Special Provisions Concerning Inventory and Equipment Sample Clauses

Special Provisions Concerning Inventory and Equipment. (a) The ----------------------------------------------------- Debtor will at all times keep all of its Inventory and Equipment, if any, insured at the expense of the Debtor, to the Bank's satisfaction, against fire, theft, and all other risks to which such Inventory and Equipment may be subject; all policies or certificates with respect to such insurance shall be endorsed to the Bank's reasonable satisfaction for the benefit of the Bank to the extent of its interest therein (including, without limitation, by naming the Bank as loss payee), provided that the Debtor may be the loss payee for all payments under said insurance with respect to any casualty involving a loss of less than $50,000, and evidence of such insurance satisfactory to the Bank shall be deposited with the Bank. If the Debtor shall fail to insure its Inventory and Equipment to the Bank's reasonable satisfaction, or if the Debtor shall fail to so endorse and deposit all policies or certificates with respect thereto in accordance herewith, the Bank shall have the right (but shall be under no obligation) to procure such insurance and the Debtor agrees to reimburse the Bank for all costs and expenses of procuring such insurance. The Bank may apply any proceeds of such insurance with respect to the Inventory and Equipment, when received by it, toward the payment of any of the Obligations owing by the Debtor, whether or not the same shall then be due; provided, -------- however, that so long as no Event of Default or material Default shall have ------- occurred and be continuing when the Bank receives such proceeds, the Bank shall forward any such proceeds received by it to the Debtor, at the Debtor's request, for application to the cost of repairing or replacing the items of Inventory or Equipment in respect of which such proceeds were paid. The Debtor shall give immediate written notice to the insurers (and in the case of a loss or damage involving more than $25,000, to the Bank) of any loss or damage to the Collateral or any part thereof and shall promptly file all necessary or appropriate proofs of loss with the insurers. The Debtor hereby appoints the Bank the attorney-in-fact for the Debtor in obtaining, adjusting and cancelling any such insurance and endorsing settlement drafts.
Sample 1Sample 2
AutoNDA by SimpleDocs
Special Provisions Concerning Inventory and Equipment. 4.1. Maintenance of Insurance; Protection of Security Interest.12 4.2. Location of Inventory and Equipment.......................12 4.3.
Sample 1
Special Provisions Concerning Inventory and Equipment. (a) The Debtor will at all times keep all of the Inventory and Equipment insured at its expense, to the Creditor’s satisfaction, against fire, theft, and all other risks to which the Inventory and Equipment may be subject; all policies or certificates with respect to such insurance shall be endorsed to the Creditor’s satisfaction for the benefit of the Creditor, including by naming the Creditor as loss payee or additional insured, and evidence of such insurance satisfactory to the Creditor shall be deposited with Creditor. If the Debtor shall fail to insure the Inventory and Equipment to the Creditor’s satisfaction, or if the Debtor shall fail so to endorse and deposit all policies or certificates with respect thereto in accordance herewith, the Creditor shall have the right (but shall be under no obligation) to procure such insurance and the Debtor agrees to reimburse the Creditor for all costs and expenses of procuring such insurance that it failed to procure. The Creditor may apply any proceeds of such insurance with respect to the Inventory and Equipment, when received by it, toward the payment of any of the Obligations, whether or not the same shall then be due. The Debtor shall give immediate written notice to the insurers and to the Creditor of any loss or damage to the Collateral or any part thereof and shall promptly file all necessary or appropriate proofs of loss with the insurers. The Debtor hereby appoints the Creditor the attorney-in-fact for the Debtor in obtaining, adjusting and canceling any such insurance and endorsing settlement drafts.
Sample 1Sample 2
Special Provisions Concerning Inventory and Equipment. (a) Each Debtor will at all times keep all of the Inventory and Equipment insured at its expense, to the Secured Party's satisfaction, against fire, theft, and all other risks to which the Inventory and Equipment may be subject; all policies or certificates with respect to such insurance shall be endorsed to the Secured Party's satisfaction for the benefit of the Secured Party, including, without limitation, by naming the Secured Party as loss payee, and evidence of such insurance satisfactory to the Secured Party shall be deposited with the Secured Party. If any Debtor shall fail to insure the Inventory and Equipment to the Secured Party's satisfaction, or if any Debtor shall fail so to endorse and deposit all policies or certificates with respect thereto in accordance herewith, the Secured Party shall have the right (but shall be under no obligation) to procure such insurance and each Debtor agrees to reimburse the Secured Party for all costs and expenses of procuring such insurance that it failed to procure. The Secured Party may, after consultation with the relevant Debtor, apply any proceeds of such insurance with respect to the Inventory and Equipment, when received by it, toward the payment of any of the Obligations, whether or not the same shall then be due. Each Debtor shall give immediate written notice to the insurers and to the Secured Party of any loss or damage to the Collateral or any part thereof and shall promptly file all necessary or appropriate proofs of loss with the insurers. Each Debtor hereby appoints the Secured Party the attorney-in-fact for such Debtor in obtaining, adjusting and cancelling any such insurance and endorsing settlement drafts.
Sample 1
Special Provisions Concerning Inventory and Equipment. ... 15 SECTION 4.1. Maintenance of Insurance; Protection of Security Interest . 15 SECTION 4.2. Location of Inventory and Equipment ....................... 15 SECTION 4.3. Inventory Records ......................................... 15 ARTICLE V SPECIAL PROVISIONS CONCERNING RECEIVABLES, CONTRACTS AND INSTRUMENTS ................... 15 SECTION 5.1. Additional Representations and Warranties ....................... 15 SECTION 5.2. Maintenance of Records; Legending of Records .................... 16 SECTION 5.3. Modification of Terms; No Payment to Grantor .................... 16 SECTION 5.4. Collection ...................................................... 16 SECTION 5.5. Instruments ..................................................... 17
Sample 1
Special Provisions Concerning Inventory and Equipment. (1) The transfer of all right, title and interest (including expectancy rights ("Anwartschaftsrechte") with respect to Inventory and Equipment located at any of the locations shown in ANNEX B hereto at the time of the signature of this Agreement, shall become effective upon the conclusion of this Agreement, whereas the transfer of all future Inventory and Equipment shall be effective at the time of the arrival of such Collateral at such location without any further action on the part of the parties or any other person. Insofar as expectancy rights under retention of title arrangements ("Eigentumsvorbehalt") are transferred to the Collateral Agent, the proprietary right will be acquired by the Collateral Agent directly from the third person at the time the retention of title arrangement terminates.
Sample 1
Special Provisions Concerning Inventory and Equipment 
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs

Related to Special Provisions Concerning Inventory and Equipment

  • Provisions Concerning All Collateral 13 6.1. Protection of Collateral Agent's Security......................................... 13 6.2. Warehouse Receipts Non-Negotiable................................................. 14 6.3.

  • Additional Provisions Concerning the Collateral (a) To the maximum extent permitted by applicable law, and for the purpose of taking any action that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, each Grantor hereby (i) authorizes the Collateral Agent to execute any such agreements, instruments or other documents in such Grantor’s name and to file such agreements, instruments or other documents in such Grantor’s name and in any appropriate filing office, (ii) authorizes the Collateral Agent at any time and from time to time to file, one or more financing or continuation statements, and amendments thereto, relating to the Collateral (including, without limitation, any such financing statements that (A) describe the Collateral as “all assets” or “all personal property” (or words of similar effect) or that describe or identify the Collateral by type or in any other manner as the Collateral Agent may determine regardless of whether any particular asset of such Grantor falls within the scope of Article 9 of the Code or whether any particular asset of such Grantor constitutes part of the Collateral, and (B) contain any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment, including, without limitation, whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor) and (iii) ratifies such authorization to the extent that the Collateral Agent has filed any such financing or continuation statements, or amendments thereto, prior to the date hereof. A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.

  • Certain Provisions Concerning Intellectual Property Collateral SECTION 6.1.

  • CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL SECTION 5.1. Pledge of Additional Securities Collateral 17

  • Provisions Concerning the Accounts and the Licenses (i) Each Grantor will (A) give the Collateral Agent at least 30 days’ prior written notice of any change in such Grantor’s name, identity or organizational structure, (B) maintain its jurisdiction of incorporation, organization or formation as set forth in Schedule I hereto, (C) immediately notify the Collateral Agent upon obtaining an organizational identification number, if on the date hereof such Grantor did not have such identification number, and (D) keep adequate records concerning the Collateral and permit representatives of the Collateral Agent during normal business hours on reasonable notice to such Grantor, to inspect and make abstracts from such records.

  • Additional Provisions Concerning the Pledged Collateral (a) The Pledgor hereby authorizes the Agent to file, without the signature of the Pledgor where permitted by law, one or more financing or continuation statements, and amendments thereto, relating to the Pledged Collateral.

  • Actions Concerning Mortgage Loans To the knowledge of the Seller, there are no actions, suits or proceedings before any court, administrative agency or arbitrator concerning any Mortgage Loan, Mortgagor or related Mortgaged Property that might adversely affect title to the Mortgaged Property or the validity or enforceability of the related Mortgage or that might materially and adversely affect the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended.

  • Provisions Concerning the Escrow Agent 10.1. This Escrow Agreement sets forth, exclusively, the duties of the Escrow Agent and no additional duties or obligations shall be inferred herefrom or implied hereby.

  • Actions Concerning Mortgage Loan As of the date of origination and to Seller’s knowledge as of the Cut-off Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Mortgage Loan documents or (f) the current principal use of the Mortgaged Property.

  • Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.

Time is Money Join Law Insider Premium to draft better contracts faster.