Maintenance and Use of Collateral. XXXX shall not permit the Collateral to be used in violation of any of the Guaranty Agreements or this Agreement.
Maintenance and Use of Collateral. The Company, at the Company's expense, shall keep the Collateral consisting of tangible personal property in good order and condition and shall make all necessary or appropriate repairs, replacements and renewals thereof, interior, exterior, structural and non-structural, ordinary and extraordinary, foreseen and unforeseen. The Company shall not do, or permit to be done, any act or thing which might materially impair the value or usefulness of the Collateral or any part thereof, shall not commit or permit any waste of the Collateral or any part thereof, and shall not permit any unlawful occupation, business or trade involving the Collateral to be conducted.
Maintenance and Use of Collateral. Borrower will maintain the Collateral in good condition and repair (normal wear and tear excepted) and pay and discharge, or cause to be paid and discharged, when due, the cost of repairs or maintenance, and pay or cause to be paid all rent due on the Locations where any Collateral is or may be held. If the vendor or manufacturer of the Collateral has provided Borrower with a standard maintenance schedule, such schedule will constitute minimum maintenance compliance, and Borrower, upon request, will supply Lender with evidence of such compliance. Borrower shall use the Collateral solely for business or commercial purposes, in compliance with all applicable laws, ordinances, regulations, and the conditions of all insurance policies required to be maintained by Borrower pursuant to this Agreement. Any alteration, modification, additions or improvements to any items of the Collateral shall forthwith upon the making thereof become subject to the security interest of Lender granted herein. Borrower agrees that the Collateral shall be used and operated only by trained and competent operators in accordance with the manufacturer's instructions, any insurance requirement and any governmental rules and/or regulations.
Maintenance and Use of Collateral. The Debtor (a) shall keep all its Inventory and Equipment in good condition and repair, reasonable wear and tear excepted, and shall not commit any material waste thereof or permit anything to be done which may materially impair the value thereof; (b) shall observe and perform all material terms, conditions and covenants contained in any material agreements, leases, licenses, permits, Operating Agreements and franchises evidencing the Intangibles, including, without limitation, the Licenses; (c) shall use the Collateral only in the ordinary course of its business and not in material violation of any applicable License, permit, authorization, law, ordinance, regulation, rule, order, franchise or policy of insurance; and (d) shall take all commercially reasonable actions as may be necessary to keep all material Patents, Copyrights and Trademarks from becoming invalidated or subject to any claim of abandonment for non-use.
Maintenance and Use of Collateral. TERI shall not permit the Collaterxx xo be used in violation of any of the Guaranty Agreements or this Agreement.
Maintenance and Use of Collateral. Debtor represents that Debtor owns all of the Collateral free and clear of all liens and encumbrances and agrees that Debtor will not encumber, assign, or grant any security interest in or file any assignment or financing statement with respect to the Collateral, or permit any of the foregoing, without the prior written consent of the Secured Party, and Debtor hereby represents that Debtor has not heretofore done so. Debtor represents that Debtor will not use the Collateral in violation of any statute or ordinance. Secured Party may examine and inspect the Collateral at any time, wherever located. Debtor acknowledges that, even if the Secured Party sells, assigns or otherwise transfers the Note to a third party, the Secured Party’s security interest in the Collateral will survive, and will extend to cover any proceeds from the sale of the Collateral, until the Note is paid in full. Debtor, at its own cost and expense, will maintain the Collateral in good repair and regularly updated condition. Unless otherwise approved by prior written consent of the Secured Party, Debtor shall (i) not sell, assign, lease, transfer or otherwise dispose of any part of the Debtor’s business or the Debtor’s assets, except for inventory items in the ordinary course of the Debtor’s business; (ii) not sell, assign, lease, transfer or otherwise dispose of any assets, or enter into any agreement to do so; (iii) not enter into any sale and leaseback agreement covering any of its fixed assets; (iv) maintain and preserve all rights, privileges, and franchises the Debtor possesses that are material to the operation of the Debtor’s business; and (v) make any repairs, renewals, or replacements to keep the Debtor’s properties and the Collateral in good working condition.
Maintenance and Use of Collateral. Borrower shall at all times maintain, preserve and keep the Property and all other collateral covered by the Loan Documents and shall maintain, preserve and keep the same, and each and every part and parcel thereof, in good repair and in safe condition. Without limiting the foregoing, the Borrower shall not without the Bank's prior written approval (i) remodel, add to, reconstruct, improve or demolish any part of the Property or other collateral covered by the Loan Documents, except as contemplated by and in accordance with the plans and specifications; (ii) permit the use or operation of the Property for any purpose except the use which is presently intended; or (iii) undertake or suffer any work to be done upon the Property other than routine maintenance and any work estimated to cost less than Fifty Thousand and no/100 Dollars ($50,000.00).
Maintenance and Use of Collateral. Borrower shall at all times (a) maintain all Collateral in good operating condition and repair and will furnish all parts and services required therefor, all at its expense (reasonable wear and tear, casualty and condemnation excepted), (b) comply with (i) all manufacturer’s instructions and warranty requirements with respect to the Collateral, and (ii) the conditions and requirements of all policies of insurance relating to the Collateral and its use, and use reasonable care to prevent any portion of the Collateral from being damaged or depreciating at an excessive rate (normal wear and tear excepted), (c) at its expense, make all modifications and improvements to the Collateral required by law, and shall not make other modifications or improvements to the Collateral that could reasonably be expected to impair the use or value of the Collateral without the prior written consent, not to be unreasonably withheld, of Agent, (d) use the Collateral with due care and for the purpose for which it is intended, (e) mark and identify the Collateral with all information and in such manner as Agent may reasonably request from time to time and replace promptly any such markings or identification which are removed, defaced or destroyed and (f) pay all shipping and delivery charges and other expenses incurred in connection with the Collateral and pay all lawful claims, whether for labor, materials, supplies, rent, assessments, taxes or services, which might or could if unpaid become a lien on the Collateral; provided, however, any damage or destruction of the Collateral constituting a Recovery Event shall not be deemed to be a breach of clause (a) of this Section 4.10 to the extent Borrower complies with Section 2.4 with respect to the application of the proceeds of such Recovery Event. Borrower shall not permit the name of any Person other than Borrower or Agent to be placed on the Collateral as a designation that might be interpreted as a claim of ownership or security interest. All parts, modifications and improvements to the Collateral shall, when installed or made, immediately become part of the Collateral for all purposes and subject to Agent's security interest hereunder.
Maintenance and Use of Collateral. Debtor does hereby further covenant with Secured Party as follows:
Maintenance and Use of Collateral. Borrower shall maintain, preserve, and keep all the collateral as provided in the Loan Documents, and the materials, fixtures, and equipment appurtenant thereto or used in connection therewith, and each and every part and parcel thereof, in good repair and working order and in safe condition at all times reasonable wear and tear excepted and subject to replacement. Without limiting the foregoing and to the extent applicable, Borrower shall not, without Bank's prior written consent, remodel, add to, reconstruct, improve, or demolish any material part of the Property or other collateral.
