Equipment, Fixtures and Inventory. (a) Debtor shall keep the Equipment, Fixtures and Inventory pledged by it hereunder (other than Inventory sold in the ordinary course of business) at the places therefor specified in Section 2.01(a) herein or, upon thirty days' prior written notice to Administrative Agent, at such other places in such jurisdiction where all action required by Section 3.01 herein shall have been taken with respect to the Equipment and Inventory. (b) Debtor shall, and shall cause each Subsidiary of the Debtor to, maintain or cause to be maintained all their material Properties necessary to the conduct of their business (whether owned or held under lease) in reasonably good repair, working order and condition, taken as a whole, and from time to time make or cause to be made all appropriate repairs, renewals, replacements, additions, betterments and improvements thereto. (c) The Debtor shall, and shall cause each Subsidiary of the Debtor to, pay and discharge all Taxes, assessments and governmental charges or levies imposed upon it or its income or Properties prior to the date on which penalties attach thereto, and all lawful material claims for labor, materials and supplies which, if unpaid, might become a Lien upon any of their Properties, except those Taxes, assessments and charges contested by the Debtor diligently in good faith, and for which adequate reserves have been established in accordance with GAAP. The Debtor shall, and shall cause the Parent, and each Subsidiary of the Debtor to, timely file all information returns required by federal, state or local Tax authorities.
Appears in 1 contract
Equipment, Fixtures and Inventory. (a) Debtor shall keep the Equipment, Fixtures and Inventory pledged by it hereunder (other than Inventory sold in the ordinary course of business) at the places therefor specified in Section 2.01(a) herein or, upon thirty days' prior written notice to Administrative Agent, at such other places in such jurisdiction where all action required by Section 3.01 herein shall have been taken with respect to the Equipment Equipment, Fixtures and Inventory.
(b) Debtor shallshall cause the Equipment and Fixtures pledged by it hereunder to be maintained and preserved in the same condition, repair and working order as when purchased, ordinary wear and tear excepted, and shall cause each Subsidiary forthwith, or in the case of any loss or damage to any of the Debtor toEquipment and Fixtures as quickly as practicable after the occurrence thereof, maintain or cause to be maintained all their material Properties necessary to the conduct of their business (whether owned or held under lease) in reasonably good repair, working order and condition, taken as a whole, and from time to time make or cause to be made all appropriate repairs, renewals, replacements, additions, betterments and other improvements theretoin connection therewith which are necessary or desirable to such end. Debtor shall promptly furnish to Administrative Agent a statement respecting any loss or damage which singly or in the aggregate equals or exceeds $50,000 to any of the Equipment and Fixtures pledged by it hereunder. Debtor shall promptly furnish to Administrative Agent a statement respecting any loss or damage which singly or in the aggregate equals or exceeds $50,000 to any of the Inventory pledged by it hereunder unless insurance proceeds are received in the amount of such loss within six months thereof.
(c) The Debtor shall, shall pay promptly when due all property and shall cause each Subsidiary of the Debtor to, pay and discharge all Taxesother taxes, assessments and governmental charges or levies imposed upon it or its income or Properties prior to the date on which penalties attach theretoupon, and all lawful material claims (including claims for labor, materials and supplies whichsupplies) against, if unpaid, might become a Lien upon any of their Propertiesthe Collateral pledged by it hereunder, except those Taxes, assessments and charges such taxes as are being contested by the Debtor diligently in good faith, and faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, except where the failure to file such returns, pay such taxes or establish such reserves does not involve unpaid or allegedly unpaid amounts, in aggregate, in excess of $50,000. The Debtor shallshall comply with, and shall use its best efforts to cause the Parentits licensees to comply with, and each Subsidiary all requirements of the Debtor to, timely file all information returns required by federal, state or local Tax authoritiesFair Labor Standards Act.
Appears in 1 contract
Samples: Security Agreement (Kevco Inc)
Equipment, Fixtures and Inventory. (a) Debtor shall keep the Equipment, Fixtures and Inventory pledged by it hereunder (other than Inventory sold in the ordinary course of business) at the places therefor specified in Section 2.01(a) herein or, upon thirty days' --------------- prior written notice to Administrative AgentLender, at such other places in such jurisdiction where all action required by Section 3.01 herein shall have been ------------ taken with respect to the Equipment and Inventory.
(b) Debtor shall, and shall cause the Parent, and each Subsidiary of the Debtor to, maintain or cause to be maintained all their material Properties necessary to the conduct of their business (whether owned or held under lease) in reasonably good repair, working order and condition, taken as a whole, and from time to time make or cause to be made all appropriate repairs, renewals, replacements, additions, betterments and improvements thereto.
(c) The Debtor shall, and shall cause the Parent, and each Subsidiary of the Debtor to, pay and discharge all Taxes, assessments and governmental charges or levies imposed upon it or its income or Properties prior to the date on which penalties attach thereto, and all lawful material claims for labor, materials and supplies which, if unpaid, might become a Lien upon any of their Properties, except those Taxes, assessments and charges contested by the Debtor diligently in good faith, and for which adequate reserves have been established in accordance with GAAP. The Debtor shall, and shall cause the Parent, and each Subsidiary of the Debtor to, timely file all information returns required by federal, state or local Tax authorities.
Appears in 1 contract
Equipment, Fixtures and Inventory. (a) Debtor shall not keep the Equipment, Fixtures and Inventory pledged by it hereunder (other than Inventory sold in the ordinary course of business) at worth an aggregate amount exceeding $50,000 in any location unless (i) the places therefor specified in Section 2.01(a) herein or, upon thirty days' prior written notice Debtor has delivered to Administrative AgentLender a financing statement for such Equipment, Fixtures and Inventory kept by Debtor at such other places location or (ii) such Equipment, Fixtures and Inventory are kept in such jurisdiction where all action required by Section 3.01 herein shall have been taken Mexico in connection with respect to the Equipment and Inventoryoperations of PUM.
(b) Debtor shallshall cause the Equipment and Fixtures pledged by it hereunder that are necessary for Debtor's business to be maintained and preserved in the same condition, repair and working order as when purchased, ordinary wear and tear excepted in accordance with Debtor's past practices, and shall cause each Subsidiary forthwith, or in the case of any material loss or damage to any of the Debtor toEquipment and Fixtures as quickly as practicable after the occurrence thereof, maintain or cause to be maintained all their material Properties necessary to the conduct of their business (whether owned or held under lease) in reasonably good repair, working order and condition, taken as a whole, and from time to time make or cause to be made all appropriate reasonable repairs, renewals, replacements, additions, betterments and other improvements theretoin connection therewith which are necessary or desirable to such end. Debtor shall promptly furnish to Administrative Lender a statement respecting any loss or damage which singly or in the aggregate equals or exceeds $50,000 for any fiscal year to any of the Equipment and Fixtures pledged by it hereunder. Debtor shall promptly furnish to Administrative Lender a statement respecting any loss or damage which singly or in the aggregate equals or exceeds $50,000 for any fiscal year to any of the Inventory pledged by it hereunder.
(c) The Debtor shall, shall pay promptly when due all material property and shall cause each Subsidiary of the Debtor to, pay and discharge all Taxesother taxes, assessments and governmental charges or levies imposed upon it or its income or Properties prior to the date on which penalties attach theretoupon, and all lawful material claims (including claims for labor, materials and supplies whichsupplies) against, if unpaid, might become a Lien upon any of their Propertiesthe Collateral pledged by it hereunder, except those Taxes, assessments and charges such taxes as are being contested by the Debtor diligently in good faith, and faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, except where the failure to file such returns, pay such taxes or establish such reserves does not involve unpaid or allegedly unpaid amounts, in aggregate, in excess of $50,000 for any fiscal year. The Debtor shallshall comply with, and shall use its best efforts to cause the Parentits licensees to comply with, and each Subsidiary all requirements of the Debtor to, timely file all information returns required by federal, state or local Tax authoritiesFair Labor Standards Act.
Appears in 1 contract
Samples: Security Agreement (Power One Inc)
