BE NECESSARY IN COMPLIANCE WITH
OR ACCOMPLISHMENT OF THE COVENANTS AND AGREEMENTS OF BORROWER IN THIS AGREEMENT
OR THE OTHER LOAN DOCUMENTS, OR TO FURTHER EVIDENCE AND MORE FULLY DESCRIBE THE
COLLATERAL INTENDED AS SECURITY FOR THE OBLIGATIONS, OR TO CORRECT ANY OMISSIONS
IN THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR MORE FULLY TO STATE THE
SECURITY OBLIGATIONS SET OUT HEREIN OR IN ANY OF THE LOAN DOCUMENTS, OR TO
PERFECT, PROTECT OR PRESERVE ANY LIENS CREATED PURSUANT TO THIS AGREEMENT OR ANY
OF THE OTHER LOAN DOCUMENTS, OR TO MAKE ANY RECORDINGS, TO FILE ANY NOTICES, OR
OBTAIN ANY CONSENTS (OTHER THAN CONSENTS OF SBA THAT SBA IS UNWILLING TO GIVE),
ALL AS MAY BE DEEMED NECESSARY OR APPROPRIATE IN CONNECTION THEREWITH BY LENDER
IN ITS SOLE AND ABSOLUTE DISCRETION.
5.5
PERFORMANCE OF OBLIGATIONS.
BORROWER WILL
PAY AND PERFORM THE OBLIGATIONS ACCORDING TO THE TERMS THEREOF.
TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, BORROWER WILL DO AND PERFORM EVERY ACT AND
DISCHARGE ALL OF THE OBLIGATIONS PROVIDED TO BE PERFORMED AND DISCHARGED BY IT
UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS AT THE TIME OR TIMES AND IN THE
MANNER SPECIFIED.
5.6
INSURANCE.
(A)
AT BORROWER'S EXPENSE, BORROWER WILL
MAINTAIN INSURANCE RESPECTING ITS ASSETS WHEREVER LOCATED COVERING LOSS OR
DAMAGE BY FIRE, THEFT, EXPLOSION, AND ALL OTHER HAZARDS
40
AND RISKS AS ORDINARILY ARE INSURED AGAINST BY OTHER PERSONS ENGAGED IN THE SAME
OR SIMILAR BUSINESSES.
BORROWER ALSO SHALL MAINTAIN BUSINESS INTERRUPTION AND
PUBLIC LIABILITY INSURANCE, AND INSURANCE AGAINST LARCENY, EMBEZZLEMENT, AND
CRIMINAL MISAPPROPRIATION.
ALL SUCH POLICIES OF INSURANCE SHALL BE IN SUCH
AMOUNTS AND WITH SUCH INSURANCE COMPANIES AS ARE REASONABLY SATISFACTORY TO
LENDER.
BORROWER SHALL DELIVER COPIES OF ALL SUCH POLICIES TO LENDER WITH A
SATISFACTORY LENDER'S LOSS PAYABLE ENDORSEMENT NAMING LENDER AS SOLE LOSS PAYEE
OR ADDITIONAL INSURED, AS APPROPRIATE.
EACH POLICY OF INSURANCE OR ENDORSEMENT
SHALL CONTAIN A CLAUSE REQUIRING THE INSURER TO GIVE NOT LESS THAN 30 DAYS PRIOR
WRITTEN NOTICE TO LENDER IN THE EVENT OF CANCELLATION OF THE POLICY FOR ANY
REASON WHATSOEVER.
(B)
BORROWER SHALL GIVE LENDER PROMPT NOTICE OF
ANY LOSS COVERED BY SUCH INSURANCE.
SO LONG AS A DEFAULT OR EVENT OF DEFAULT
HAS OCCURRED AND IS CONTINUING, LENDER SHALL HAVE THE EXCLUSIVE RIGHT TO ADJUST
ANY LOSSES PAYABLE UNDER ANY SUCH INSURANCE POLICIES WITHOUT ANY LIABILITY TO
BORROWER WHATSOEVER IN RESPECT OF SUCH ADJUSTMENTS.
ANY MONIES RECEIVED AS
PAYMENT FOR ANY LOSS UNDER ANY INSURANCE POLICY MENTIONED ABOVE (OTHER THAN
LIABILITY INSURANCE POLICIES) OR AS PAYMENT OF ANY AWARD OR COMPENSATION FOR
CONDEMNATION OR TAKING BY EMINENT DOMAIN, SHALL BE PAID OVER TO LENDER TO BE
APPLIED AT THE OPTION OF LENDER EITHER TO THE PREPAYMENT OF THE OBLIGATIONS OR
SHALL BE DISBURSED TO BORROWER UNDER STAGED PAYMENT TERMS REASONABLY
SATISFACTORY TO LENDER FOR APPLICATION TO THE COST OF REPAIRS, REPLACEMENTS, OR
RESTORATIONS.
ANY SUCH REPAIRS, REPLACEMENTS, OR RESTORATIONS SHALL BE EFFECTED
WITH REASONABLE PROMPTNESS AND SHALL BE OF A VALUE AT LEAST EQUAL