Maintenance and Modification of the Facilities by the Company. The Company agrees that, at all times during the Term, the Company shall, at its own expense, operate and maintain, preserve and keep the Facilities or cause the Facilities to be maintained, preserved and kept with the appurtenances and every part and parcel thereof in good repair, working order and condition (loss by fire or other casualty, condemnation, ordinary wear, tear and obsolescence and acts of God excepted). The Company agrees during the Term to comply at all times in all material respects with all governmental laws, ordinances, approvals, rules, regulations and requirements relating to the Facilities, including, but not limited to, such zoning, sanitary, pollution, environmental, safety ordinances, laws and such rules and regulations thereunder as shall be binding upon the Company under applicable laws, except during any period in which the Company at its expense and in its name, and subject to this Section 5.5 and Section 5.6, shall be in good faith contesting compliance with any of the aforesaid laws, ordinances, approvals, rules, regulations, restrictions and requirements. The Company shall have the privilege of renovating the Facilities or making substitutions, additions, modifications, deletions and improvements to the Facilities from time to time as the Company, in its discretion, may deem to be desirable for its uses and purposes, provided, however, that the nature of the Facilities shall not be changed if such change would cause the Facilities to fail as a “manufacturing facility” under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act. The Company shall have the privilege from time to time of removing from the Facilities any Equipment or Improvements provided that such Equipment or Improvements are removed in the ordinary course of business or is replaced at the expense of the Company and such replacement shall not cause the Facilities to fail as a “manufacturing facility” under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act.
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Samples: Lease Agreement (Nb Finance Corp), Lease Agreement (Nb Finance Corp)
Maintenance and Modification of the Facilities by the Company. The Company agrees that, at all times during the Term, the Company shall, at its own expense, operate and maintain, preserve and keep the Facilities or cause the Facilities to be maintained, preserved and kept with the appurtenances and every part and parcel thereof in good repair, working order and condition (loss by fire or other casualty, condemnation, ordinary wear, tear and obsolescence and acts of God excepted). The Company agrees during the Term to comply at all times in all material respects with all governmental laws, ordinances, approvals, rules, regulations and requirements relating to the Facilities, including, but not limited to, such zoning, sanitary, pollution, environmental, safety ordinances, laws and such rules and regulations thereunder as shall be binding upon the Company under applicable laws, except during any period in which the Company at its expense and in its name, and subject to this Section 5.5 and Section 5.6, shall be in good faith contesting compliance with any of the aforesaid laws, ordinances, approvals, rules, regulations, restrictions and requirements. The Company shall have the privilege of renovating the Facilities or making substitutions, additions, modifications, deletions and improvements to the Facilities from time to time as the Company, in its discretion, may deem to be desirable for its uses and purposes, provided, however, that the nature of the Facilities shall not be changed if such change would cause the Facilities to fail as a “manufacturing facilitysolid waste disposal facilities” under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act. The Company shall have the privilege from time to time of removing from the Facilities any Equipment or Improvements provided that such Equipment or Improvements are removed in the ordinary course of business or is replaced at the expense of the Company and such replacement shall not cause the Facilities to fail as a “manufacturing facilitysolid waste disposal facilities” under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act.
Appears in 2 contracts
Samples: Lease Agreement (Nb Finance Corp), Lease Agreement (Nb Finance Corp)
Maintenance and Modification of the Facilities by the Company. The Company agrees that, at all times during the Term, the Company shall, at its own expense, operate and maintain, preserve and keep the Facilities or cause the Facilities to be maintained, preserved and kept with the appurtenances and every part and parcel thereof in good repair, working order and condition (loss by fire or other casualty, condemnation, ordinary wear, tear and obsolescence and acts of God excepted). The Company agrees during the Term to comply at all times in all material respects with all governmental laws, ordinances, approvals, rules, regulations and requirements relating to the Facilities, including, but not limited to, such zoning, sanitary, pollution, environmental, safety ordinances, laws and such rules and regulations thereunder as shall be binding upon the Company under applicable laws, except during any period in which the Company at its expense and in its name, and subject to this Section 5.5 and Section 5.6, shall be in good faith contesting compliance with any of the aforesaid laws, ordinances, approvals, rules, regulations, restrictions and requirements. The Company shall have the privilege of renovating the Facilities or making substitutions, additions, modifications, deletions and improvements to the Facilities from time to time as the Company, in its discretion, may deem to be desirable for its uses and purposes, provided, however, that the nature of the Facilities shall not be changed if such change would cause the Facilities to fail as a “manufacturing facility” under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act. The Company shall have the privilege from time to time of removing from the Facilities any Equipment or Improvements provided that such Equipment or Improvements are removed in the ordinary course of business or is replaced at the expense of the Company and such replacement shall not cause the Facilities to fail as a “manufacturing facility” facilities under the Code or the use of the Facilities to fail as an industrial or manufacturing purpose within the meaning of the Act. However, at no time during the term of the Bonds will the Company move the Equipment and Improvements more than twenty-five (25) miles outside the corporation limits of the City of Mobile, Alabama.
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