Common use of Equipment Covenants Clause in Contracts

Equipment Covenants. With respect to the Equipment: (a) upon Lender's request, Borrower shall, at its expense, at any time or times as Lender may request on or after an Event of Default, deliver or cause to be delivered to Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to and by an appraiser acceptable to Lender addressed to Lender or upon which Lender is expressly permitted to rely; (b) Borrower shall diligently and promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of Borrower and to note Lender as the first priority lienholder thereon, which acts shall 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) Borrower shall keep the Equipment in good order, repair, running and marketable condition (ordinary wear and tear excepted); (d) 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; (e) the Equipment is and shall be used in Borrower's business and not for personal, family, household or farming use; (f) 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 the business of 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 Borrower in the ordinary course of business; (g) the Equipment is now and shall remain personal property and Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and (h) Borrower assumes all responsibility and liability arising from the use of the Equipment.

Equipment Covenants. With respect to the Equipment: : (a) upon Lender's request, Borrower shall, at its sole cost and expense, at any time or once during each twelve (12) month period after the date hereof, and up to an additional three times during each twelve (12) month period as Lender may request on or after an Event of Default, or, at Lender's sole cost and expense, at any other time or times, deliver or cause to be delivered to Lender written reports or appraisals as to the orderly liquidation value of the Equipment in form, scope and methodology acceptable to Lender and by an appraiser acceptable to Lender addressed to Lender or upon which Lender is expressly permitted to rely; Lender; (b) Borrower shall diligently and promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of Borrower and to note Lender as the first priority lienholder thereon, which acts shall 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) Borrower shall keep the Equipment in good order, repair, running repair and marketable condition (ordinary wear and tear excepted); ; (dc) 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; ; (e) the Equipment is and shall be used in Borrower's business and not for personal, family, household or farming use; (fd) 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 the business of 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 Borrower in the ordinary course of business; ; (ge) the Equipment is now and shall remain personal property and Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and and (hf) Borrower assumes all responsibility and liability arising from the use of the Equipment.. Without limiting the provisions of Section 7.4(d) above, Borrower shall not relocate any of its Equipment to any location outside of the United States, other than the manufacturing facilities of Borrower's subsidiary in Reynosa, Mexico; provided, however, that: (w) no such relocation to such facilities in Reynosa, Mexico shall be permitted unless Lender has received not less than twenty (20) days prior written notice stating that such relocation notice is being given under Section 7.4(d) of this Agreement and identifying, with make, model, serial number and other identifying information, the Equipment proposed to be relocated, (x) upon or at any time after receipt of each such relocation notice, Lender shall be entitled to reduce the Amortized Equipment Value of Borrower's Equipment by the product obtained by multiplying (1) seventy-five (75%) percent of the orderly liquidation value of the Equipment to be relocated identified in such notice as set forth in the most recent appraisal pursuant to this Section 7.4 in respect of which the Amortized Equipment Value has been reset by Lender as provided in the definition of Amortized Equipment Value (or if no such reset has occurred, then as set forth in the appraisal dated October 27, 1997 by Dalex-Xxxxxx Xxxraisal Corporation), by (2) a fraction, the numerator which is the number of months elapsed after the date hereof (or, if the Amortized Equipment Value has been reset by Lender, the number of months elapsed after the date

Equipment Covenants. With respect to the Equipment: (a) upon Lender's request, each Borrower shall, at its expense, at any time or times as Lender may request on or after an Event of Default, deliver or cause to be delivered to Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to and Lender by an appraiser acceptable to Lender Lender, addressed to Lender or upon which Lender is expressly permitted to rely; (b) each Borrower shall diligently and 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 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, running and marketable condition (ordinary wear and tear excepted); (d) 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; (e) the Equipment is and shall be used in a Borrower's business and not for personal, family, household or farming use; (f) 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 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 a Borrower in the ordinary course of business; (g) the Equipment is now and shall remain personal property and no Borrower shall not permit any of the Equipment to be or become a part of or affixed to real property; and (h) each Borrower assumes all responsibility and liability arising from the use of the Equipment.

Equipment Covenants. With respect to the Equipment: : (a) upon Lender's request, Borrower Borrowers shall, at its their expense, at any time or times as Lender may request on or after an Event of Default, deliver or cause to be delivered to Lender written reports or appraisals as to the Retail Store Equipment in form, scope and methodology acceptable to Lender and by an appraiser acceptable to Lender Lender, addressed to Lender or upon which Lender is expressly permitted to rely; ; (b) Borrower shall diligently and promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of Borrower and to note Lender as the first priority lienholder thereon, which acts shall 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 its Equipment in good order, repair, running and marketable condition (ordinary wear and tear excepted); ; (dc) each Borrower shall use the its Equipment with all reasonable care and caution and in accordance with applicable standards of any insurance and in conformity with all applicable laws; ; (ed) the Equipment is and shall be used in Borrower's business and not for personal, family, household or farming use; ; (fe) Borrower Retail Store Equipment shall not remove any Equipment be removed from the locations set forth or permitted herein, except to the extent necessary to have any Retail Store Equipment repaired or maintained in the ordinary course of the business of Borrower or to move Retail Store 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 Borrower in the ordinary course of business; location; (gf) the Retail Store Equipment is now and shall remain personal property and each Borrower shall not permit any of the Retail Store Equipment to be or become a part of or affixed to real property other than Retail Store Equipment located on the real property which is of the type that has previously become affixed to real property; and and (hg) each Borrower assumes all responsibility and liability arising from the use of the Equipment.

Equipment Covenants. With respect to the Equipment: : (a) upon Lender's Agent’s request, Borrower Borrowers and Guarantors shall, at its their expense, no more than one (1) time in any twelve (12) month period, but at any time or times as Lender Agent may request on or after an Event of DefaultDefault has occurred and is continuing, deliver or cause to be delivered to Lender Agent written reports or 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 Lender Agent, addressed to Lender or Agent and upon which Lender 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) Borrower shall diligently Borrowers and promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of Borrower and to note Lender as the first priority lienholder thereon, which acts shall 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) Borrower Guarantors shall keep the Equipment necessary in the conduct of their business in good order, repair, running and marketable condition (ordinary wear and tear excepted); ; (dc) Borrower 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; ; (ed) the Equipment is and shall be used in Borrower's the business of Borrowers and Guarantors and not for personal, family, household or farming use; ; (fe) Borrower 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 the its business of 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 Borrower Borrowers or Guarantors in the ordinary course of business; ; (gf) the Equipment is now and shall remain personal property and Borrower Borrowers and Guarantors shall not permit any of the Equipment to be or become a part of or affixed to real property; and and (hg) each Borrower and Guarantor assumes all responsibility and liability arising from the use of the Equipment.

Equipment Covenants. With respect to the Equipment: : (a) upon Lender's request, Borrower Borrowers shall, at its their expense, at any time or times as Lender may request on or after an Event of Default, deliver or cause to be delivered to Lender written reports or appraisals as to the Equipment in form, scope and methodology acceptable to Lender and by an appraiser acceptable to Lender addressed to Lender or upon which Lender is expressly permitted to rely; Lender; (b) Borrower shall diligently and promptly do all acts reasonably necessary to deliver to Lender the original certificates of title of all motor vehicles of Borrower and to note Lender as the first priority lienholder thereon, which acts shall 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) Borrower Borrowers shall keep the Equipment in good order, repair, running and marketable condition (ordinary wear and tear excepted); ; (dc) Borrower Borrowers 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; ; (ed) the Equipment is and shall be used in Borrower's Borrowers’ business and not for personal, family, household or farming use; ; (fe) Borrower Borrowers 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 the business of a 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 a Borrower in the ordinary course of business; ; (gf) the Equipment is now and shall remain personal property and Borrower Borrowers shall not permit any of the Equipment to be or become a part of or permanently affixed to real property; and and (hg) Borrower assumes Borrowers assume all responsibility and liability arising from the use of the Equipment. Borrowers shall deliver to Lender within five(5) Business Days of the close of each month a schedule of all Equipment at the Ashton Real Property used by any Borrower that has been furnished by a third party for use by such Borrower in connection with a Manufacturing Contract or License and is not owned by such Borrower, in such detail, containing such information and in such form as shall be satisfactory to Lender and accompanied by a certificate of an officer of Borrowers, in form and substance satisfactory to Lender.