Common use of Maintenance of Property and Leases Clause in Contracts

Maintenance of Property and Leases. Maintain in good condition and working order (ordinary wear and tear and damage by acts of God excepted), and repair and replace as required, all buildings, equipment, machinery, fixtures, Inventory, and other real and personal property owned or leased by such Covered Person whose useful economic life has not elapsed and which is necessary for the ordinary conduct of the business of such Covered Person, except where failure to do so does not have or is not reasonably likely to have a Material Adverse Effect. Each Covered Person shall maintain in good standing and free of defaults all of its leases of buildings, equipment, machinery, fixtures, Inventory, and other real and personal property whose useful economic life has not elapsed and which is necessary for the ordinary conduct of the business of such Covered Person, except where the failure to be in good standing or free of default would not reasonably be likely to give rise to a Material Adverse Effect. No Covered Person shall permit any of its owned equipment, owned Inventory, or other property to become a fixture to real property or an accession to other personal property unless Collateral Agent has a valid, perfected and first priority Security Interest for the benefit of Lenders in such real or personal property.

Maintenance of Property and Leases. Maintain Each Covered Person shall maintain in good condition and working order (ordinary wear and tear and damage by acts of God excepted), and repair and replace as required, all buildings, equipment, machinery, fixtures, Inventory, and other real and personal property owned or leased by such Covered Person whose useful economic life has not elapsed and which is necessary for the ordinary conduct of the business of such Covered Person, except where failure to do so does not have or is reasonably will likely not reasonably likely to have a Material Adverse Effect. Each Covered Person shall maintain in good standing and free of defaults all of its leases of buildings, equipment, machinery, fixtures, Inventory, and other real and personal property whose useful economic life has not elapsed and which is necessary for the ordinary conduct of the business of such Covered Person, except where the failure to be in good standing or free of default would not reasonably be likely to give rise to a Material Adverse Effect. No Covered Person shall permit any of its owned equipment, owned Inventory, or other property to become a fixture to real property or an accession to other personal property unless Collateral Administrative Agent has a valid, perfected and first priority Security Interest for the benefit of Lenders in such real or personal property. No Covered Person shall, without Administrative Agent’s prior written consent, alter or remove any identifying symbol or number on its equipment.