Preservation and Maintenance of Collateral. Borrower shall, or shall cause any lessee or Guarantor at its own expense, (a) maintain, preserve and keep the Collateral in good repair, working order and condition, and shall from time to time make all repairs and replacements necessary to keep the Collateral in such condition, and in compliance with state and federal laws, ordinary wear and tear excepted, (b) maintain the Collateral in a condition suitable for certification by the manufacturer thereof (if certification is available) and in conformance with all manufacturer's recommended maintenance requirements, (c) not commit waste or permit impairment or deterioration of the Collateral, (d) not abandon the Collateral, (e) restore or repair promptly and in a good and workmanlike manner all or any portion of the Collateral to its condition as of the Closing Date, or such other condition as Lender may approve in writing, in the event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of such restoration or repair, (f) keep all Collateral and other improvements, fixtures, equipment, machinery and appliances on the Property in which Borrower has an interest, in good repair and shall replace all Collateral and other fixtures, equipment, machinery and appliances on the Property in which the Borrower has an interest when necessary to keep such items in good repair, (g) generally operate and maintain the Property in a manner to ensure maximum rentals, and (h) give notice in writing to Lender of and, unless otherwise directed in writing by Lender, appear in and defend any action or proceeding purporting to affect the Collateral, the security of this Agreement or the Mortgage or the rights or powers of Lender hereunder or thereunder. Neither Borrower nor any tenant or other person shall remove, demolish or alter any improvement now existing or hereafter erected on the Property or any fixture, equipment, machinery or appliance, in which Borrower has an interest, in or on the Property except when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind. In the event that any portion of the Collateral become worn out, lost, destroyed, damaged beyond repair or otherwise rendered unfit for use, Borrower, at its own expense and expeditiously, will replace or cause the replacement of such portion by replacement property free and clear of all liens and encumbrances and with a value and utility at least ...
Preservation and Maintenance of Collateral. Borrower shall maintain the Collateral in a condition consistent with good management practices, and in good repair (which shall include structural or non-structural and foreseen or unforeseen repairs), without structural alteration in any material respect (except interior tenant improvements), without the Lenders' prior written approval, which will not be unreasonably withheld or delayed.
Preservation and Maintenance of Collateral. The Collateral Trustee may from time to time take action for the protection and enforcement of its rights under the Security Documents on behalf of the Noteholders, but the Collateral Trustee shall not be obligated to take any action under the Security Documents except that (a) the Collateral Trustee shall file appropriate Uniform Commercial Code financing and continuation statements and perform such duties as are specifically set forth herein including, without limitation, the taking of action during an Event of Default as set forth in Section 4.2 below to the extent required thereby, and (b) the Collateral Trustee shall take such action as may be reasonably requested from time to time in writing pursuant to this Agreement as long as the requested action is permitted by the Security Documents and/or applicable law. The Collateral Trustee shall exercise the same care and diligence in holding the Collateral that the Collateral Trustee would devote to the custody of collateral of the same nature held solely for its account.
Preservation and Maintenance of Collateral. The Collateral Trustee may from time to time take action for the protection and enforcement of its rights under the Security Documents and for the benefit of the holders of the Secured Obligations. The Collateral Trustee shall perform such duties as are specifically set forth in the Security Documents. As to any matters not expressly provided for by the Security Documents, the Collateral Trustee shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Decision Group, and such instructions shall be binding upon all holders of Secured Obligations. Notwithstanding the foregoing, or any provision to the contrary in the Security Documents, the Collateral Trustee shall not be required to take any action which exposes the Collateral Trustee to personal liability or which is contrary to the Security Documents or applicable law.
Preservation and Maintenance of Collateral. The Collateral Agent may from time to time take action for the protection and enforcement of its rights under the Security Documents on behalf of the Lenders, but the Collateral Agent shall not be obligated to take any action under the Security Documents except that (a) the Collateral Agent shall perform such duties as are specifically set forth herein including the taking of action during an Event of Default as set forth in Section 4.2 below to the extent required thereby, and (b) the Collateral Agent shall take such action as may be reasonably requested from time to time in writing pursuant to this Agreement as long as the requested action is not prohibited by this Agreement or by any of the Security Documents, does not conflict with applicable law, and the Collateral Agent is indemnified, to its satisfaction, by the Lenders.
Preservation and Maintenance of Collateral. Grantor (i) shall keep the Collateral in safe and good repair and condition; (ii) shall not commit waste of the Collateral, and (iii) shall, at its sole cost and expense, maintain insurance of the types and amounts customary relating to the Collateral. Notwithstanding the foregoing, Beneficiary is responsible for the foregoing matters to the extent provided in the Property Management Agreement while that agreement is in effect.
