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HomeMy WebLinkAbout2733 against risks of loss or damage by fire, theft, or other hazards, in such amounts, under such policies, in such form and witli such companies as shall be satisfactory to Secured Party, whicl~ policies shall provide that such insurance thereunder shall be payable to Secured Party and Debtor as their interest may appear; and Debtor shall furnish Secured Party witli certifi- cates or other evidence satisfactory to Secured Party of com- pliance with t~ie foregoing insurance provisions; (6) Debtor will•not use the Collateral in violation of any statute, ordin- ance or policy of insurance thereon, and will promptly pay when due all taxes or assessments upon the Collateral or for its use or operation. Until default, Debtor may retain possession of the Collateral and use it in any lawful manner in the regular, usual and ordinary course of Debtor's business, and neither inconsistent with the agreements herein nor inconsistent with the terms and conditions of any policy of insurance thereon. Default: The occurence of any of the following events shall constitute a de~ault under this Agreement: ii} default ' in the payment in full of any indebtedness secured hereby when ~ and as any part of such indebtedness shall become due and pay- I I ai~le; (2) default in the perforr.iance or observance of any of t ~ the obligations, covenants or agreer.ients provided herein; (3) if ~ ~ any warranty, representation or statement made or furnished to ~ ~ ~ _ Secured Party by or on behalf of the Debtor in connection with ~ ~ this Agreement proves to have been false in any r.iaterial ~ ~ respect when made or furnished; (4) sale (other than a sale ~ ) ~ ~ ^ in the regular, usual, and ordinary course of Debtor's business) _ s " ~ or encumbrance to or of any of the Collateral; (5) the levy, seizure or attachment of or upon the Collateral; (6) failure _ to take action to set aside the entry of any judgment against ,~y =Y the Debtor promptly on learning of the same; (7) dissolution, ~ merger or consolidation, or transfer of a substantial part of ~ ~ ~ - 3 - 4;, so`K ~'~.0 ~ i~~ ~ ~ - ~ : _ _ ~ _ _ ~ _6 , _ ~ _ _ - - _ . - .