Covenants Concerning Collateral, Etc. The Borrower further covenants with the Lenders as follows: (a) [reserved], (b) except for Permitted Liens, the Borrower shall be the owner of the Collateral free from any right or claim of any other person or any lien, security interest or other encumbrance, and the Borrower shall defend the same against all claims and demands of all persons at any time claiming the same or any interests in this Agreement adverse to the Lenders, (c) the Borrower shall not pledge, mortgage or create, or suffer to exist any right of any person in or claim by any person to the Collateral, or any security interest, lien or other encumbrance in the Collateral in favor of any person, other than the Lenders, (d) the Borrower will permit the Lenders, or their designee, to inspect the Collateral at any reasonable time, (e) the Borrower will pay promptly or cause to be paid when due all taxes, assessments, governmental charges and levies upon the Collateral or incurred in connection with the use or operation of such Collateral or incurred in connection with this Agreement (not including those taxes, assessments, charges or levies which are being diligently contested in good faith and by appropriate proceedings, and such contest operates to suspend collection of such contested taxes, assessments, charges and levies) and (f) no transfer or license to any intellectual property will be made without the Lenders’ prior written consent.
Appears in 5 contracts
Samples: Security Agreement (SANUWAVE Health, Inc.), Security Agreement (SANUWAVE Health, Inc.), Security Agreement (SANUWAVE Health, Inc.)
