Common use of Protection of Equipment Clause in Contracts

Protection of Equipment. The Borrower agrees to take all reasonable precautions, as directed by the Lender, or in the absence of such directions, in accordance with sound practices and procedures, to safeguard and protect the above referenced equipment, as well as each and every one of the Lender’s interests therein, for as long as said equipment is in the custody and possession of the Borrower and for as long as this agreement is in force and effect. The borrower further agrees to return said equipment to lender in substantially the same condition as at the time of the Borrower’s taking possession, reasonable wear and tear to the equipment being excepted. Borrower further agrees to obtain and maintain adequate insurance on the equipment to enable the replacement of the equipment in the event of loss or destruction.

Protection of Equipment. The Borrower agrees to take all reasonable precautions, as directed by the Lender, or in the absence of such directions, in accordance with sound practices and procedures, to safeguard and protect the above referenced equipment, as well as each and every one of the Lender’s interests therein, for as long as said equipment is in the custody and possession of the Borrower and for as long as this agreement is in force and effect. The borrower further agrees to return said equipment to lender in substantially the same condition as at the time of the Borrower’s taking possession, reasonable wear and tear to the equipment being excepted. Borrower further agrees to obtain and maintain adequate insurance on the equipment to enable the replacement of the equipment in the event of loss or destruction.