Common use of Use; Maintenance Clause in Contracts

Use; Maintenance. Each Co-Borrower shall keep and maintain all items of equipment and other similar types of personal property that form any significant portion or portions of the Collateral in reasonably good operating condition and repair (ordinary wear and tear excepted) and shall make all reasonably necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be reasonably maintained and preserved. No Co-Borrower shall permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property of another Person, without the prior written consent of Collateral Agent and Lender. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Collateral Agent and Lender have any security interest in any residual any Co-Borrower’s interest in such equipment under the lease), each Co-Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance in all material respects with the terms of the applicable lease.

Appears in 2 contracts

Samples: Venture Loan and Security Agreement (Catasys, Inc.), Venture Loan and Security Agreement (Catasys, Inc.)

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Use; Maintenance. Each Co-Borrower shall keep and maintain all items of equipment and other similar types of personal property that form any significant portion or portions of the Collateral in reasonably good operating condition and repair (repair, ordinary wear and tear excepted) , and shall make all reasonably necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be reasonably maintained and preserved. No Co-Borrower shall permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property of another Person, without the prior written consent of Collateral Agent and LenderAgent. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Collateral Agent and Lender Lenders have any security interest in any residual any Co-Borrower’s interest in such equipment under the lease), each such Co-Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance in all material respects with the terms of the applicable lease.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (vTv Therapeutics Inc.)

Use; Maintenance. Each Co-Borrower shall keep and maintain all items of equipment equipment, inventory and other similar types of personal property that form any significant portion or portions of the Collateral in reasonably good operating condition and repair (ordinary wear and tear excepted) and shall make all reasonably necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be reasonably maintained and preserved, except for which adequate reserves have been made. No Co-Borrower shall permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property of another Personproperty, without the prior written consent of Collateral Agent and each Lender. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Collateral Agent and Lender Lenders have any security interest in any residual any Co-Borrower’s interest in such equipment under the lease), each Co-Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance in all material respects with the terms of the applicable leaselease in all material respects.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Stealth BioTherapeutics Corp)

Use; Maintenance. Each Co-Borrower shall keep and maintain all items of equipment and other similar types of personal property that form any significant portion or portions of the Collateral in reasonably good operating condition and repair (ordinary wear and tear excepted) and shall make all reasonably necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be reasonably maintained and preserved, subject to ordinary wear and tear and casualty events. No Co-Borrower shall permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property of another Personproperty, without the prior written consent of Collateral Agent and each Lender. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation violation, in any material respect, of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Collateral Agent and Lender Lenders have any security interest in any residual any Co-Borrower’s interest in such equipment under the lease), each Co-Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance equipment, in all material respects respects, in accordance with the terms of the applicable lease.

Appears in 1 contract

Samples: Loan and Security Agreement (Cerecor Inc.)

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Use; Maintenance. Each Co-Borrower shall keep and maintain all items of equipment equipment, inventory (net of reserves for slow-moving and obsolete items) and other similar types of personal property that form any significant portion or portions of the Collateral in reasonably good operating condition and repair (ordinary wear and tear excepted) and shall make all reasonably necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be reasonably maintained and preserved, other than dispositions permitted hereunder. No Co-Borrower shall permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property of another Personproperty, without the prior written consent of Collateral Agent and each Lender. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Collateral Agent and Lender Lenders have any security interest in any residual any Co-Borrower’s interest in such equipment under the lease), each Co-Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance in all material respects with the terms of the applicable lease, other than dispositions permitted hereunder.

Appears in 1 contract

Samples: Loan Agreement (Environmental Impact Acquisition Corp)

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