Preservation of Corporate Existence and Franchises. Subject to Sections 8.10 and 13.03 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (b) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of Restricted Subsidiaries if (i) the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole, and (ii) the loss thereof could not reasonably be expected to have a Material Adverse Effect.
Preservation of Corporate Existence and Franchises. Subject to Section 8 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and (b) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries if (i) the Board shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole and (ii) the loss thereof is not reasonably likely to result in a Material Adverse Effect.
Preservation of Corporate Existence and Franchises. The Mortgagor will, so long as any of the Notes are outstanding, take or cause to be taken all such action as from time to time may be necessary to preserve its corporate existence and to preserve and renew all franchises, rights of way, easements, permits, and licenses now or hereafter to be granted or upon it conferred, and will comply with all valid laws, ordinances, regulations and requirements applicable to it or its property.
Preservation of Corporate Existence and Franchises. Compliance with Laws; Limitations on Mergers, Transfers and Purchases: The Mortgagor will at all times, so long as any of the Notes shall be outstanding, take or cause to be taken all such action as from time to time may be necessary to preserve its corporate existence and to preserve and renew all franchises, rights of way, easements, permits and licenses necessary to the conduct of its business, and will materially comply with all valid laws, ordinances, regulations and requirements applicable to it or its property.
Preservation of Corporate Existence and Franchises. The ------------------------------------------------------- Borrower shall preserve and keep in full force and effect its corporate existence and all franchises, rights and privileges necessary to the proper conduct of its business, including, without limitation, all necessary franchises, patents, licenses, trademarks, trademark rights, trade name rights, fictitious name authorizations or certificates and copyrights without any unlawful conflict with such franchises, patents, licenses, trademarks, trademark rights, fictitious name authorizations or certificates and copyrights of others.
Preservation of Corporate Existence and Franchises. Each Obligor shall preserve and keep in full force and effect its corporate existence and all franchises, rights and privileges necessary to the proper conduct of its business, including, without limitation, all necessary franchises, patents, licenses, trademarks, trademark rights, trade name rights, fictitious name authorizations or certificates and copyrights without any unlawful conflict with such franchises, patents, licenses, trademarks, trademark rights, fictitious name authorizations or certificates and copyrights of others.
Preservation of Corporate Existence and Franchises. Compliance with Laws; Limitations on Mergers and Transfers of Capital Assets 11
Preservation of Corporate Existence and Franchises. COMPLIANCE WITH LAWS: LIMITATIONS ON MERGERS AND TRANSFERS OF CAPITAL ASSETS:
(a) The Mortgagor will, so long as any of the Notes are outstanding, take or cause to be taken all such action as from time to time may be necessary to preserve its corporate existence and to preserve and renew all franchises, rights of way, easements, permits, and licenses not or hereafter to be granted or upon it conferred, and will comply with all valid laws, ordinances, regulations, and requirements applicable to it or its property.
(b) The Mortgagor will not consolidate with or merge or sell all or substantially all of the business or assets of the Mortgagor unless such consolidation, merger or sale of all or substantially all of the assets of the Mortgagor is either approved by the Mortgagee or the successor corporation assumes the due and punctual payments of the Notes and the due and punctual performance of the covenants contained in this Mortgage. In the event of any consolidation or merger or sale or all or substantially all of the assets of the Mortgagor, and provided a supplement to this Mortgage is executed specifying that no Additional Notes may be issued hereunder and that no further advances may be made on any outstanding Notes, the Lien of this Mortgage shall not extend to property of the successor entity or any property thereafter acquired by the successor entity subsequent to such merger except for property then subject to the Lien of this Mortgage and extensions, improvements, substitutions and alterations to, upon, or of such property.
(c) The Mortgagor will not sell, lease or transfer (or make any agreement therefor) any capital asset, unless the fair market value of such asset is less than $50,000 and the aggregate value of assets so sold, leased or transferred in any 12-month period is less than $200,000 and the proceeds of such sale, lease or transfer, less ordinary and reasonable expenses incident to such transaction, are immediately (i) applied as a prepayment of the Notes, to such installments thereof as may be designated by the Noteholder at the time of any such prepayment, (ii) in the case of dispositions of equipment, materials or scrap, applied to the purchase of other property useful in the Mortgagor's business, not necessarily of the same kind as the property disposed of, which shall forthwith become subject to the Lien of the Mortgage, (iii) set aside as a deposit in the construction fund contemplated by Account Number 132.1 of the Uniform Syste...
Preservation of Corporate Existence and Franchises. Subject to Section 8 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, if any, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and (b) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries if the loss thereof would not result in a Material Adverse Effect.
Preservation of Corporate Existence and Franchises. The Borrower shall preserve and keep in full force and effect its corporate existence and all franchises, rights and privileges necessary to the proper conduct of its business, including, without limitation, all necessary franchises, patents, licenses, trademarks, trademark rights, trade names, trade name rights, service marks, service xxxx rights, fictitious name authorizations or certificates and copyrights without any unlawful conflict with such franchises, patents, licenses, trademarks, trademark rights, trade names, trade name rights, service marks, service xxxx rights, fictitious name authorizations or certificates and copyrights of others. The Borrower shall promptly notify the Bank of the use of any of the foregoing.
