PERSONAL PROPERTY INVENTORY AND INSPECTION Sample Clauses

PERSONAL PROPERTY INVENTORY AND INSPECTION. Seller has delivered to Buyer a complete schedule of the Fixed Assets (which includes for purposes of this Section 3.2, the Excluded Fixed Assets) relating to the Branch, which schedule (i) identifies each item of Fixed Assets with reasonable particularity, giving the Net Book Value of such item on Seller's books and describing any Encumbrance thereon, (ii) identifies each item of such Fixed Assets leased to or otherwise owned by Seller and (iii) identifies those assets which Seller considers to be of value only to Seller. Buyer and its agents and representatives shall be entitled to conduct one or more walk through inspections of the Branch within the fifteen (15) day period after the Signature Date. In the event that any of such property as reported on the schedule is missing, malfunctioning or in a significantly deteriorated condition (not including deterioration due to normal wear and tear which does not render the asset nonusable), or in Buyer's opinion is not reasonably useful in Buyer's operation of the Branch, Buyer may elect to exclude such property from the transfer under this Agreement; provided that Buyer may not exclude the Leasehold Improvements at the Branch except as otherwise provided in Section 10.1(f) below. In addition, Seller may, upon the written consent of Buyer, exclude the listed assets which are of value only to Seller, and any such excluded assets shall be excluded from the Fixed Assets of the Branch to be transferred pursuant to this Agreement. At the Closing, Seller shall deliver to Buyer an updated schedule with respect to the Branch of Fixed Assets (exclusive of any property excluded from the Fixed Assets pursuant to this Section 3.2 or Section 10.1(f)) which schedule Seller represents and warrants will be an accurate schedule of the Fixed Assets of the Branch as of the Closing Date. Seller hereby agrees that the schedule to be delivered at the Closing shall be substantially the same as the schedule delivered by Seller pursuant to the first sentence of this Section 3.2 (less any property excluded from the Fixed Assets pursuant to this Section 3.2 or Section 10.1(f) and any property added to the Fixed Assets and/or the Leasehold Improvements in compliance with Section 8.4(f)).
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Related to PERSONAL PROPERTY INVENTORY AND INSPECTION

  • Property Inspections The Servicer shall conduct property inspections in accordance with the milestones of the repair and rehabilitation plan for such Mortgaged Property and prepare Property Inspection Reports on any Mortgaged Property involving property damage over $15,000. The Servicer shall furnish a copy of the repair and rehabilitation plan for such Mortgaged Property to the Master Servicer upon request.

  • Inventory and Equipment On the date hereof, the Inventory and the Equipment (other than mobile goods) are kept at the locations listed on Schedule 5.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

  • Property Inventory and Protection of Assets Grantee will; 1. maintain an inventory of equipment, supplies defined as controlled assets, and property described in this Contract and submit to the assigned contract manager, upon request. 2. maintain, repair, and protect assets under this Contract to assure their full availability and usefulness. 3. if Grantee is indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets provided or obtained under this Contract, use the proceeds to repair or replace those assets.

  • Property Inspection The Servicer is required to inspect each Delinquent Mortgaged Property at such time and in such manner as is in accordance with Prudent Servicing Practices. The Servicer must prepare a Property Inspection Report following each inspection. All Property Inspection Reports must be retained by the Servicer and copies thereof must be forwarded to the Master Servicer promptly upon request. All expenses related to the foregoing shall be recoverable by the Servicer from the Principal or from Liquidation Proceeds, Insurance Proceeds, payments on the related Mortgage Loan or any other source relating to the related Mortgage Loan or the related Mortgaged Property. The foregoing shall not preclude the Servicer from recovering such expenses from the Borrower to the extent permitted by applicable law and the related Mortgage Loan Documents.

  • As to Equipment and Inventory Grantor hereby agrees that it shall: (a) keep all the Equipment and Inventory (other than Inventory in transit and Inventory sold in the ordinary course of business) at the places therefor specified in Section 3.1.1 or, upon 30 days' prior written notice to Agent, at such other places in a jurisdiction where all representations and warranties set forth in Article III (including Section 3.1.6) shall be true and correct, and all action required pursuant to the first sentence of Section 4.1.7 shall have been taken with respect to the Equipment and Inventory; (b) with respect to any Equipment or Inventory in the possession or control of any Third Party or any of Grantor's agents, notify such Third Party or agent of Agent's security interest in such Equipment or Inventory and, upon Agent's request following the occurrence and during the continuance of an Event of Default, direct such Third Party or agent to hold all such Equipment or Inventory for Agent's account and subject to Agent's instructions; (c) cause the Equipment to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear excepted, and in accordance with any manufacturer's manual; and forthwith, or in the case of any material loss or damage to any of the Equipment, as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements, and other improvements in connection therewith which are necessary or desirable to such end; and promptly furnish to Agent a statement respecting any loss or damage to any of the Equipment within ten (10) business days after Grantor obtains knowledge of any such loss or damage; and (d) pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the extent the validity thereof is being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with Generally Accepted Accounting Principles have been set aside.

  • Equipment and Inventory With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement.

  • Maintaining Records; Access to Properties and Inspections Maintain financial records in accordance with GAAP and, upon reasonable notice, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the properties of the Borrower or any Significant Subsidiary during normal business hours and to discuss the affairs, finances and condition of the Borrower or any Significant Subsidiary with the officers thereof and independent accountants therefor.

  • Personal Property In addition to the real property described in Section II, the Seller shall include the following personal property:

  • Location of Inventory and Equipment The Inventory and Equipment are not stored with a bailee, warehouseman, or similar party (without Foothill's prior written consent) and are located only at the locations identified on Schedule 6.12 or otherwise permitted by Section 6.12.

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