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HomeMy WebLinkAbout2739 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 with certificates or other evidence satisfactory to Secured Party of compliance' with the foregoing insurance provisions; (6) Debtor will not use the Collateral in violation of any statute, ordinance or policy of insurance thereon, and w~ll 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. i 1 Default: The occurrence of any of the following events shall constitute a default under this agreement: (1) default in the payment in full of any indebtedness secured hereby when and as any part of such indebtedness shall become due and pay- able; (2) default in the performance or observance of any of the obligations, covenants or agreements provided herein; ; (3) if any warranty, representation or statement made or furn- ; ished to Secured Party by or on behalf of the Debtor in connection ~ i with this agreement proves to have been false in any material - ~ ~ = respect when made or furnished; (4) sale (other than a sale a ~ in the regular, usual, and ordinary course of Debtor's business) ~ 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 ~ ~ the Debtor promptly on learning of the same; (7) dissolution, n` merger or consolidation, or transfer of a substantial part of the property of Debtor; (8) the commencement of any bankruptcy Y ' s; or insolvency proceedings by or against the Debtor or any ~ guarantor or surety for the Debtor, or any assignment made by _ the Debtor for the benefit of creditors; (9) failure to promptly ~ ~ ~ ~ F Xy`. 3 g(!GM ~ V~~r f ~1~t1 ~ ~ _ ~ _ . . , _ ~