Properties in Good Condition Sample Clauses

Properties in Good Condition. (a) Borrower shall keep its properties, and shall cause its Subsidiaries to keep their properties, in good repair, working order and condition (reasonable wear and tear excepted) and, from time to time, make and cause its Subsidiaries to make all needful and proper repairs, renewals, replacements, additions and improvements thereto, so that the business carried on may be properly and advantageously conducted at all times in accordance with prudent business management. The Inventory shall only be used in Borrower's business and not for personal, family, household or farming use. (b) All of the Inventory is and will be held for sale or lease, or to be furnished in connection with the rendition of services, in the ordinary course of Borrower's business, and is and will be fit for such purposes. Borrower shall keep the Inventory in good and marketable condition, at its own expense. Borrower will not acquire or accept any Inventory on consignment or approval, except if such Inventory is at all times clearly identified on the books and records of Borrower as Inventory held on consignment or approval and such Inventory is separately reported to Agent and not included in the Inventory of Borrower as reported to Agent in a manner satisfactory to Agent. Borrower agrees that all Inventory will be mined and produced in accordance with all applicable laws, including the Surface Mining Control and Reclamation Act of 1977, the Mine Safety and Health Act of 1977, the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations, and orders thereunder. Borrower shall conduct a physical count of the Inventory at least once per fiscal year, and at any time on or after an Event of Default and so long as the same is continuing, at such other times as Agent reasonably requests, and in each case shall promptly supply Agent and Lenders with a copy of such count accompanied by a report of the Value of such Inventory. Borrower shall not, without Agent's prior written consent, sell any Inventory on a ▇▇▇▇-and-hold (except if reported to Agent as ▇▇▇▇-and-hold goods), guaranteed sale, sale and return, sale on approval, or other repurchase or return basis.