HomeMy WebLinkAbout1279 So long as any liability to Bank is outstanding, Borrower
will not without the prior written consent of Bank, borrow
from anyone except Bank on the security of, or pledge or grant
. any security interest in, any account, or contract right to
anyone except Bank, or permit any lien or Pnc~~mbrance to attach
to any of the foregoing, or any levy to be made thereon, or
any financing statement (except Bank's financing statement) to
be on file with respect thereto; XXXXXXXXXXXXXXX?tXXX}'xXX
X~' Xy XXXXXXXXXXXX ~iXXX~iXXXXXXXXXXXXXX-
}~4jC~,7¢~~IC~XeXO,?XIEXQ~.'I~~XXXXXXXXXXXXXXt~XsX'XM=XX'X?~~
~~~~~C~fi7d ~:ny such account to which Bank does not consent
to shall not be deemed a qualified account for the purpose of
maintaining the ratio provided in paragraph below.
Borrower represents and wa;;rants that the location where it
keeps its records concerning all of its accounts and contract ~
rights is at the address designated in the preamble to this
agreement. Borrower will immediately notify Bank in writing
of any change in the location of the place of business concerning
its accounts and contract rights are kept.
Borrower will maintain accounts and contract rights in such
! quantities that at all times the total of the face amount
i
i
~ of its qualified accounts shall be at least equal to
(
~ 75°10 of the principal balance, plus
interest thereon, of the aggregate advances by Bank to Borrower
!
under this Agreement; and Borrower will pay to Bank, in
reduction of its liabilities, such sums as may be necessary from
time to time to maintain such ratio or ratios, provided,
however, that Bank may, at its option, waive said percentage
requirement such that the total of all advances to Borrower
may exceed the total value of its qualified accounts.
~ .
~ Unless Bank nctifies Borrower in writing that it dispenses
~
with any one or more of the following requirements, Borrower will:
(a) receive as the sole property of Bank and hold as trustees
for Bank all r~oneys, checks, notes, drafts and other property
(herein called "Items of payment") representing the proceeds
of any account, or contract right in which Bank has a security
interest, which comes into the possession ~fRB rrower; b)
c,Gr,K PAfE ~ _ ,
- 4 - .
, ~
- - _ .V .'g
i .u.+P.^ _ .b _
, . . ''Y"~.+. __v.~c.u'<f ~...r_.~>'F fi_'~4..~._, . . 5~"~?~,
e_Rr~T . _