DEBTOR’S RESPONSIBILITIES Sample Clauses
The "Debtor’s Responsibilities" clause defines the obligations and duties that the debtor must fulfill under the agreement. Typically, this includes requirements such as making timely payments, maintaining adequate insurance on collateral, providing necessary financial information, and complying with all relevant laws. By clearly outlining these responsibilities, the clause ensures that both parties understand what is expected of the debtor, thereby reducing the risk of misunderstandings and helping to protect the creditor’s interests.
DEBTOR’S RESPONSIBILITIES. Debtor covenants with, and represents and warrants to Secured Party, that Debtor shall:
(a) Upon Secured Party’s request, furnish to Secured Party, in writing, a current list of all Collateral for the purpose of identifying the Collateral and, further, execute and deliver such supplemental instruments, documents, agreements and chattel paper, in the form of assignments or otherwise, as Secured Party shall reasonably require for the purpose of confirming and perfecting, and continuing the perfection of, Secured Party’s security interest in any or all of such Collateral, or as is necessary to provide Secured Party with control over the Collateral or any portion thereof;
(b) At its expense and upon request of Secured Party, furnish copies of invoices issued by Debtor in connection with the Collateral, furnish certificates of insurance evidencing insurance on Collateral, furnish proof of payment of taxes and assessments on Collateral, make available to Secured Party, any and all of Debtor’s books, records, written memoranda, correspondence, purchase orders, invoices and other instruments or writings that in any way evidence or relate to the Collateral;
(c) Keep the Collateral insured at all times against risks of loss or damage by fire (including so-called extended coverage), theft and such other casualties including collision in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods and written by such companies or underwriters as is satisfactory to Secured Party. In all cases losses shall be payable to Secured Party and any surplusage shall be paid to Debtor. All policies of insurance shall provide for at least thirty (30) days prior written notice of cancellation to Secured Party. Should Debtor at any time fail to purchase or maintain insurance, pay taxes, or pay for any expense, incident or such insurance, Secured Party may, but is not obligated to, pay such taxes, order and pay for such necessary items of preservation, maintenance or protection of the Collateral, and Debtor agrees to reimburse Secured Party for all expenses incurred under this paragraph;
(d) Pay all taxes or assessments imposed on or with respect to the Collateral;
(e) Keep all of the Collateral in good condition and repair and working order, ordinary wear and tear excepted, protecting it from weather and other contingencies which might adversely affect it as secured hereunder, and not permit any waste or damage with respect the...
DEBTOR’S RESPONSIBILITIES. (a) Until the Obligations are fully paid, performed and satisfied and this Agreement is terminated, Debtor will:
(i) execute and deliver such supplemental instruments, in the form of assignments or otherwise, as Secured Party shall reasonably require for the purpose of confirming and perfecting Secured Party’s security interest in any or all of the Pledged Collateral, or as is necessary to provide Secured Party with control (within the meaning of the Uniform Commercial Code) over the Pledged Collateral or any portion thereof in order for Secured Party to perfect its security interest;
(ii) at its expense and upon the reasonable request of Secured Party, make available to Secured Party, at reasonable times and upon reasonable notice, any and all of Debtor’s books, records, written memoranda, correspondence, and other instruments or writings that evidence or relate to the Pledged Collateral;
(iii) notify Secured Party promptly in writing of any information which Debtor has or may receive which could reasonably be expected to materially and adversely affect the value of the Pledged Collateral or the rights of Secured Party with respect thereto;
(iv) not change its state of incorporation or form of organization without the prior consent of Secured Party;
(v) pay all costs of filing any financing, continuation or termination statements with respect to the Lien created hereby;
(vi) pay all reasonable expenses, including reasonable attorneys’ fees, of Secured Party incurred by Secured Party in the exercise (including enforcement) of any of Secured Party’s rights or remedies under this Agreement or applicable law; and Debtor agrees that said expenses and fees shall constitute part of the Obligations and be secured by the Pledged Collateral; and
(vii) except to the extent expressly permitted by the other Loan Documents, not consent (without the prior consent of Secured Party) to (A) any amendment or modification of any charter documents or shareholder agreement of EQMI, or (B) the dissolution, termination or liquidation, of EQMI.
(b) To protect, perfect, or enforce, from time to time, Secured Party’s rights or interests in the Pledged Collateral, Secured Party may, in its discretion (but without any obligation to do so): (i) discharge any Liens at any time levied or placed on the Pledged Collateral (other than Permitted Liens unless an Event of Default has occurred and is continuing), and (ii) obtain any record from any service bureau and pay such service bureau th...
DEBTOR’S RESPONSIBILITIES. (a) Until the Secured Obligations are fully paid, performed and satisfied and this Agreement is terminated, Debtor will:
(i) furnish to Secured Party in writing upon Secured Party’s reasonable request (but if no Event of Default has occurred and is continuing, no more frequently than quarterly) a current list of all Collateral for the purpose of identifying the Collateral and, further, execute and deliver such supplemental instruments, in the form of assignments or otherwise, as Secured Party shall reasonably request for the purpose of confirming and perfecting Secured Party’s security interest in any or all of the Collateral, or as is reasonably necessary to provide Secured Party with control over the Collateral or any portion thereof;
(ii) at its expense and upon request of Secured Party (but if no Event of Default has occurred and is continuing, no more frequently than quarterly), furnish copies of invoices issued by Debtor in connection with the Collateral, furnish certificates of insurance evidencing insurance on the Collateral in accordance with the Secured Note, furnish proof of payment of taxes and assessments on the Collateral, make available to Secured Party any and all of Debtor’s books, records, written memoranda, correspondence, purchase orders, invoices and other instruments or writings that in any way evidence or relate to the Collateral;
(iii) maintain all Inventory in good and salable condition exclusive of slow-moving, obsolete or damaged Inventory for which reserves or write-downs have been made on Debtor’s books and records in the ordinary course of business and will handle, maintain and store the Collateral in a safe and careful manner in material compliance with all applicable laws, rules, regulations, ordinances and governmental orders;
DEBTOR’S RESPONSIBILITIES. Until the Termination of this Agreement in accordance with Section 9(j) of this Agreement:
(a) Debtor will: (i) use commercially reasonable efforts to defend the Pledged Collateral against all claims of all Persons at any time claiming any interest in any of the Pledged Collateral or claiming any interest therein adverse to Secured Parties except to the extent of any Permitted Lien; (ii) execute and deliver such supplemental instruments, in the form of assignments or otherwise, as the Administrative Agent shall reasonably require for the purpose of confirming, perfecting and maintaining perfection and priority of the Secured Parties’ security interest in and Lien on any or all of the Pledged Collateral, or as is necessary to provide Secured Parties with control (within the meaning of the Uniform Commercial Code) over the Pledged Collateral of any Pledged Company or any portion thereof to perfect its Lien thereon promptly after written request therefor by the Administrative Agent; (iii) upon the request of the Administrative Agent in its reasonable discretion exercised in good faith, make available to the Administrative Agent, at reasonable times and upon reasonable prior notice (but, so long as no Event of Default has occurred and is continuing, not more often than once in every twelve (12) month period from the date hereof), any and all of Debtor’s books, records, written memoranda, correspondence, and other instruments or writings that in any way evidence or relate to the Pledged Collateral at the expense of the Administrative Agent (provided that during the continuation of any Default any expense of the Administrative Agent in connection with the foregoing shall be for the account of the Debtor); (iv) provide the Administrative Agent with prior notice of any change in its jurisdiction of organization or form of organization (and, in each case, shall promptly make all filings required under the Uniform Commercial Code or other applicable law and take all other actions reasonably requested by the Administrative Agent to ensure that the Administrative Agent shall continue at all times following such change to have a valid, legal, enforceable (subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of equity and principles of good faith and fair dealing) and perfected Lien in such Pledged Collateral); and (v) pay (A) all costs of filing any financing, continuation or termination statements...
DEBTOR’S RESPONSIBILITIES. Debtor represents that he has the power and ability to enter into this Agreement and to complete the transaction contemplated hereby including causing the transfer of VEII stock as provided in Sections 3 and 4(b) above.
DEBTOR’S RESPONSIBILITIES. 8.1. Upon retention, Debtor will deliver to Keen a list of all brokers, principals or other prospects who in the prior 30 days have contacted Debtor's Legal, Real Estate, or Corporate Development departments expressing an interest in using or acquiring a Disposition Asset along with all correspondence and other records that relate to any such interest.
8.2. With respect to each Disposition Asset for which a Phase 1 environmental report has been commissioned at Debtor's request, Debtor will immediately provide a true and complete copy of such Phase 1 environmental report to Keen and will authorize Keen to disseminate such report to prospects.
8.3. For so long as Debtor is the tenant for a particular Disposition Asset, Debtor shall use its good faith efforts to maintain the Disposition Assets in accordance with its lease obligations and shall furnish power and water (pursuant to its lease obligations, if any) and shall carry personal and public liability insurance covering such premises.