Common use of Maintenance of Equipment Clause in Contracts

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation.

Appears in 7 contracts

Samples: Credit and Security Agreement (Manhattan Bridge Capital, Inc), Credit and Security Agreement (Manhattan Bridge Capital, Inc), Credit and Security Agreement (Manhattan Bridge Capital, Inc)

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Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved, except where the failure to do so would not have a Material Adverse Effect. No Loan Credit Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except to the extent such violations would not have a Material Adverse Effect.

Appears in 4 contracts

Samples: Revolving Credit and Security Agreement (Great Lakes Dredge & Dock CORP), Revolving Credit and Security Agreement (Great Lakes Dredge & Dock CORP), Credit and Security Agreement (Ferroglobe PLC)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment Equipment, subject to customary depreciation, shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation if such violation could reasonably be expected to cause a Material Adverse Effect. Each Loan Party shall have the right to sell Equipment to the extent set forth in Section 4.3.

Appears in 3 contracts

Samples: Financing Agreement (Rafaella Apparel Group,inc.), Financing Agreement (Rafaella Apparel Group,inc.), Financing Agreement (Verrazano,inc.)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear and casualty excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preservedpreserved in all material respects. No Loan Note Party shall use or operate the Equipment in violation of any material law, statute, ordinance, code, rule or regulation. Each Note Party shall have the right to sell Equipment to the extent set forth in Section 7.1(b) hereof.

Appears in 3 contracts

Samples: Note Purchase Agreement (Keane Group, Inc.), Note Purchase Agreement (Keane Group, Inc.), Note Purchase Agreement (Keane Group, Inc.)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation. Each Loan Party shall have the right to sell Equipment to the extent set forth in Section 4.3.

Appears in 2 contracts

Samples: Loan and Security Agreement (Jaco Electronics Inc), Loan and Security Agreement (Stanadyne Automotive Corp)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation. Each Loan Party shall have the right to sell its Equipment to the extent set forth in Section 4.3 hereof.

Appears in 2 contracts

Samples: Loan and Security Agreement (Vision-Ease Lens CORP), Loan and Security Agreement (Vision-Ease Lens, Inc.)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved, except to the extent the Credit Parties in their reasonable business judgment, determine that such maintenance or repair is not necessary or desirable in the operation of the Credit Parties’ business. No Loan Credit Party shall use or operate the Equipment in material violation of any law, statute, ordinance, code, rule or regulation.

Appears in 2 contracts

Samples: Guaranty Agreement (Drilling Tools International Corp), Guaranty Agreement (ROC Energy Acquisition Corp.)

Maintenance of Equipment. The Equipment equipment shall be maintained in good operating condition and repair (reasonable wear and tear and casualty excepted) consistent with past practice and as needed in current operations, and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment equipment shall be maintained and preserved. No US Loan Party shall use or operate the Equipment equipment in violation of any law, statute, ordinance, code, rule or regulation.

Appears in 2 contracts

Samples: Credit and Security Agreement (Invacare Corp), Credit and Security Agreement (Invacare Corp)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear and casualty excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preservedpreserved in all material respects. No Loan Party shall use or operate the Equipment in violation of any material law, statute, ordinance, code, rule or regulation. Each Loan Party shall have the right to sell Equipment to the extent permitted set forth in Section 7.1(b) hereof.

Appears in 2 contracts

Samples: Security Agreement (Keane Group, Inc.), Security Agreement (Keane Group, Inc.)

Maintenance of Equipment. The Equipment equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment equipment in violation of any law, statute, ordinance, code, rule or regulation. 4.11.

Appears in 1 contract

Samples: Cca Industries Inc

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preservedreserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except to the extent that such violation would not have a Material Adverse Effect.

Appears in 1 contract

Samples: Security Agreement (Imco Recycling Inc)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except to the extent that such violation would not have a Material Adverse Effect.

Appears in 1 contract

Samples: Revolving Credit (Radnor Holdings Corp)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preservedreserved (except where the Loan Party has made a commercially reasonable business judgment not to do so). No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation.

Appears in 1 contract

Samples: Security Agreement (Lesco Inc/Oh)

Maintenance of Equipment. The All Equipment shall be maintained in good operating condition and repair (reasonable wear and tear exceptedexcepted and other than in the case of obsolete Equipment) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the such Equipment shall be maintained and preserved. No Loan Party shall use or operate the any Equipment in violation of any law, statute, ordinance, code, rule or regulation. No Loan Party shall sell or otherwise dispose of any Equipment, except to the extent set forth in Section 4.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Velocity Express Corp)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so made, provided that no Loan Party shall have any obligation to maintain, replace or repair Equipment that is not reasonably deemed by such Loan Party to be necessary in the value and operating efficiency conduct of the Equipment shall be maintained and preservedsuch Loan Party's business. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except to the extent that such violation would not have a Material Adverse Effect.

Appears in 1 contract

Samples: Security Agreement (Allegheny Technologies Inc)

Maintenance of Equipment. The Equipment necessary for and used in the operation of each Loan Party's business shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation.

Appears in 1 contract

Samples: And (Blonder Tongue Laboratories Inc)

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Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulation. Each Loan Party shall have the right to sell Equipment to the extent set forth in Section 4.3 hereof.

Appears in 1 contract

Samples: Security Agreement (Dri Corp)

Maintenance of Equipment. The Equipment equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except where such violation would not be reasonably likely to have a Material Adverse Effect.

Appears in 1 contract

Samples: Collateral Pledge Agreement (Universal Logistics Holdings, Inc.)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preservedpreserved in accordance with reasonable business practices. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation which could reasonably be expected to have a Material Adverse Effect. Each Loan Party shall have the right to sell Equipment to the extent set forth in Section 4.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Brown Jordan International Inc)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so made, provided that no Loan Party shall have any obligation to maintain, replace or repair Equipment that is not reasonably deemed by such Loan Party to be necessary in the value and operating efficiency conduct of the Equipment shall be maintained and preservedsuch Loan Party’s business. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationregulation except to the extent that such violation would not have a Material Adverse Effect.

Appears in 1 contract

Samples: Security Agreement (Allegheny Technologies Inc)

Maintenance of Equipment. The Equipment equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment equipment in violation of any law, statute, ordinance, code, rule or regulation.

Appears in 1 contract

Samples: And Guaranty Agreement (ZRCN Inc.)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in material violation of any law, statute, ordinance, code, rule or regulation.

Appears in 1 contract

Samples: Loan and Security Agreement (Tb Woods Corp)

Maintenance of Equipment. The All Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the such Equipment shall be maintained and preserved. No Loan Party shall use or operate the any Equipment in violation of any law, statute, ordinance, code, rule or regulation. No Loan Party shall sell or otherwise Dispose of any Equipment, except to the extent set forth in Section 4.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Winnebago Industries Inc)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved. No Loan Party shall use or operate the Equipment in violation in any material respect of any law, statute, ordinance, code, rule or regulation.

Appears in 1 contract

Samples: Loan and Security Agreement (Edgen Louisiana CORP)

Maintenance of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be reasonably maintained and preserved. No Loan Party shall use or operate the Equipment in violation of any law, statute, ordinance, code, rule or regulationApplicable Laws unless such violation could not reasonably be expected to have a Material Adverse Effect.

Appears in 1 contract

Samples: Castle a M & Co

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