Common use of Location and Maintenance of Equipment Clause in Contracts

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s physical possession, shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the Bank’s demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Alphatec Holdings, Inc.), Credit Agreement (Guidance Software, Inc.)

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Location and Maintenance of Equipment. (i) The Equipment Borrower's equipment (the "Equipment") shall at all times be in the Borrower’s 's physical possession, possession or other location(s) acceptable to Lender and shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s 's physical possession or other location(s) acceptable to Lender or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the Bank’s Lender's demand, the Borrower shall immediately provide the Bank Lender with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank Lender of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank Lender with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the BankLender. The Borrower shall not be released from any liability to the Bank Lender hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank Lender and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons Persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 2 contracts

Samples: Loan Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Truett-Hurst, Inc.)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s physical possession, shall not be held for sale or lease. (ii) , and shall be kept only at the following location: 000 Xxxxx Xxxxxxxx, Xxx Xxxxxxxx, XX 00000. The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall shell not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Biolase Technology Inc), Credit Agreement (Biolase Technology Inc)

Location and Maintenance of Equipment. (i) The Equipment Borrower’s equipment (the “Equipment”) shall at all times be in the Borrower’s physical possession, possession or other location(s) acceptable to Lender and shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession or other location(s) acceptable to Lender or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the BankLender’s demand, the Borrower shall immediately provide the Bank Lender with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank Lender of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank Lender with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the BankLender. The Borrower shall not be released from any liability to the Bank Lender hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank Lender and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons Persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Truett-Hurst, Inc.), Loan and Security Agreement (Truett-Hurst, Inc.)

Location and Maintenance of Equipment. (i) The Any Equipment of material value shall at all times be in the Borrower’s physical possession, shall not be held for sale or lease. (ii) . The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Guidance Software, Inc.)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s physical possession, shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the Bank’s demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Alphatec Holdings, Inc.)

Location and Maintenance of Equipment. (i) The Equipment Borrower’s equipment (the “Equipment”) shall at all times be in the Borrower’s physical possession, possession and shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the BankLender’s demand, the Borrower shall immediately provide the Bank Lender with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank Lender of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank Lender with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the BankLender. The Borrower shall not be released from any liability to the Bank Lender hereunder because of any injury to or loss or destruction of the Equipment. The Upon reasonable notice and at a reasonable time, Borrower shall allow the Bank Lender and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons Persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Guidance Software, Inc.)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s 's physical possession, shall not be held for sale or lease. (ii) The Borrower , and shall be kept only at the following location(s): 7272 Chapman Avenue, Garden Grove, CA 92841. Xxx Xxxxxxxx xxxxx not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s 's demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Hycor Biomedical Inc /De/)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s 's physical possession, shall not be held for sale or lease. (ii) . The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s 's demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Scientific Technologies Inc)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s 's physical possession, shall not be held for sale or lease. (ii) The Borrower , and shall not secretebe kept only at the following location(s): 1740 Monrovia Avenue, abandon or removeCosta Mesa, CA. Xxx Xxxxxxxx xxxxx xxx xxxxxxx, xxxxxxx xx xxxxxe, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s 's demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Volcom Inc)

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Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s 's physical possession, shall not be held for sale or lease, and shall be kept only at the following location(s): 000 Xxxxxx Xxxxxx, 3rd Floor, San Leandro, CA 94577 and ______________________________________________________________. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon upon, the Equipment. (iii) Upon the Bank’s 's demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Trinet Employer Group Inc)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the Borrower’s 's physical possession, shall not be held for sale or lease. (ii) , and shall be kept only at the following location(s): 0000 Xxxxxxxxxxx Xxxxx Xxxx, Xxx Xxxxx, XX 00000, 0000 Xxxxxxxxxxx Xxxxx Xxxx, Xxx Xxxxx, XX 00000 and 0000 Xxxxxx Xxxxxx, San Diego, CA 92121. The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s 's demand, the Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Encad Inc)

Location and Maintenance of Equipment. (i) The Equipment shall at all times be in the each Borrower’s 's physical possession, shall not be held for sale or lease. (ii) The , and shall be kept only at the following location(s): 0000 Xxxxx Xxxx Xxxxxx, Xxx Xxxxxxx, XX 00000. Each Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s physical possession location(s) shown above or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iiiii) Upon the Bank’s 's demand, the each Borrower shall immediately provide the Bank with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the each Borrower shall immediately notify the Bank of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank with a complete description of any such additional or replacement Equipment. (iviii) The Borrower Borrowers shall, at the Borrower’s Borrowers' sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower Borrowers shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the Bank. The Each Borrower shall not be released from any liability to the Bank hereunder because of any injury to or loss or destruction of the Equipment. The Borrower Borrowers shall allow the Bank and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons having control or possession of the Equipment. (viv) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Tag It Pacific Inc)

Location and Maintenance of Equipment. (i) The Equipment Borrower’s equipment (the “Equipment”) shall at all times be in the Borrower’s physical possession, possession or other location(s) acceptable to Lender and shall not be held for sale or lease. (ii) The Borrower shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrower’s 's physical possession or other location(s) acceptable to Lender or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the Bank’s Lender's demand, the Borrower shall immediately provide the Bank Lender with a complete and accurate description of the Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, upon the Lender’s demand, Borrower shall immediately notify the Bank Lender of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank Lender with a complete description of any such additional or replacement Equipment. (iv) The Borrower shall, at the Borrower’s 's sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the BankLender. The Borrower shall not be released from any liability to the Bank Lender hereunder because of any injury to or loss or destruction of the Equipment. The Borrower shall allow the Bank Lender and its representatives free access to and the right to inspect the Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons Persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Point.360)

Location and Maintenance of Equipment. (i) The Equipment Each Obligor’s equipment (the “Equipment”) shall at all times be in the Borrowersuch Obligor’s physical possession, possession or other location(s) acceptable to Agent and shall not be held for sale or lease. (ii) The Borrower Each Obligor shall not secrete, abandon or remove, or permit the removal of, the Equipment, or any part thereof, from the Borrowersuch Obligor’s physical possession or other location(s) acceptable to Agent or remove or permit to be removed any accessories now or hereafter placed upon the Equipment. (iii) Upon the BankAgent’s demand, the Borrower each Obligor shall immediately provide the Bank Agent with a complete and accurate description of the its Equipment including, as applicable, the make, model, identification number and serial number of each item of Equipment. In addition, the Borrower each Obligor shall immediately notify the Bank Agent of the acquisition of any new or additional Equipment or the replacement of any existing Equipment and shall supply the Bank Agent with a complete description of any such additional or replacement Equipment. (iv) The Borrower Each Obligor shall, at the Borrowersuch Obligor’s sole cost and expense, keep and maintain the Equipment in a good state of repair and shall not destroy, misuse, abuse, illegally use or be negligent in the care of the Equipment or any part thereof. The Borrower Each Obligor shall not remove, destroy, obliterate, change, cover, paint, deface or alter the name plates, serial numbers, labels or other distinguishing numbers or identification marks placed upon the its Equipment or any part thereof by or on behalf of the manufacturer, any dealer or rebuilder thereof, or the BankAgent. The Borrower Each Obligor shall not be released from any liability to the Bank Agent hereunder because of any injury to or loss or destruction of the its Equipment. The Borrower Each Obligor shall allow the Bank Agent and its representatives free access to and the right to inspect the its Equipment at all times and shall comply with the terms and conditions of any leases covering the real property on which the Equipment is located and any orders, ordinances, laws, regulations or rules of any federal, state or municipal agency or authority having jurisdiction of such real property or the conduct of the business of the persons Persons having control or possession of the Equipment. (v) The Equipment is not now and shall not at any time hereafter be so affixed to the real property on which it is located as to become a fixture or a part thereof. The Equipment is now and shall at all times hereafter be and remain personal property of the Borrowerapplicable Obligor.

Appears in 1 contract

Samples: Contingent Collateral Agreement (Ixys Corp /De/)

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