Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent written appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair and running (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment.
Appears in 5 contracts
Samples: Loan and Security Agreement (RTW Retailwinds, Inc.), Loan and Security Agreement (New York & Company, Inc.), Loan and Security Agreement (New York & Company, Inc.)
Equipment Covenants. With respect to the Equipment: :
(a) upon Agent’s Lender's request, Borrowers and Guarantors Borrower shall, at their its expense, at any time or times as Agent Lender may request after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; Lender;
(b) Borrowers and Guarantors Borrower shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); ;
(c) Borrowers and Guarantors Borrower shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; ;
(d) the Equipment is and shall be used in the Borrower's business of Borrowers and Guarantors and not for personal, family, household or farming use; , except that vehicles may be used for personal as well as business purposes in accordance with Borrower's normal practices;
(e) Borrowers and Guarantors Borrower shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Borrower or to move Equipment directly from one such location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors Borrower in the ordinary course of business; ;
(f) the Equipment is now and shall remain personal property and Borrowers and Guarantors Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and and
(g) Borrowers and Guarantors assume Borrower assumes all responsibility and liability arising from the use of the Equipment.
Appears in 2 contracts
Samples: Loan and Security Agreement (Source Interlink Companies Inc), Loan and Security Agreement (Source Interlink Companies Inc)
Equipment Covenants. With respect to the Equipment: :
(a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after upon the occurrence and during the continuance continuation of an Event of Default, deliver or cause to be delivered to Agent written reports or appraisals as to the Equipment in form, scope and methodology reasonably acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; ;
(b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); ;
(c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; ;
(d) the Equipment is and shall be used in the Borrowers’ business of Borrowers and Guarantors and not for personal, family, household or farming use; ;
(e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Borrowers or to move Equipment directly from one such location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors in the ordinary course of business; ;
(f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and and
(g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment. *** CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.
Appears in 2 contracts
Samples: Loan and Security Agreement (Pc Mall Inc), Loan and Security Agreement (Pc Mall Inc)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s Foothill's request, Borrowers and Guarantors each Guarantor shall, at their its expense, at any time or times as Agent Foothill may request on or after the occurrence and during the continuance continuation of an Event of Default, deliver or cause to be delivered to Agent Foothill written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Foothill and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to relyFoothill; (b) Borrowers and Guarantors each Guarantor shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors each Guarantor shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any applicable insurance policy and in conformity with all applicable laws; (d) the Equipment is and shall be used in the each Guarantor's business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors each Guarantor shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any such Equipment repaired or maintained in the ordinary course of its the business of such Guarantor or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Guarantor in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors each Guarantor shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume each Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 2 contracts
Samples: General Security and Pledge Agreement (Brill Media Co LLC), General Security and Pledge Agreement (Brill Media Co LLC)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s Lender's request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent Lender may request on or after the occurrence and during the continuance of an Event of DefaultDefault that is continuing, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to relyLender; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted)excepted and excluding Equipment which is (i) obsolete and can or will no longer be used in the ordinary course of Borrowers' business; (ii) not repairable or useful for any purpose, (iii) damaged beyond repair or constitutes a total loss or constructive total loss, (iv) other than the Equipment on Attachment I hereto; (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrowers' business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Subject to the provisions of Section 9.7 hereof, Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of any Borrower or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors any Borrower in the ordinary course of business; (f) the Equipment is now and shall remain personal property and no Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment.
Appears in 2 contracts
Samples: Loan and Security Agreement (LSB Industries Inc), Loan and Security Agreement (LSB Industries Inc)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s requestwithin fifteen (15) days after the written request of the Lender to any one time during a fiscal year of the Borrowers prior to an Event of Default, Borrowers and Guarantors shall, at their expense, at any time or times as Agent the Lender may request on or after the occurrence and during the continuance of an Event of DefaultDefault occurs and is continuing, the Borrowers shall, at their expense, deliver or cause to be delivered to Agent the Lender written appraisals as to the Equipment in form, scope and methodology acceptable to Agent the Lender and by an appraiser acceptable to Agentthe Lender, addressed to Agent the Lender and upon which Agent the Lender is expressly permitted to rely; (b) the Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) the Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrowers’ business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) the Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of the Borrowers or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by and trailers and tools or similar equipment for the benefit of Borrowers warranty, delivery and Guarantors installation purposes in the ordinary course of business; (f) the Equipment is now and shall remain personal property and the Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) the Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment.
Appears in 2 contracts
Samples: Loan Agreement (Coachmen Industries Inc), Loan Agreement (Coachmen Industries Inc)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after the occurrence and during the continuance of if a Default or an Event of DefaultDefault shall exist or have occurred and be continuing, deliver or cause to be delivered to Agent written appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and Lenders and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable lawslaws in all material respects; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; provided, that, certain motor vehicles used primarily by employees for business purposes may from time to time be incidentally used for personal, family or household use, as permitted by the internal policies of the applicable Borrower or Guarantor if any; (e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired repaired, replaced or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real propertyproperty (but not including for this purpose any plumbing and electrical fixtures, heating, ventilation and air conditioning, wall and floor coverings, walls or ceilings and other fixtures not constituting trade fixtures); and (g) as between Agent and Lenders, on the one hand, and Borrowers and Guarantors assume Guarantors, on the other hand, each Borrower and Guarantor assumes all responsibility and liability arising from or relating to the use use, sale or other disposition of the EquipmentEquipment (but nothing contained herein shall be construed as the basis for any liability of any Borrower or Guarantor as to any third party).
Appears in 1 contract
Samples: Loan and Security Agreement (Santana Products Inc.)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s reasonable request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after the occurrence and during the continuance of an Event of DefaultDefault exists or has occurred and is continuing, Borrowers shall, at their expense, deliver or cause to be delivered to Agent written reports or appraisals as to the Equipment in form, scope and methodology reasonably acceptable to Agent and by an appraiser reasonably acceptable to Agent, Agent addressed to Agent and Lenders and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers and Guarantors each Borrower shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors each Borrower shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrower’s business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors each Borrower shall not remove any Equipment from the locations set forth or permitted herein, except for laptop computers that employees may use in homes or travel, and except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of such Borrower or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors each Borrower shall not permit any of the Equipment to be or become a part of the Real Property or affixed to real propertya fixture; and (g) Borrowers and Guarantors assume each Borrower assumes all responsibility and liability arising from the use of the Equipment, except for liabilities arising from acts or omissions of Agent or any Lender.
Appears in 1 contract
Samples: Loan and Security Agreement (Bell Microproducts Inc)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s Lender's request, Borrowers and Guarantors Guarantor shall, at their its expense, at any time or times as Agent Lender may request after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to relyLender; (b) Borrowers and Guarantors Guarantor shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors Guarantor shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Guarantor's business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors Guarantor shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Guarantor or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors Borrower in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors Guarantor shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, no more than one (1) time in any twelve (12) month period (except that, if the aggregate outstanding amount of Loans and Letter of Credit Obligations shall be equal to or greater than $30,000,000 for any period of three (3) consecutive Business Days, then, at Agent’s option, no more than two (2) times in any twelve (12) month period), but at any time or times as Agent may request on or after the occurrence and during the continuance of an Event of DefaultDefault has occurred and is continuing, deliver or cause to be delivered to Agent written appraisals as to the Equipment Equipment, in form, scope and methodology reasonably acceptable to Agent and by Emerald Technology Valuations, LLC or an appraiser reasonably acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; without limiting in any way the foregoing in this clause (a), Agent, at its expense, shall have the right to have such an appraiser, at any time, perform such additional appraisals as to the Equipment; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment necessary in the conduct of their business in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment Equipment, with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity in all material respects with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) without prior notice to Agent, Borrowers and Guarantors shall not remove (i) any Eligible Equipment or (ii) any other Equipment with a fair market value in excess of $1,000,000 in the aggregate for all such Equipment of the Borrowers or Guarantors from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and or Guarantors in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers each Borrower and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Samples: Loan and Security Agreement (Jazz Technologies, Inc.)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s requestLender's request but no more than once a year if no Event of Default exists or has occurred and is continuing, Borrowers and Guarantors each Borrower shall, at their expense, at any time or times as Agent Lender may request after the occurrence and during the continuance of an Event of Defaultrequest, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to relyLender; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrowers' business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) except as otherwise permitted herein, Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Borrowers or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Samples: Loan and Security Agreement (Ultralife Batteries Inc)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s 's request, Borrowers shall, and shall cause the Guarantors shallto, at their expense, at any time or times an Event of Default exists or has occurred and is continuing, as Agent may request after the occurrence and during the continuance of an Event of Defaultrequest, deliver or cause to be delivered to Agent written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, Agent addressed to Agent and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers each Borrower shall, and Guarantors shall use commercially reasonable efforts to cause each Guarantor to, keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers each Borrower shall, and Guarantors shall cause each Guarantor to, use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the each Borrower's and Guarantor's business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors no Borrower shall not remove remove, or allow any Guarantor to remove, any Equipment from the locations set forth or permitted herein, except (i) to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of such Borrower or Guarantor, (ii) to move Equipment directly from one location set forth or permitted herein to another such location and except location, (iii) for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of businessbusiness and (iv) for portable scanning equipment, personal computers, other hand-held or mobile personal equipment and related accessories and tools to the extent used by employees of Huffy Service First and WIS in the ordinary course of business at customer's locations; and (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors no Borrower shall not permit permit, or allow any Guarantor to permit, any of the Equipment to be or become a part of any real property or affixed to real property; and (g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipmenta fixture.
Appears in 1 contract
Samples: Credit Agreement (Huffy Corp)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s 's request, Borrowers and Guarantors shall, at their expense, at any time or times an Event of Default exists or has occurred and is continuing, as Agent may request after the occurrence and during the continuance of an Event of Defaultrequest, deliver or cause to be delivered to Agent written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, Agent addressed to Agent and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers and Guarantors each Borrower shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors each Borrower shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrower's business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors each Borrower shall not remove any Equipment from the locations set forth or permitted herein, except (i) to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business or of such Borrower, (ii) to move Equipment directly from one location set forth or permitted herein to another such location and except location, (iii) for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower in the ordinary course of businessbusiness and (iv) for portable scanning equipment, personal computers, other hand-held or mobile personal equipment and related accessories and tools to the extent used by employees of Huffy Service and Washington in the ordinary course of business at customer's locations; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors each Borrower shall not permit any of the Equipment to be or become a part of the Real Property or affixed to real propertya fixture; and (g) Borrowers and Guarantors assume each Borrower assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, no more than two (2) times in any twelve (12) month period, but at any time or times as Agent may request on or after the occurrence and during the continuance of an Event of DefaultDefault has occurred and is continuing, deliver or cause to be delivered to Agent written full appraisals as to the Equipment Equipment, each such full appraisal to be in form, scope and methodology reasonably acceptable to Agent and by an appraiser reasonably acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; without limiting in any way the foregoing in this clause (a), Agent, at its expense, shall have the right to have such an appraiser, at any time, perform such additional appraisals as to the Equipment; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment necessary in the conduct of their business in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment Equipment, with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity in all material respects with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) without prior notice to Agent, Borrowers and Guarantors shall not remove (i) any Eligible Equipment or Eligible Additional Equipment, or (ii) any other Equipment with a fair market value in excess of $1,000,000 in the aggregate for all such Equipment of the Borrowers or Guarantors from the locations set forth or permitted herein, except to the extent the Equipment is not in use anymore or to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and or Guarantors in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers each Borrower and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.”
Appears in 1 contract
Samples: Loan and Security Agreement (Jazz Technologies, Inc.)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent written appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (b) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any material piece, or pieces, of Equipment to be or become a part of or affixed to real property, other than real property owned by a Borrower or Guarantor which has been mortgaged to Administrative Agent to secure the Obligations; (c) each Borrower and Guarantor assumes all responsibility and liability arising from the use of the Equipment; (d) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (de) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (ef) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers each Borrower and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: :
(a) upon Agent’s Lender's request, Borrowers and Guarantors Guarantor shall, at their its expense, at any time or times as Agent Lender may request on or after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; Lender;
(b) Borrowers and Guarantors Guarantor shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); ;
(c) Borrowers and Guarantors Guarantor shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; ;
(d) the Equipment is and shall be used in the Guarantor's business of Borrowers and Guarantors and not for personal, family, household or farming use; ;
(e) Borrowers and Guarantors Guarantor shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Guarantor or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors Borrower in the ordinary course of business; ;
(f) the Equipment is now and shall remain personal property and Borrowers and Guarantors Guarantor shall not permit any of the Equipment to be or become a part of or affixed to real property; and and
(g) Borrowers and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Samples: Guarantor Security Agreement (Microtel International Inc)
Equipment Covenants. With respect to the Equipment: ;
(a) upon AgentLender’s request, Borrowers and Guarantors each Borrower shall, at their its expense, at any time or times as Agent Lender may request on or after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent and Lender by an appraiser acceptable to AgentLender, addressed to Agent and Lender or upon which Agent Lender is expressly permitted to rely; ;
(b) Borrowers each Borrower shall diligently and Guarantors promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of such Borrower and to note Lender as the first priority lienholder thereon, which acts shall use commercially reasonable efforts include curing any deficiency to any documents or instruments necessary to evidence Lender’s security interest within ten (10) days after written notice of such deficiency by Lender;
(c) each Borrower shall keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); ;
(cd) Borrowers and Guarantors each Borrower shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; ;
(de) the Equipment is and shall be used in the a Borrower’s business of Borrowers and Guarantors and not for personal, family, household or farming use; ;
(ef) Borrowers and Guarantors no Borrower shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of a Borrower or to move Equipment directly from one such location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors a Borrower in the ordinary course of business; ;
(fg) the Equipment is now and shall remain personal property and Borrowers and Guarantors no Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and and
(gh) Borrowers and Guarantors assume each Borrower assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request on or after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent written appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers each Borrower and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s Lender's request, Borrowers and Guarantors each Borrower shall, at their its expense, no more than once in any twelve (12) month period, but at any time or times as Agent Lender may request on or after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment and Real Property in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, Lender addressed to Agent Lender and upon on which Agent Lender is expressly permitted to rely; (b) Borrowers and Guarantors each Borrower shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors each Borrower shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors Borrowers' businesses and not for personal, family, household or farming use; (e) Borrowers and Guarantors each Borrower shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of such Borrower or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors each Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume each Borrower assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Samples: Loan and Security Agreement (Central Sprinkler Corp)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, no more than two (2) times in any twelve month period if Equipment is included in the Borrowing Base, but at any time or times as Agent may request after the occurrence and during the continuance of if an Event of DefaultDefault shall exist or have occurred and be continuing, deliver or cause to be delivered to Agent written appraisals as to the Equipment (other than Excluded Property) in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and Lenders and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment included in the Borrowing Base in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment included in the Borrowing Base with all reasonable care and caution and in accordance with applicable standards of any insurance in all material respects and in conformity with all applicable lawslaws in all material respects; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; provided, that, certain Rolling Stock consisting of motor vehicles used primarily by employees for business purposes may from time to time be incidentally used for personal, family or household use, as permitted by the internal policies of the applicable Borrower or Guarantor if any; (e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired repaired, replaced or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of business; provided, that, Borrowers and Guarantors may remove Equipment to locations not otherwise permitted hereunder so long as the aggregate amount of all such Equipment does not have a value in excess of $250,000; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real propertyproperty (but not including for this purpose any plumbing and electrical fixtures, heating, ventilation and air conditioning, wall and floor coverings, walls or ceilings and other fixtures not constituting trade fixtures); and (g) as between Agent and Lenders, on the one hand, and Borrowers and Guarantors assume Guarantors, on the other hand, each Borrower and Guarantor assumes all responsibility and liability arising from or relating to the use use, sale or other disposition of the EquipmentEquipment (but nothing contained herein shall be construed as the basis for any liability of any Borrower or Guarantor as to any third party).
Appears in 1 contract
Samples: Loan and Security Agreement (Builders FirstSource, Inc.)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s 's request, Borrowers and Guarantors shall, at their expense, no more than once in any twelve (12) month period, but at any time or times as Agent may request after the occurrence and during the continuance of at any time an Event of DefaultDefault exists or has occurred and is continuing, deliver or cause to be delivered to Agent written appraisals (or updates of appraisals) as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in material conformity with all applicable laws; (d) the Equipment is and shall be used in the business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower in the ordinary course of business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume each Borrower assumes all responsibility and liability arising from the its use of the Equipment.
Appears in 1 contract
Samples: Loan and Security Agreement (Lexington Precision Corp)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, Borrowers and Guarantors shall, at their expense, at any time or times an Event of Default exists or has occurred and is continuing, as Agent may request after the occurrence and during the continuance of an Event of Defaultrequest, deliver or cause to be delivered to Agent written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, Agent addressed to Agent and upon which Agent is and Lenders are expressly permitted to rely; (b) Borrowers each Borrower and Guarantors Guarantor shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers each Borrower and Guarantors Guarantor shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrower’s and Guarantor’s business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers each Borrower and Guarantors Guarantor shall not remove any Equipment from the locations set forth or permitted herein, except (i) to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of such Borrower or Guarantor, (ii) to move Equipment directly from one location set forth or permitted herein to another such location and except location, (iii) for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors such Borrower or Guarantor in the ordinary course of businessbusiness and (iv) for portable scanning equipment, personal computers, other hand-held or mobile personal equipment and related accessories and tools to the extent used by employees of Huffy Service and Creative in the ordinary course of business at customer’s locations; (f) the Equipment is now and shall remain personal property and Borrowers each Borrower and Guarantors Guarantor shall not permit any of the Equipment to be or become a part of the Real Property or affixed to real propertya fixture; and (g) Borrowers each Borrower and Guarantors assume Guarantor assumes all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s request, the Borrowers and Guarantors shall, at their expense, at any time or times as Agent may request after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent written appraisals as to the Equipment in form, scope and methodology acceptable to Agent and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (cb) the Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (dc) the Equipment is and shall be used in the business of Borrowers and Guarantors each Borrower’s respective businesses and not for personal, family, household or farming use; (ed) the Borrowers and Guarantors shall not remove any Equipment from the locations set forth or permitted herein, except to the extent necessary to have any Equipment repaired or maintained in the ordinary course Ordinary Course of its business Business or to move Equipment directly from one location set forth or permitted herein to another such location and except for the movement of motor vehicles used by or for the benefit of the Borrowers and Guarantors in the ordinary course Ordinary Course of businessBusiness; (fe) the Equipment is now and shall remain personal property and the Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (gf) the Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment; and (g) the Borrowers shall, at their expense, at any time or times as Agent may request on or after an Event of Default has occurred and is continuing, deliver or cause to be delivered to Agent written reports and appraisals as to the Equipment in form, scope and methodology acceptable to Required Lenders and by an appraiser acceptable to Required Lenders, addressed to Agent or upon which Agent is expressly permitted to rely.
Appears in 1 contract
Samples: Us Loan Agreement (SMTC Corp)
Equipment Covenants. With respect to the Equipment: (a) upon Agent’s Lender's request, Borrowers and Guarantors shall, at their expense, at any time or times as Agent Lender may request on or after the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to Agent Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Agent Lender and by an appraiser acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to relyLender; (b) Borrowers and Guarantors shall use commercially reasonable efforts to keep the Equipment in good order, repair repair, running and running marketable condition (ordinary wear and tear excepted); (c) Borrowers and Guarantors shall use the Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; (d) the Equipment is and shall be used in the Borrowers' business of Borrowers and Guarantors and not for personal, family, household or farming use; (e) Borrowers and Guarantors shall not remove any Equipment Equipment, or any equipment of Borrowers leased from any Person, from the locations set forth or permitted herein, except (i) to the extent necessary to have any Equipment repaired or maintained in the ordinary course of its the business of Borrowers or to move Equipment Equipment, or any equipment of Borrowers leased from any Person, directly from one location set forth or permitted herein to another such location and except location, (ii) for the movement of motor vehicles used by or for the benefit of Borrowers and Guarantors in the ordinary course of their business and (iii) for the movement of Equipment, or any equipment of Borrowers leased from any Person, in each case of the personally carried, portable type (such as lap top computers and calculators) intended to be moved from one location to another by Borrowers' employees in the ordinary course of Borrowers' business; (f) the Equipment is now and shall remain personal property and Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and (g) Borrowers and Guarantors assume all responsibility and liability arising from the use of the Equipment.
Appears in 1 contract
Samples: Loan and Security Agreement (Reunion Industries Inc)