6. GENERAL INDEMNITY. Borrower assumes all danger and obligation for, and shall protect, indemnify and keep Lender safe on a basis that is after-tax, any and all sorts of liabilities, responsibilities, losses, damages, charges, claims, actions, matches, expenses and costs, including reasonable lawyer costs and expenses, of whatsoever sort and nature imposed on, incurred by or asserted against Lender, by any means concerning or arising out from the make, purchase, acceptance, rejection, ownership, control, usage, selection, distribution, operation, condition, purchase, return or other disposition for the gear or any component thereof (including, without limitation, any claim for latent or other defects, whether or otherwise not discoverable by Borrower or virtually any individual, any claim for negligence, tort or strict liability, any claim under any ecological security or dangerous waste legislation and any claim for patent, trademark or copyright infringement). Borrower will maybe not indemnify Lender under this part for loss or obligation brought on by the gross negligence or willful misconduct of Lender. In this section, Lender also contains any manager, officer, worker, representative, assign or successor of Lender. Borrowers responsibilities under this area shall endure the termination, termination or termination with this contract.
7. INDIVIDUAL PROPERTY.
Borrower represents and agrees that the apparatus is, and shall after all times stay, separately recognizable property that is personal. Lender may show notice of its curiosity about the apparatus by any identification that is reasonable Borrower shall maybe maybe maybe perhaps not change or deface such indicia of Lenders interest.
8. FINANCIAL & DIFFERENT REPORTS. Borrower agrees to furnish to Lender: (a) yearly audited monetary statements setting forth the economic condition and outcomes of procedure of Borrower (economic statements shall consist of stability sheet, income statement and declaration of money flows and all sorts of records and auditors report thereto) within ninety days associated with end of each and every fiscal 12 months of Borrower; (b) upon Lenders demand, quarterly economic statements setting forth the monetary condition and outcomes of procedure of Borrower within 45 days of the finish of all the very very first three financial quarters of Borrower; and (c) such other economic information as Lender may every so often fairly request including, without limitation, monetary reports filed by Borrower with federal or state regulatory agencies. All such monetary information shall prepare yourself relative to generally accepted accounting axioms for a foundation regularly used. Borrower will quickly alert Lender on paper with complete details if any occasion does occur or any condition exists which constitutes, or which however for a necessity of lapse of the time or providing of notice or both would represent, a meeting of Default under this contract or which can materially and adversely impact the monetary condition or operations of Borrower or any affiliate of Borrower. Borrower will immediately alert Lender on paper of this commencement of any litigation to which Borrower or some of its subsidiaries or affiliates might be a celebration (except for litigation by which Borrowers or the affiliates liability that is contingent completely included in insurance coverage) which, if determined adversely to Borrower would materially adversely influence or impair the protection interest of Lender towards the Equipment or which, if determined adversely to Borrower would materially adversely influence the company operations or monetary condition of Borrower. Borrower will instantly inform Lender, written down, of any judgment against Borrower if such judgment might have the end result described in the preceding phrase.
9. NO ALTERATIONS IN BORROWER .
Borrower shall maybe maybe not: (a) liquidate, reduce or suspend its business; (b) sell, transfer or else get rid of all or a lot of its assets, except that Borrower may sell its stock into the ordinary length of its business; (c) come right into any merger, consolidation or comparable reorganization unless it’s the surviving organization; (d) transfer all, or any significant section of, its operations or assets outside the united states; or ( ag ag ag ag e) without 1 month advance written notice to Lender, change its title, state of incorporation or company, or primary office. There will probably be no transfer of greater than a 25per cent ownership curiosity about Borrower or any Guarantor (as defined in Section 12 hereof) by investors, lovers, users or proprietors thereof in almost any calendar 12 months without Lenders prior written consent. All monetary covenants of Borrower and any Guarantor under any Affiliate Credit Agreement (as defined in area 12 hereof) shall stay completely relevant to Borrower and any Guarantor (due to the fact situation could be) and shall never be violated by Borrower or any Guarantor payday loans in New Mexico (whilst the instance are) whenever you want. If for almost any explanation whatsoever an affiliate marketer Credit Agreement is canceled, released or else ended if no other Internet Credit Agreement stays in place as to Borrower or any Guarantor, then, automatically and with no action by Lender or other party, all economic covenants that are in effect at the time of the date straight away ahead of the termination, release or termination of these Affiliate Credit Agreement shall remain in complete force and impact, will be included in this contract by reference, and will be made an integral part of this contract.