CONVENTS Clause Samples

CONVENTS. Borrow shall, so long as any amounts remain unpaid, or Lender has any commitment to make loans under this Agreement: 1). Within 90 days after the end of each fiscal year of Borrower -------- a balance sheet of Borrower as of the close of such fiscal -------- year and related statements of income and retained earnings and cash flow for such year all in reasonable detail and satisfactory in scope to Lender, prepared in accordance with ------ generally accepted principles of accounting applied on a consistent basis, certified by an independent certified public accountant acceptable to Lender and the chief ------ financial representative of Borrower. -------- 2). Within 45 days after the end of each third month a balance sheet of Borrower as of the end of each such month and -------- related statements of income and retained earnings and cash flow for the period from the beginning of the fiscal year to the end of such month, prepared in accordance with generally accepted principles of accounting applied on a consistent basis, certified, subject to normal year-end adjustments, by an officer or partner of Borrower. -------- B. Keep complete and accurate books of records and accounts and permit any representatives of Lender to examine and copy any of the books and ------ to visit and inspect any of Borrower's tangible or intangible ---------- properties as often as desired. C. Maintain insurance coverage in the forms (together with any Lender's -------- loss payee clause requested by Lender), amounts and with companies, ------ which would be carried by prudent management in connection with businesses, engaged in similar activities in similar geographic areas. Without limiting this section or the requirements of any Security Document, Borrower will (i) keep all its physical property insured -------- against fire and extended coverage risks in amounts and with deductibles at lease equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, (ii) maintain all such workers' compensation and similar insurance as may be required by law and (iii) maintain, in amounts and with deductible sat least equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims for bodily injury, death or property damage occurring on, in or about the properties of Borrower, -------- business interruption insurance and product liability insurance. D...