lender.
Appears in 1 contract
Samples: Security Agreement (Sb Merger Corp)
Agreements With Respect to the Collateral. Borrower Guarantor covenants and agrees with Lender FMC as follows:
(a) Borrower Guarantor will not permit any of the Collateral to be removed from the location specified herein, except for temporary periods in the normal and customary use thereof and in the ordinary course of businessthereof, without the prior written consent of LenderFMC.
(b) Borrower Guarantor shall notify Lender FMC in writing of any change in the location of BorrowerGuarantor's principal place of business (or residence) or the location of any tangible Collateral or the place(s) where the records concerning all intangible Collateral are kept or maintained.maintaine
(c) Borrower Guarantor will keep the Collateral in good condition and repair and will pay and discharge all taxes, levies and other impositions levied thereon as well as the cost of repairs to or maintenance of same, and will not permit anything to be done that may impair the value of any of the Collateral. If Borrower Guarantor fails to pay such sums, Lender FMC may do so for BorrowerGuarantor's account and add the amount thereof to the Obligations.
(d) Until the occurrence of an Event of Default (as defined in the Loan Agreement)Default, Borrower Guarantor shall be entitled to possession of the Collateral and to use the same in any lawful manner, provided that such use does not cause excessive wear and tear to the Collateral, cause it to decline in value at an excessive rate, or violate the terms of any policy of insurance thereon.
(e) Borrower Guarantor will not sell, exchange, lease or otherwise dispose of any of the Collateral or any interest therein without the prior written consent of LenderFMC. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower Guarantor shall have the right to process and sell BorrowerGuarantor's inventory in the regular course of business. LenderFMC's security interest hereunder shall attach to all proceeds of all sales or other dispositions of the Collateral. If at any time any such proceeds shall be represented by any instruments, chattel paper or documents of title, then such instruments, chattel paper or documents of title shall be promptly delivered to Lender FMC and subject to the security interest granted hereby. If at any time any of BorrowerGuarantor's inventory is represented by any document of title, such document of title will be delivered promptly to Lender FMC and subject to the security interest granted hereby.
(f) Borrower Guarantor will not allow the Collateral to be attached to real estate in such manner as to become a fixture or a part of any real estate.
(g) Borrower Guarantor will at all times keep the Collateral insured against all insurable hazards in amounts equal to the full cash value of the Collateral. Such insurance shall be in such companies as may be acceptable to LenderFMC, with provisions satisfactory to Lender FMC for payment of all losses thereunder to Lender FMC as its interests may appear. If required by LenderFMC, Borrower Guarantor shall deposit the policies with LenderFMC unless the possession of such policy is required by a senior lender, in which case Guarantor shall deposit the policy with the senior lender. Any If an Event of Default (as defined in the Loan Agreement) has occurred and is continuing, any money received by Lender FMC under said policies may be applied to the payment of the Obligations, whether or not due and payable, or at LenderFMC's option may be delivered by Lender FMC to Borrower Guarantor for the purpose of repairing or restoring the Collateral. Borrower Guarantor assigns to Lender FMC all right to receive proceeds of insurance not exceeding the amounts secured hereby, directs any insurer to pay all proceeds directly to LenderFMC, and appoints Lender BorrowerFMC Guarantor's attorney-in-fact to endorse any draft or check made payable to Borrower Guarantor in order to collect the benefits of such insurance. If Borrower Guarantor fails to keep the Collateral insured as required by LenderFMC, Lender FMC shall have the right to obtain such insurance at BorrowerGuarantor's expense and add the cost thereof to the Obligations.
(h) Borrower Guarantor will not permit any liens or security interests other than those created by this Agreement and the Permitted Encumbrances to attach to any of the Collateral, nor permit any of the Collateral to be levied upon under any legal process, nor permit anything to be done that may impair the security intended to be afforded by this Agreement, nor permit any tangible Collateral to become attached to or commingled with other goods without the prior written consent of LenderFMC.
Appears in 1 contract
Samples: Security Agreement (Dynagen Inc)
Agreements With Respect to the Collateral. Borrower Grantor covenants and agrees with Lender as follows:
(a) Borrower Grantor will not permit any of the Collateral to be removed from the location specified herein, except for temporary periods in the normal and customary use thereof and in the ordinary course of businessthereof, without the prior written consent of Lender.
(b) Borrower Grantor shall notify Lender in writing of any change in the location of BorrowerGrantor's principal place of business (or residence) or the location of any tangible Collateral or the place(s) where the records concerning all intangible Collateral are kept or maintained.
(c) Borrower Grantor will keep the Collateral in good condition and repair and will pay and discharge all taxes, levies and other impositions levied thereon as well as the cost of repairs to or maintenance of same, and will not permit anything to be done that may impair the value of any of the Collateral. If Borrower Grantor fails to pay such sums, Lender may do so for BorrowerGrantor's account and add the amount thereof to the Obligations.
(d) Until the occurrence of an Event of Default (as defined in the Loan Agreement)Default, Borrower Grantor shall be entitled to possession of the Collateral and to use the same in any lawful manner, provided that such use does not cause excessive wear and tear to the Collateral, cause it to decline in value at an excessive rate, or violate the terms of any policy of insurance thereon.
(e) Borrower Grantor will not sell, exchange, lease or otherwise dispose of any of the Collateral or any interest therein without the prior written consent of Lender. Notwithstanding the foregoing, so long as an Event of Default has is not occurredcontinuing, Borrower Grantor shall have the right to process and sell BorrowerGrantor's inventory in the regular course of business and to sell or otherwise dispose of obsolete assets in the ordinary course of business. Lender's security interest hereunder shall attach to all proceeds of all sales or other dispositions of the Collateral. If at any time any such proceeds shall be represented by any instruments, chattel paper or documents of title, then such instruments, chattel paper or documents of title shall be promptly delivered to Lender and subject to the security interest granted hereby. If at any time any of BorrowerGrantor's inventory is represented by any document of title, such document of title will be delivered promptly to Lender and subject to the security interest granted hereby.
(f) Borrower Grantor will not allow the Collateral to be attached to real estate in such manner as to become a fixture or a part of any real estate.
(g) Borrower Grantor will at all times keep the Collateral insured against all insurable hazards in amounts equal to the full cash value of the Collateral. Such insurance shall be in such companies as may be acceptable to Lender, with provisions satisfactory to Lender for payment of all losses thereunder to Lender as its interests may appear. If required by Lender, Borrower Grantor shall deposit the policies with Lender. Any money received by Lender under said policies may be applied to the payment of the Obligations, whether or not due and payable, or at Lender's option may be delivered by Lender to Borrower Grantor for the purpose of repairing or restoring the Collateral. Borrower Grantor assigns to Lender all right to receive proceeds of insurance not exceeding the amounts secured hereby, directs any insurer to pay all proceeds directly to Lender, and appoints Lender BorrowerGrantor's attorney-in-fact to endorse any draft or check made payable to Borrower Grantor in order to collect the benefits of such insurance. If Borrower Grantor fails to keep the Collateral insured as required by Lender, Lender shall have the right to obtain such insurance at BorrowerGrantor's expense and add the cost thereof to the Obligations.
(h) Borrower Grantor will not permit any liens or security interests other than those created by this Agreement and the Permitted Encumbrances to attach to any of the Collateral, nor permit any of the Collateral to be levied upon under any legal process, nor permit anything to be done that may impair the security intended to be afforded by this Agreement, nor permit any tangible Collateral to become attached to or commingled with other goods without the prior written consent of Lender.
Appears in 1 contract
Samples: Security Agreement (Dynagen Inc)
Agreements With Respect to the Collateral. Borrower covenants and agrees with Lender as follows:
(a) Borrower will not permit any of the Collateral to be removed from the location specified herein, except for temporary periods periods, in the normal and customary use thereof and in the ordinary course of businessthereof, without the prior written consent of Lender.
(b) Borrower shall notify Lender in writing of any change in the location of Borrower's principal place of business (or residence) or the location of any tangible Collateral or the place(s) where the records concerning all intangible Collateral are and kept or maintained.
(c) Borrower will keep the Collateral in good condition and repair and will pay and discharge all taxes, levies and other impositions levied thereon as well as the cost of repairs to or maintenance of same, and will not permit anything to be done that may impair the value of any of the Collateral. If Borrower fails to pay such sums, Lender may do so for Borrower's account and add the amount thereof to the Obligations.
(d) Until the occurrence of an Event of Default (as defined in the Loan Agreement)Default, Borrower shall be entitled to possession of the Collateral and to use the same in any lawful manner, provided that such use does not cause excessive wear and tear to the Collateral, cause it to decline in value at an excessive rate, or violate the terms of any policy of insurance thereon.
(e) Borrower will not sell, exchange, lease or otherwise dispose of any of the Collateral or any interest therein without the prior written consent of Lender. Notwithstanding the foregoing, so long as an Event of Default has not occurred, Borrower shall have the right to process and sell Borrower's inventory in the regular course of businessbusiness and to sell obsolete Collateral. Lender's security interest hereunder shall attach to all proceeds of all sales or other dispositions of the Collateral. If at any time any such proceeds shall be represented by any instruments, chattel paper or documents of title, then such instruments, chattel paper or documents of title shall be promptly delivered to Lender and subject to the security interest granted hereby. If at any time any of Borrower's inventory is represented by any document of title, such document of title will be delivered promptly to Lender and subject to the security interest granted hereby.
(f) Borrower will not allow the Collateral to be attached to real estate in such manner as to become a fixture or a part of any real estate.
(g) Borrower will at all times keep the Collateral insured against all insurable hazards in amounts equal to the full cash value of the Collateral. Such insurance shall be in such companies as may be acceptable to Lender, with provisions satisfactory to Lender for payment of all losses thereunder to Lender as its interests may appear. If required by Lender, Borrower shall deposit the policies with Lender. Any money received by Lender under said policies may be applied to the payment of the Obligations, whether or not due and payable, or at Lender's option may be delivered by Lender to Borrower for the purpose of repairing or restoring the Collateral. Borrower assigns to Lender all right to receive proceeds of insurance not exceeding the amounts secured hereby, directs any insurer to pay all proceeds directly to Lender, and appoints Lender Borrower's attorney-in-fact to endorse any draft or check made payable to Borrower in order to collect the benefits of such insurance. If Borrower fails to keep the Collateral insured as required by Lender, Lender shall have the right to obtain such insurance at Borrower's expense and add the cost thereof to the Obligations.
(h) Borrower will not permit any liens or security interests other than those created by this Agreement and the Permitted Encumbrances to attach to any of the Collateral, nor permit any of the Collateral to be levied upon under any legal process, nor permit anything to be done that may impair the security intended to be afforded by this Agreement, nor permit any tangible Collateral to become attached to or commingled with other goods without the prior written consent of Lender.
Appears in 1 contract
Samples: Security Agreement (Online Resources & Communications Corp)