Condition and Sufficiency of Equipment and other Assets Clause Samples
The 'Condition and Sufficiency of Equipment and other Assets' clause establishes that any equipment or assets provided under the agreement must be in a specified condition and adequate for their intended use. Typically, this means the supplying party must ensure that all equipment is functional, well-maintained, and meets any agreed-upon standards or requirements at the time of delivery or transfer. This clause helps prevent disputes by clearly allocating responsibility for the state and suitability of assets, ensuring that the receiving party is not burdened with defective or insufficient equipment.
Condition and Sufficiency of Equipment and other Assets. Borrower will maintain, and will cause each Credit Party to maintain, all of the tangible assets necessary or useful in the proper conduct of its business operations in good working order and condition, ordinary wear and tear excepted. Borrower will own and keep, and will cause each Credit Party to own and keep, at each Site all equipment, including all machinery, furniture, appliances, trade fixtures, tools, and office and record keeping equipment, and inventory that is reasonably necessary for the proper and prudent operation of each Site as a Permitted Concept, except where the failure to do so would not result in a Material Adverse Effect.
Condition and Sufficiency of Equipment and other Assets. Borrower will maintain all of its tangible assets necessary or useful in the proper conduct of its business operations in good working order and condition, ordinary wear and tear excepted. Borrower will own and keep at each Premises all equipment, including all machinery, furniture, appliances, trade fixtures, tools, and office and record keeping equipment, and inventory that are reasonably necessary for the proper and prudent operation of the Premises as a Permitted Concept.