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

Special Covenants With Respect to Equipment and Inventory. Grantor shall: (a) cause the Equipment to be maintained and preserved in merchantable quality, and shall 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. Grantor shall promptly furnish to Secured Party a statement respecting any material loss or damage to any of the Equipment; (b) keep correct and accurate records of the Inventory, itemizing and describing the kind, type and quantity of Inventory, Grantor's cost therefor and (where applicable) the current list prices for the Inventory; (c) upon the occurrence of an Event of Default, if any Inventory is in possession or control of any of Grantor's 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 (d) promptly upon the issuance and delivery to Grantor of any Negotiable Document of Title, deliver such Negotiable Document of Title to Secured Party.

Special Covenants With Respect to Equipment and Inventory. Grantor shall: (a) cause the Equipment to be maintained and preserved in merchantable quality, and shall 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. Grantor shall promptly furnish to Secured Party a statement respecting any material loss or damage to any of the Equipment; (b) keep correct and accurate records of the Inventory, itemizing and describing the kind, type and quantity of Inventory, Grantor's ’s cost therefor and (where applicable) the current list prices for the Inventory; (c) upon the occurrence of an Event of Default, if any Inventory is in possession or control of any of Grantor's ’s 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 (d) promptly upon the issuance and delivery to Grantor of any Negotiable Document of Title, deliver such Negotiable Document of Title to Secured Party.