Common use of Replacement of Property Clause in Contracts

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property with new, comparable fixtures or Property. Borrower will not, without Lender’s prior written consent, remove any Property owned by Borrower and covered by this Instrument unless the same is replaced by Borrower with a new (or refurbished), comparable article (i) owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property was leased at the time of execution of this Instrument, except in the ordinary course of business.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property personal property in a commercially reasonable manner with new, comparable fixtures or Propertypersonal property. Borrower will not, without Lender’s prior written consent, remove any Property owned by Borrower and personal property covered by this any Instrument unless the same is replaced by Borrower in a commercially reasonable manner with a new (or refurbished), comparable article (i) owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this any Instrument) or (ii) leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property personal property was either (x) leased at the time of execution of this InstrumentAgreement, except in the ordinary course of businessor (y) photocopiers and postage meter machines.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property personal property in a commercially reasonable manner with new, comparable fixtures or Propertypersonal property. Borrower will not, without Lender’s prior written consent, remove any Property owned by Borrower and personal property covered by this Instrument unless the same is replaced by Borrower in a commercially reasonable manner with a new (or refurbished), comparable article (i) owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) leased by Borrower (A) with Lender’s prior written consent or (B) if the replaced Property personal property was leased at the time of execution of this Instrument, except in the ordinary course of business.

Replacement of Property. Borrower will keep the Property fully equipped and will replace all worn out or obsolete Property personal property in a commercially reasonable manner with new, comparable fixtures or Propertypersonal property. Borrower will not, without LenderXxxxxx’s prior written consent, remove any Property owned by Borrower and personal property covered by this Instrument unless the same is replaced by Borrower in a commercially reasonable manner with a new (or refurbished), comparable article (i) owned by Borrower free and clear of any lien or security interest (other than the Permitted Encumbrances and those created by this Instrument) or (ii) leased by Borrower Xxxxxxxx (A) with LenderXxxxxx’s prior written consent or (B) if the replaced Property personal property was leased at the time of execution of this Instrument, except in the ordinary course of business.