Affirmative Covenants Contract Clauses (493)

Affirmative Covenants. Until such time as all of the Indebtedness has been paid in full in cash, the Corporation shall: (a) Defend the Collateral against the claims and demands of all other parties and keep the Collateral free from all Liens, except for the Liens granted to Secured Party under this Security Agreement or in the ordinary course of business; (b) In the event the Corporation comes into possession of any portion of the Collateral in violation of the terms of this Security Agreement, hold the same in trust ...for Secured Party and deliver to Secured Party such Collateral in the form received no later than two (2) business days following the Corporation's receipt thereof; (c) In the event any portion of the Collateral is held by a third party, take all action that Holder may request so as to maintain the validity, enforceability, perfection and priority of Secured Party's security interest in the Collateral; (d) Within two (2) business days of receipt thereof by the Corporation, deliver to Secured Party all notices and statements relating to the Collateral received by the Corporation or any third party holding the Collateral; (e) Notify Secured Party promptly of (a) any adverse event relating to the Collateral or any adverse change in the value of the Collateral and (b) the Corporation's intention to commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect); (f) At the written request of Secured Party at any time and from time to time, at the Corporation's sole expense, promptly take such action and execute and deliver such control agreements (and cause any financial institution and/or brokerage Corporation at which any of the Collateral is maintained to enter into one or more control agreements in favor of and on terms satisfactory to Secured Party) and further instruments and documents as Secured Party may reasonably request in order to more fully perfect, evidence or effectuate the pledge and assignment hereunder and the security interest granted hereby and to enable Secured Party to exercise and enforce his rights and remedies hereunder. Secured Party is hereby authorized to file one or more financing or continuation statements under the Uniform Commercial Code (as in effect from time to time, the "UCC") relating to the Collateral, naming Secured Party as "secured party"; and 2 (g) Furnish to Secured Party such other information relating to the Collateral as Secured Party may from time to time reasonably request. View More

Affirmative Covenants. (a) The Company covenants and agrees that it shall not (i) incur, or commit itself to incur, any secured indebtedness other than the Senior Debt or (ii) increase the amount of the Senior Debt without Lender's consent. The Company further covenants and agrees that it shall take all actions necessary in order for this Note to continue to rank senior to all indebtedness of the Company, whenever incurred, except for the Senior Debt.