RENEWALS AND
REPLACEMENTS OF SUCH PROPERTIES, EXCEPT TO THE EXTENT THAT ANY OF SUCH
PROPERTIES ARE OBSOLETE OR ARE BEING REPLACED.
SECTION 7.4
USE OF PROCEEDS.
THE COMPANY WILL USE THE PROCEEDS OF
THE SALE OF THE NOTES IN ACCORDANCE WITH THE BUDGET PREVIOUSLY DELIVERED TO THE
PURCHASER.
SECTION 7.5
COMPLIANCE WITH LAWS.
THE COMPANY WILL, AND WILL CAUSE
EACH OF ITS SUBSIDIARIES TO, COMPLY WITH ALL LAW APPLICABLE IN RESPECT OF THE
CONDUCT OF ITS
13
BUSINESS AND THE OWNERSHIP AND OPERATION OF ITS PROPERTIES, EXCEPT TO THE EXTENT
THE FAILURE TO SO COMPLY WOULD NOT BE REASONABLY LIKELY TO HAVE A MATERIAL
ADVERSE EFFECT.
SECTION 7.6
PAYMENT OF OBLIGATIONS.
THE COMPANY WILL DULY AND
PUNCTUALLY PAY THE PRINCIPAL OF, AND INTEREST ON THE NOTES WHEN THE SAME BECOMES
DUE AND PAYABLE (WHETHER BY SCHEDULED MATURITY, REQUIRED PREPAYMENT,
ACCELERATION, DEMAND OR OTHERWISE).
SECTION 7.7
CREATION OF SUBSIDIARIES.
THE COMPANY WILL NOT, AND
WILL CAUSE EACH OF ITS SUBSIDIARIES NOT TO, CREATE ANY ADDITIONAL SUBSIDIARIES.
SECTION 7.8
INSURANCE. THE COMPANY WILL, AND WILL CAUSE EACH OF ITS
SUBSIDIARIES TO MAINTAIN WITH FINANCIALLY SOUND AND REPUTABLE INSURANCE
COMPANIES INSURANCE WITH RESPECT TO ITS ASSETS, PROPERTIES AND BUSINESS, AGAINST
SUCH HAZARDS AND LIABILITIES, OF SUCH TYPES AND IN SUCH AMOUNTS, AS IS
CUSTOMARILY MAINTAINED BY COMPANIES IN THE SAME OR SIMILAR BUSINESSES SIMILARLY
SITUATED.
SECTION 7.9
MAINTENANCE OF BOOKS AND RECORDS.
THE COMPANY WILL, AND
WILL CAUSE EACH OF ITS SUBSIDIARIES TO (I) MAINTAIN ADEQUATE BOOKS, ACCOUNTS AND
RECORDS, IN WHICH FULL, TRUE AND CORRECT ENTRIES SHALL BE MADE OF ALL FINANCIAL
TRANSACTIONS IN RELATION TO ITS BUSINESS AND PROPERTIES, AND PREPARE ALL
FINANCIAL STATEMENTS REQUIRED UNDER THIS AGREEMENT, IN EACH CASE IN ACCORDANCE
WITH GAAP AND IN COMPLIANCE WITH THE REQUIREMENTS OF ANY GOVERNMENTAL ENTITY
HAVING JURISDICTION OVER IT AND (II) MAINTAIN ADEQUATE ACCOUNTS AND RESERVES FOR
ALL TAXES (INCLUDING INCOME TAXES), DEPRECIATION, DEPLETION, OBSOLESCENCE AND
AMORTIZATION OF ITS RESPECTIVE PROPERTIES, CONTINGENCIES, AND OTHER RESERVES.
SECTION 7.10
TAXES.
THE COMPANY WILL, AND WILL CAUSE EACH OF ITS
SUBSIDIARIES TO, DULY PAY AND DISCHARGE, OR CAUSE TO BE PAID AND DISCHARGED,
BEFORE THE SAME SHALL BECOME OVERDUE, ALL TAXES, ASSESSMENTS AND OTHER
GOVERNMENTAL CHARGES (OTHER THAN TAXES, ASSESSMENTS AND OTHER GOVERNMENTAL
CHARGES IMPOSED BY FOREIGN JURISDICTIONS THAT IN THE AGGREGATE ARE NOT MATERIAL
TO THE BUSINESS OR ASSETS OF THE COMPANY ON AN INDIVIDUAL BASIS OR THE COMPANY
AND ITS SUBSIDIARIES ON A CONSOLIDATED BASIS) IMPOSED UPON THEM AND THEIR REAL
PROPERTIES, SALES AND ACTIVITIES, OR ANY PART THEREOF, OR UPON THE INCOME OR
PROFITS THEREFROM.
SECTION 7.11
FURTHER ASSURANCES.
THE COMPANY WILL, AND WILL CAUSE
EACH OF ITS SUBSIDIARIES TO, MAKE, EXECUTE, ENDORSE, ACKNOWLEDGE AND DELIVER ANY
AMENDMENTS, MODIFICATIONS OR SUPPLEMENTS HERETO AND RESTATEMENTS HEREOF AND ANY
OTHER AGREEMENTS, INSTRUMENTS OR DOCUMENTS, AND TAKE ANY AND ALL SUCH OTHER
ACTIONS, AS MAY FROM TIME TO TIME BE REASONABLY REQUESTED BY THE PURCHASER TO
EFFECT, CONFIRM OR FURTHER ASSURE OR PROTECT AND PRESERVE THE INTERESTS, RIGHTS
AND REMEDIES OF THE HOLDERS