Maintenance of Collateral. The Company will use its reasonable efforts (1) to maintain the Collateral in good repair and working order consistent with customary business practices, (2) to insure the Collateral against casualty and other risks consistent with industry practices, (3) to pay and discharge all taxes, levies and costs of maintenance and repair in the ordinary course of business; and (4) to timely pay all rent or mortgage payments of any kind as applicable to any real property upon which any part of the Collateral is located. The Company hereby assigns to the Secured Party all rights to any proceeds of any insurance procured under this Section 2.4(c), and authorizes the Secured Party to receive such payments and execute any and all documents required to receive such payments, but in no event in excess of such Secured Party’s Pro Rata Base Price Amount (as defined in the Second Omnibus Amendment).
Appears in 13 contracts
Samples: Security Agreement (Medicine Man Technologies, Inc.), Security Agreement (Medicine Man Technologies, Inc.), Security Agreement (Medicine Man Technologies, Inc.)
