Common use of Maintenance of Existence, Assets, and Business Clause in Contracts

Maintenance of Existence, Assets, and Business. Except as otherwise permitted by SECTION 10.9, each Loan Party shall, and shall cause each of its Subsidiaries to, at all times: (a) maintain its existence and good standing in the jurisdiction of its organization and its authority to transact business in all other jurisdictions where the nature of its business so requires; (b) maintain all licenses, permits, and franchises necessary for the normal business; (c) keep all of its assets which are useful in and necessary to its business in good working order and condition (ordinary wear and tear excepted) and make all necessary repairs thereto and replacements thereof; and (d) do all things necessary to obtain, renew, extend, and continue in effect all Authorizations which may at any time and from time to time be necessary for the Loan Parties and Subsidiaries thereof to operate their businesses in compliance with applicable Law; except in the case of each of CLAUSES (a) through (d), where the failure to so renew, extend, or continue in effect could not reasonably be expected to be a Material Adverse Event.

Appears in 2 contracts

Samples: Credit Agreement (Northern Border Partners Lp), NBPLP Credit Agreement (Northern Border Partners Lp)

AutoNDA by SimpleDocs

Maintenance of Existence, Assets, and Business. Except as otherwise permitted by SECTION Section 10.9, each Loan Party shall, and shall cause each of its Subsidiaries to, at all times: (a) maintain its existence and good standing in the jurisdiction of its organization and its authority to transact business in all other jurisdictions where the nature of its business so requires; (b) maintain all licenses, permits, and franchises necessary for the normal conduct of its business; (c) keep all of its assets which are useful in and necessary to its business in good working order and condition (ordinary wear and tear excepted) and make all necessary repairs thereto and replacements thereof; and (d) do all things necessary to obtain, renew, extend, and continue in effect all Authorizations which may at any time and from time to time be necessary for the Loan Parties and Subsidiaries thereof to operate their businesses in compliance with applicable Law; except in the case of each of CLAUSES clauses (a) through (d), where the failure to so renew, extend, or continue in effect could not reasonably be expected to be a Material Adverse Event.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Northern Border Partners Lp), Revolving Credit Agreement (Northern Border Partners Lp)

Maintenance of Existence, Assets, and Business. Except as otherwise ---------------------------------------------- permitted by SECTION 10.9Section 9.24, each Loan Party shall, shall (and shall cause each of its Subsidiaries to, ) at all times: (a) maintain its existence and good standing in the jurisdiction of its organization and its authority to transact business in all other jurisdictions where the nature of failure to so maintain its authority to transact business so requirescould be a Material Adverse Event; (b) maintain all licenses, permits, and franchises necessary for its business where the normal businessfailure to so maintain could be a Material Adverse Event; (c) keep all of its assets which are useful in and necessary to its business in good working order and condition (ordinary wear and tear excepted) and make all necessary repairs thereto and replacements thereof; and (d) do all things necessary to obtain, renew, extend, and continue in effect all Authorizations which may at any time and from time to time be necessary for the Loan Parties and Subsidiaries thereof to operate their businesses in compliance with applicable Law; except in the case of each of CLAUSES (a) through (d), where the failure to so renew, extend, or continue in effect could not reasonably be expected to be a Material Adverse Event.

Appears in 1 contract

Samples: Security Agreement (Azz Inc)

AutoNDA by SimpleDocs

Maintenance of Existence, Assets, and Business. Except EXCEPT as otherwise permitted by SECTION 10.99.25, each Loan Party shall, and shall cause each of its Subsidiaries to, at all times: (a) maintain its existence and good standing in the jurisdiction of its organization and its authority to transact business in all other jurisdictions where the nature of failure to so maintain its authority to transact business so requirescould be a Material Adverse Event; (b) maintain all licenses, permits, and franchises necessary for its business where the normal businessfailure to so maintain could be a Material Adverse Event; (c) keep all of its assets which are useful in and necessary to its business in good working order and condition (ordinary wear and tear excepted) and make all necessary repairs thereto and replacements thereof; and (d) do all things necessary to obtain, renew, extend, and continue in effect all Authorizations issued by the FCC or any applicable PUC which may at any time and from time to time be necessary for the Loan Parties and Subsidiaries thereof to operate their businesses in compliance with applicable Law; except in the case of each of CLAUSES (a) through (d), where the failure to so renew, extend, or continue in effect could not reasonably be expected to be a Material Adverse Event.

Appears in 1 contract

Samples: Revolving Credit Agreement (Logix Communications Enterprises Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.