Common use of Modifications and Improvements Clause in Contracts

Modifications and Improvements. The Borrower, at its expense (whether from the Modification and Improvement Account, by reimbursement of expenses incurred by the Manager, approved by the Agent and paid pursuant to Section 2.07(c) or otherwise), shall make or cause to be made such modifications and improvements to each Portfolio Railcar: (i) to the extent required of the Borrower by the terms of the applicable Lease or (ii) as may be (A) set forth as requiring present compliance in any mandatory directives adopted by any Governmental Authority or (B) required from time to time to meet the applicable standards of the Governmental Authority having jurisdiction over it or the appropriate Railcar or the standards of any applicable maintenance program, unless the validity of such standard is being contested in good faith by appropriate proceedings.

Modifications and Improvements. The Borrower, at its expense (whether from the Modification Modifications and Improvement Improvements Account, by reimbursement of expenses incurred by the Manager, approved by the Agent and paid pursuant to Section 2.07(c) or otherwise), shall make or cause to be made such modifications and improvements to each Portfolio Railcar: (i) to the extent required of the Borrower by the terms of the applicable Lease or (ii) as may be (A) set forth as requiring present compliance in any mandatory directives adopted by any Governmental Authority or (B) required from time to time to meet the applicable standards of the Governmental Authority having jurisdiction over it or the appropriate Railcar or the standards of any applicable maintenance program, unless the validity of such standard is being contested in good faith by appropriate proceedings.

Modifications and Improvements. The Borrower, at its expense (whether from the Modification Modifications and Improvement Improvements Account, by reimbursement of expenses incurred by the ManagerServicer, approved by the Agent and paid pursuant to Section 2.07(c) or otherwise), shall make or cause to be made such modifications and improvements to each Portfolio Railcar: (i) to the extent required of the Borrower by the terms of the applicable Lease or (ii) as may be (A) set forth as requiring present compliance in any mandatory directives adopted by any Governmental Authority or (B) required from time to time to meet the applicable standards of the Governmental Authority having jurisdiction over it or the appropriate Railcar or the standards of any applicable maintenance program, unless the validity of such standard is being contested in good faith by appropriate proceedings.

Modifications and Improvements. The Borrower, at its expense (whether from the Modification Modifications and Improvement Improvements Account, by reimbursement of expenses incurred by the Manager, approved by the Agent and paid pursuant to Section 2.07(c) or otherwise), shall make or cause to be made such modifications and improvements to each Portfolio Railcar: (i) to the extent required of the Borrower by the terms of the applicable Lease or (ii) as may be (A) set forth as requiring present compliance in any mandatory directives adopted by any Governmental Authority or (B) required from time 105 to time to meet the applicable standards of the Governmental Authority having jurisdiction over it or the appropriate Railcar or the standards of any applicable maintenance program, unless the validity of such standard is being contested in good faith by appropriate proceedings.