Common use of Special Covenants With Respect to Equipment and Inventory Clause in Contracts

Special Covenants With Respect to Equipment and Inventory. Each Grantor shall: (a) keep the Equipment and Inventory owned by such Grantor at the places therefor specified on Schedule 4(b), or upon 30 days' prior written notice to Secured Party, at such other places in jurisdictions where all action that may be necessary or desirable, or that Secured Party may request, in order to perfect and protect any security interest granted or purported to be granted hereby, or to enable Secured Party to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory shall have been taken; (b) except as otherwise permitted by Section 6.6 of the Credit Agreement, cause the Equipment owned by such Grantor 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 such Grantor's past practices, and shall forthwith make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Each Grantor shall promptly furnish to Secured Party a statement respecting any material loss or damage to the Equipment owned by such Grantor, but only to the extent that such loss or damage is material to the Equipment owned by Company and its Subsidiaries, taken as a whole; (c) keep correct and accurate records of Inventory owned by such Grantor, itemizing and describing the kind, type and quantity of such Inventory, and such Grantor's cost therefor; (d) if any Inventory is in the possession or control of any of such Grantor's agents or processors, within 30 days of the Closing Date (with respect to existing agents or processors) and promptly after any such Inventory comes into the possession or control of such Grantor's agents or processors (with respect to future agents or processors), instruct such agent or processor to hold all such Inventory for the account of Secured Party and subject to the instructions of Secured Party, and use commercially reasonable efforts, but at no out-of-pocket cost to such Grantor, to obtain waivers or bailee letters in form and substance reasonably satisfactory to Collateral Agent from all public warehouses in which Inventory is maintained and all such agents or processors; and (e) each Grantor shall, at its own expense, maintain insurance with respect to the Equipment and Inventory in accordance with the terms of the Credit Agreement.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Levi Strauss & Co), Pledge and Security Agreement (Levi Strauss & Co)

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Special Covenants With Respect to Equipment and Inventory. Each Grantor shallshall with respect to Collateral owned by it: (a) keep the Equipment and Inventory owned by such Grantor at the places therefor specified on Schedule 4(b)II annexed hereto or, or upon 30 days' prior written notice to the Secured Party, at such other places in jurisdictions where all action that may be necessary or desirable, or that the Secured Party may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby, or to enable the Secured Party to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory shall have been taken; (b) except as otherwise permitted by Section 6.6 of the Credit Agreement, cause the Equipment owned by such Grantor to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear exceptedexcepted and subject to replacement as Grantor may reasonably determine to be advisable, and in accordance with such Grantor's past practices, and shall forthwith make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such ANNEX E-11 53 end. Each Grantor , and shall promptly furnish to the Secured Party a statement respecting any material loss or damage to any material item of the Equipment owned by such Grantor, but only to the extent that such loss or damage is material to the Equipment owned by Company and its Subsidiaries, taken as a wholeEquipment; (c) keep correct and accurate records of Inventory owned by such Grantor, itemizing and describing the kind, type and quantity of such Inventory, and such Grantor's cost therefor;; and (d) if any Inventory is in the possession or control of any of such Grantor's agents or processors, within 30 days processors and upon the occurrence and during the continuance of the Closing Date (with respect to existing agents or processors) and promptly after any such Inventory comes into the possession or control an Event of such Grantor's agents or processors (with respect to future agents or processors)Default, instruct such agent or processor to hold all such Inventory for the account of the Secured Party and subject to the instructions of the Secured Party, and use commercially reasonable efforts, but at no out-of-pocket cost to such Grantor, to obtain waivers or bailee letters in form and substance reasonably satisfactory to Collateral Agent from all public warehouses in which Inventory is maintained and all such agents or processors; and (e) each Grantor shall, at its own expense, maintain insurance with respect to Party during the Equipment and Inventory in accordance with the terms continuance of the Credit Agreementan Event of Default.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Wyndham Hotel Corp)

Special Covenants With Respect to Equipment and Inventory. Each Grantor shall: (a) keep the Equipment and Inventory owned by such Grantor at the places therefor specified on Schedule 4(b)I annexed hereto or, or upon 30 days' prior written notice to Secured Party, at such other places in jurisdictions where all action that may be necessary or desirable, or that Secured Party may request, in order to perfect and protect any security interest granted or purported to be granted hereby, or to enable Secured Party to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory shall have been taken; (b) except as otherwise permitted by Section 6.6 of the Credit Agreement, cause the Equipment owned by such Grantor 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 such Grantor's past practicesmerchantable quality, and shall forthwith forthwith, or, in the case of any loss or damage to any of the Equipment when subsection (c) of Section 8 is not applicable, as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Each Grantor shall promptly furnish to Secured Party a statement respecting any material loss or damage to any of the Equipment owned by such Grantor, but only to the extent that such loss or damage is material to the Equipment owned by Company and its Subsidiaries, taken as a wholeEquipment; (c) keep correct and accurate records of Inventory owned by such Grantorthe Inventory, itemizing and describing the kind, type and quantity of such Inventory, and such Grantor's cost therefortherefor and (where applicable) the current list prices for the Inventory; (d) upon the occurrence of an Event of Default, if any Inventory is in the possession or control of any of such Grantor's agents or processors, within 30 days of the Closing Date (with respect to existing agents or processors) and promptly after any such Inventory comes into the possession or control of such Grantor's agents or processors (with respect to future agents or processors), instruct such agent or processor to hold all such Inventory for the account of Secured Party and subject to the instructions of Secured Party, and use commercially reasonable efforts, but at no out-of-pocket cost to such Grantor, to obtain waivers or bailee letters in form and substance reasonably satisfactory to Collateral Agent from all public warehouses in which Inventory is maintained and all such agents or processors; and (e) each promptly upon the issuance and delivery to Grantor shallof any Negotiable Document of Title, at its own expense, maintain insurance with respect deliver such Negotiable Document of Title to the Equipment and Inventory in accordance with the terms of the Credit AgreementSecured Party.

Appears in 1 contract

Samples: Borrower Security Agreement (American Homepatient Inc)

Special Covenants With Respect to Equipment and Inventory. Each Grantor shall: (a) keep the Equipment and Inventory owned by such Grantor at the places therefor specified on Schedule 4(b)IV annexed hereto or, or upon 30 days' prior written notice to Secured Party, at such other places in jurisdictions where all action that may be necessary or desirable, or that Secured Party may request, in order to perfect and protect any security interest granted or purported to be granted hereby, or to enable Secured Party to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory shall have been taken; (b) except as otherwise permitted by Section 6.6 of the Credit Agreement, cause the Equipment owned by such Grantor 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 such Grantor's past practices, and shall forthwith make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Each Grantor shall promptly furnish to Secured Party a statement respecting any material loss or material damage to any of the Equipment owned by such Grantor, but only to the extent that such loss or damage is material to the Equipment owned by Company and its Subsidiaries, taken as a wholein excess of $20,000; (c) keep correct and accurate records of Inventory owned by such Grantorthe Inventory, itemizing and describing the kind, type and quantity of such Inventory, and such Grantor's cost therefortherefor and (where applicable) the current list prices for the Inventory; (d) if any Inventory is in the possession or control of any of such Grantor's agents or processors, within 30 days if the aggregate book value of the Closing Date (with respect to existing agents or processors) and promptly after any all such Inventory comes into exceeds $20,000, and in any event upon the possession occurrence of a default or control an event of such Grantor's agents or processors default under the Note (with respect to future agents or processorsan "Event of Default" for purposes of this Agreement), instruct such agent or processor to hold all such Inventory for the account of Secured Party and subject to the instructions of Secured Party, and use commercially reasonable efforts, but at no out-of-pocket cost to such Grantor, to obtain waivers or bailee letters in form and substance reasonably satisfactory to Collateral Agent from all public warehouses in which Inventory is maintained and all such agents or processors; and (e) each promptly upon the issuance and delivery to such Grantor shallof any Negotiable Document of Title, at its own expense, maintain insurance with respect deliver such Negotiable Document of Title to the Equipment and Inventory in accordance with the terms of the Credit AgreementSecured Party.

Appears in 1 contract

Samples: Security Agreement (Americom Usa Inc)

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Special Covenants With Respect to Equipment and Inventory. Each Grantor shall: (a) keep the Equipment and Inventory owned by such Grantor at the places therefor specified on Schedule 4(b), or upon 30 days' prior written notice to Secured Party, at such other places in jurisdictions where all action that may be necessary or desirable, or that Secured Party may request, in order to perfect and protect any security interest granted or purported to be granted hereby, or to enable Secured Party to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory shall have been taken; (b) except as otherwise permitted by Section 6.6 of the Credit Agreement, cause the Equipment owned by such Grantor 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 such Grantor's past practices, and shall forthwith make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Each Grantor shall promptly furnish to Secured Party a statement respecting any material loss or damage to the Equipment owned by such Grantor, but only to the extent that such loss or damage is material to the Equipment owned by Company and its Subsidiaries, taken as a whole; (c) keep correct and accurate records of Inventory owned by such Grantor, itemizing and describing the kind, type and quantity of such Inventory, and such Grantor's cost therefor; (d) if any Inventory is in the possession or control of any of such Grantor's agents or processors, within 30 days of the Closing Date (with respect to existing agents or processors) and promptly after any such Inventory comes into the possession or control of such Grantor's agents or processors (with respect to future agents or processors), instruct such agent or processor to hold all such Inventory for the account of Secured Party and subject to the instructions of Secured Party, and use commercially reasonable efforts, but at no out-of-pocket cost to such Grantor, to obtain waivers or bailee letters in form and substance reasonably satisfactory to Collateral Agent from all public warehouses in which Inventory is maintained and all such agents or processors; and (e) each Grantor shall, at its own expense, maintain insurance with respect to the Equipment and Inventory in accordance with the terms of the Credit Agreement.

Appears in 1 contract

Samples: Pledge and Security Agreement (Levi Strauss & Co)

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