Best Buy 2003 Annual Report Download - page 71
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3. Conditions of Credit:
In addition to the conditions set out in the Offer Letter, the following covenants shall apply until the Loans are repaid in full and
cancelled:
3.1. The Borrower shall maintain its corporate status and operate its business in
accordance with sound business practice and in compliance in all material respects with
all Legal Requirements;
3.2. The Borrower shall maintain or cause to be maintained insurance on all of the
Property used in connection with the Business with financially sound and reputable
insurance companies or associations, including all−risk property insurance,
comprehensive general liability insurance and business interruption insurance, in
amounts, with deductibles or retentions, and against risks that would be maintained by
a prudent owner carrying on a similar business in a similar location, and shall furnish
to the Bank, on written request, satisfactory evidence of the insurance carried by it;
3.3. The Borrower shall:
3
3.3.1 pay all Taxes in respect of itself or its Property, as they become due and payable, unless they are
being contested in good faith by appropriate proceedings and adequate provision has been made for the
payment of any such contested amount;
3.3.2 withhold from each payment made to any of its past or present employees, officers or directors,
and to any non−resident of Canada, the amount of all Taxes and other deductions required to be
withheld therefrom and pay the same to the appropriate tax authority within the time required under
any applicable Legal Requirements;
3.3.3 collect from all Persons the amount of all Taxes required to be collected from them and remit
the same to the proper tax or other receiving officers within the time required under any applicable
Legal Requirements;
3.4. All financial terms and covenants shall be determined in accordance with,
Canadian GAAP in the case of financial terms and covenants that are exclusive to the
Borrower, and US GAAP in the case of financial terms and covenants that apply to the
Guarantors;