GENERAL AGREEMENTS OF BORROWER. Borrower agrees to keep all the Inventory insured with coverage and amounts not less than that usually carried by one engaged in a like business and in any event not less than that required by Bank with loss payable to the Bank and Borrower, as their interests may appear, hereby appoint Bank as attorney for Borrower in obtaining, adjusting, settling and canceling such insurance and endorsing any drafts. As further assurance for the payment and performance of the Obligations, Borrower hereby assigns to Bank all sums, including returns or unearned premiums, which may become payable under any policy of insurance on the Collateral and Borrower hereby directs each insurance company issuing any such policy to make payment of such sums directly to Bank. The Bank or its agents have the right to inspect the Inventory and all records pertaining thereto at intervals to be determined by Bank and without hindrance or delay. Borrower will at all times keep accurate and complete records of Borrower's Inventory, accounts and other Collateral, and Bank, or any of its agents, shall have the right to call at Borrower's place or places of business at intervals to be determined by Bank, and without hindrance or delay, to inspect, audit, check and make extracts from any copies of the books, records, journals, orders, receipts or correspondence which relate to Borrower's accounts, and other Collateral or other transactions, between the parties thereto and the general financial condition of Borrower and Bank may remove any of such records temporarily for the purpose of having copies made thereof. Borrower, during the term of this Agreement, will not assign any accounts or other Collateral to any other party, nor create or permit to exist any lien, encumbrance or security interest of any kind covering any of the Collateral, other than for the benefit of the Bank. Borrower will maintain its corporate existence in good standing and comply with all laws and regulations of the United States or of any state or states thereof or of any political subdivision thereof, or of any governmental authority which may be applicable to it or to its business. Borrower will not sell or dispose of any of its assets except in the ordinary and usual course of its business. The Bank may in its own name or in the name of others communicate with account debtors in order to verify with them to Bank's satisfaction the existence, amount and terms of any accounts. This Agreement may but need not be supplement...
GENERAL AGREEMENTS OF BORROWER. (a) Borrower agrees to keep its facilities insured with coverage and in amounts not less than that usually carried by one engaged in a like business and in any event not less than that reasonably required by Bank. In addition, Borrower shall maintain appropriate liability insurance and all insurance required by law, including any necessary workers' compensation insurance. All insurance required hereunder shall be provided by insurance companies qualified to do business in Maine, satisfactory to Bank, shall be in such form and in such amounts as Bank may reasonably require and, without limiting the foregoing, shall provide that such insurance shall not be canceled or modified without at least thirty (30) days prior notice to the Bank.
(b) Borrower shall, and shall cause each of its subsidiaries to, to the extent applicable to the Borrower's or such subsidiary's property or its business, materially comply with all laws, ordinances and regulations of the United States, each state, each political subdivision thereof, and of each governmental authority.
(c) Borrower will pay all real and personal property taxes, assessments and charges and all franchise, income, unemployment, old age benefits, withholding, sales and other taxes assessed against it, or payable by it at such times and in such manner as will prevent any interest or penalties from accruing and as will prevent any lien or charge from attaching to its property (except for such taxes, assessments and charges being contested by Borrower in good faith, prior written notice of such contest having been given to Bank).
(d) Borrower will promptly pay when due all governmental and other taxes, charges and assessments upon its facilities or for their use or operation or upon this Agreement, or upon any note or notes evidencing the Obligations (except for such taxes, assessments and charges being contested by it in good faith, prior written notice of such contest having been given to Bank, and will, at the request of Bank, promptly furnish Bank the receipted bills therefor. After an Event of Default , Bank may discharge taxes, liens, security interests or other encumbrances at 13 any time levied or placed on such facilities, may pay for insurance on such facilities and may pay for the maintenance and preservation of such facilities. Borrower agrees to reimburse Bank on demand for any payments made, or any expenses incurred by Bank pursuant to the foregoing authorization, and until it so reimburses Bank, any su...
GENERAL AGREEMENTS OF BORROWER. (a) Borrower agrees to keep all the Collateral insured with coverage and in amounts not less than that usually carried by one engaged in a like business and in any event not less than that reasonably requested by Bank with loss payable to Bank and Borrower, as their interests may appear, hereby appointing Bank as attorney for Borrower during the existence of an Event of Default in obtaining, adjusting, settling and canceling such insurance and endorsing any drafts. As further assurance for the payment and performance of the Obligations, Borrower hereby assigns to Bank all sums, including returns of unearned premiums, which may become payable under any policy of insurance on the Collateral and Borrower hereby directs each insurance company issuing any such policy to make payment of such sums directly to Bank provided, however as long as; (i) no Event of Default exists, and (ii) no Obligations are outstanding, or if Obligations are outstanding the insurance proceeds are not in excess of $500,000.00, then such sums shall be paid to the Borrower.
(b) Bank or its agents have the right to inspect the Collateral and all records pertaining thereto during the Borrower's regular business hours and upon reasonable prior notice as long as no Event of Default exists and without prior notice while an Event of Default exists.
GENERAL AGREEMENTS OF BORROWER. (a). Borrower agrees to keep all the Collateral insured with coverage and in amounts not less than that usually carried by one engaged in a like business, including insurance respecting its property and assets whenever located, any damage by fire, theft, explosion, and all other hazards as well as insurance against larceny, embezzlement and criminal misrepresentation and in any event not less than that required by Bank with loss payable to Bank and Borrower, as their interests may appear, hereby appointing Bank as attorney for Borrower in obtaining, adjusting, settling and canceling such insurance and endorsing any drafts. As further assurance for the payment and performance of the Obligations, Borrower hereby assigns to Bank all sums, including returns of unearned premiums, which may become payable under any policy of insurance on the Collateral and Borrower hereby directs each insurance company issuing any such policy to make payment of such sums directly to Bank.
GENERAL AGREEMENTS OF BORROWER. (a) Borrower agrees to keep all the Collateral insured with coverage and in amounts not less than that usually carried by one engaged in a like business with loss payable to Bank and Borrower, as their interests may appear, hereby appointing Bank as attorney for Borrower, exercisable by bank during the continuance of an Event of Default, in obtaining, adjusting, settling and canceling such insurance and endorsing any drafts. As further assurance for the payment and performance of the Obligations, Borrower hereby assigns to Bank, except to the extent the same shall be used to restore, reconstruct, repair, renovate or replace any insured property (as agreed between Borrower and Bank) all sums, including returns of unearned premiums, which may become payable under any policy of insurance on the Collateral and Borrower hereby directs each insurance company issuing any such policy to make payment of such sums directly to Bank.
(b) Bank or its agents have the right to inspect the Collateral and all records pertaining thereto at reasonable times and upon reasonable prior notice without hindrance or delay. Bank shall also have the right to obtain from time to time, but in the absence of a continuing Event of Default not more often than annually, and at the sole cost and expense of Borrower an appraisal of the Collateral by an appraiser acceptable to Bank.
GENERAL AGREEMENTS OF BORROWER. Section 12.01 Borrower agrees to keep all the Collateral insured with coverage and in amounts not less than that usually carried by one engaged in a like business and in any event not less than that required by Bank with loss payable to Bank and Borrower, as their interests may appear, and after an Event of Default reasonably appointing Bank as attorney for Borrower in obtaining, adjusting, settling and canceling such insurance and endorsing any drafts. As further assurance for the payment and performance of the Obligations, Borrower hereby assigns to Bank all sums, including returns of unearned premiums, which may become payable under any policy of insurance on the Collateral and Borrower hereby directs each insurance company issuing any such policy to make payment of such sums directly to Bank. Absent the occurrence of an Event of Default which is continuing, all insurance proceeds received by Bank shall be applied first to repay the Revolving Loans and shall be applied to the Term Loans only after the Revolving Loans have been reduced to zero.
Section 12.02 Bank or its agents have the right to inspect the Collateral and all records pertaining thereto at intervals to be determined by Bank and without hindrance or delay.
