Use and Protection of Collateral Sample Clauses

Use and Protection of Collateral. The Collateral will be used for business purposes only and certain of the Collateral is of a type normally used in more than one state.
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Use and Protection of Collateral. A. The Borrower may use and sell other Collateral only in the ordinary course of business. B. The Borrower shall diligently and adequately protect and secure such Collateral. C. The Borrower shall maintain and preserve the Collateral and other physical assets in good order and condition and shall not impair the value of such Collateral or physical assets. D. The Borrower shall keep the Collateral free of taxes, liens or encumbrances and any sums which may be paid by Bank in its discretion, in release or discharge thereof shall be paid by Borrower to Bank upon demand. E. Collateral shall not be used illegally, improperly or for hire. F. The Borrower shall keep and maintain all of the Collateral only at all real property owned, leased, or occupied by Borrower in Florida, except that upon prior written notice to the Bank and with the Bank’s written consent, Collateral may be moved to other reasonable locations. G. The Borrower shall not use, manufacture, sell, or distribute any Collateral in violation of any statute, ordinance, or other governmental requirement. H. No Equipment shall become fixtures unless agreed in writing by Bank. I. The Borrower shall insure and keep insured, with good and responsible insurance companies, all insurable Property owned by it which is of a character usually insured by Persons similarly situated and operating like Properties against loss or damage from such hazards and risks (including flood insurance with respect to any improvements on real Property consisting of building or parking facilities in an area designated by a governmental body as having special flood hazards), and in such amounts, as are insured by Persons similarly situated and operating like Properties. The Borrower shall also maintain insurance with respect to the business of the Borrower and its subsidiaries, covering commercial general liability, statutory worker’s compensation and occupational disease, statutory structural work act liability, and business interruption and such other risks with good and responsible insurance companies, in such amounts and on such terms as the Bank shall reasonably request, but in any event as and to the extent usually insured by Persons similarly situated and conducting similar businesses. All such policies of insurance shall contain satisfactory lender’s loss payable endorsements, naming the Bank as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payee...
Sample 1
Use and Protection of Collateral. (a) Borrower may exhibit and sell Vehicles and may use and sell other Collateral in the ordinary course of business; (b) Borrower shall protect and secure such Vehicles and other Collateral; (b) Borrower shall maintain and preserve the Vehicles and other physical assets in good order and condition and shall not impair the value of such Vehicles or physical assets; (
Sample 1
Use and Protection of Collateral. (a) Borrower may exhibit and sell Vehicles and may use and sell other Collateral in the ordinary course of business solely at the address listed below, (b) Borrower shall protect and secure such Vehicles and other Collateral, (c) Borrower shall maintain and Preserve the Vehicles and other physical assets in good order and condition and shall not impair the value of such Vehicles or physical assets, (d) Borrower will keep the Vehicles and other Collateral free of taxes, liens or encumbrances, and any sums which may be paid by Lender, in its discretion, in release or discharge thereof shall be paid by Borrower to Lender upon demand, and (e) Vehicles and other Collateral shall not be used illegally, improperly or for hire.
Sample 1
Use and Protection of Collateral. (a) Dealer shall have possession of the Vehicles financed under this Agreement (or otherwise included in the Collateral) for the purpose of exhibition and sale in the ordinary course of business. All proceeds received by Dealer from the sale or other disposition of any Vehicle which is Collateral shall be deemed held by Dealer in trust for Bank until delivery of the proceeds is made to Bank. (b) Dealer will maintain in good condition the Vehicles financed under this Agreement and the Collateral, without waste, and free from encumbrance other than in favor of Bank and will not use Collateral or permit it to be removed from Dealer's above address (or such other address as may be set forth in any of the Security Documents) for any purpose without the prior written consent of Bank, and shall comply with all requirements for the maintenance, protection, use and removal of the Collateral and all other obligations set forth in the Security Documents. Notwithstanding the foregoing, Dealer may permit Vehicles, at any one time, to be temporarily removed from Dealer's address above for use as demonstration, service rental or loaner vehicles, for promotional display or for installation of accessories or other modifications; provided, however, that any Vehicle modifications shall not adversely affect the value of the Vehicle or Bank's security interest in the Vehicle. (c) Dealer shall at all times keep the Collateral free from all taxes, liens and encumbrances, except those in favor of Bank. Any sums of money that may be paid by Bank in release or discharge thereof, or for insurance coverage on the Collateral if Dealer fails to arrange for such coverage or otherwise, shall be an additional part of the Indebtedness secured hereunder and shall be paid on demand. Dealer shall not mortgage, pledge, grant or create any other security interest in the Collateral and shall not transfer or otherwise dispose of said Collateral out of the ordinary course of Dealer's business without the consent of Bank until the payment of the Indebtedness hereunder. Transactions in the ordinary course of business shall include trade-ins and replacements of furniture, fixtures and equipment used in the ordinary course of business. Any and all cash proceeds of any sale of Collateral shall be fully accounted for, and promptly paid to Bank, to be applied to the payment of the Indebtedness secured hereunder. Notwithstanding the foregoing, Dealer may create any such lien incident to any and all forms ...
Sample 1
Use and Protection of Collateral. The Collateral will be used for business purposes only.
Sample 1

Related to Use and Protection of Collateral

  • Protection of Collateral (a) The Issuer will (i) execute and deliver all such supplements and amendments to this Indenture and instruments of further assurance and other instruments, (ii) file or authorize and cause to be filed all such financing statements and amendments and continuations of such financing statements and (iii) take such other action, in each case necessary or advisable to: (A) maintain or preserve the Lien and security interest (and the priority of such security interest) of this Indenture or carry out more effectively the purposes of this Indenture; (B) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; (C) enforce any of the Collateral; or (D) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in the Collateral against the claims of all Persons. (b) The Issuer authorizes the Administrator and the Indenture Trustee to file any financing or continuation statements, and amendments to such statements, in all jurisdictions and with all filing offices as are necessary or advisable to preserve, maintain and protect the interest of the Indenture Trustee in the Collateral. Such financing and continuation statements may describe the Collateral in any manner as the Administrator or the Indenture Trustee may reasonably determine to ensure the perfection of the interest of the Indenture Trustee in the Collateral (including describing the Collateral as “all assets” of the Issuer). The Administrator or the Indenture Trustee, as applicable, will deliver to the Issuer file-stamped copies of, or filing receipts for, any such financing statement and continuation statement promptly upon such document becoming available following filing. (c) The Indenture Trustee is under no obligation (i) to make any determination of whether any such financing or continuation statements, and amendments to such statements, are required to be filed pursuant to this Section 3.5 or (ii) to file any such financing or continuation statements, or amendment to such statements, and will not be liable for failure to do so.

  • Possession and Use of Collateral Subject to the provisions of the Security Documents, the Issuer and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the creation or perfection of the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

  • Preservation of Collateral Following the occurrence of a Default or Event of Default, in addition to the rights and remedies set forth in Section 11.1 hereof, Agent: (a) may at any time take such steps as Agent deems necessary to protect Agent’s interest in and to preserve the Collateral, including the hiring of such security guards or the placing of other security protection measures as Agent may deem appropriate; (b) may employ and maintain at any of any Borrower’s premises a custodian who shall have full authority to do all acts necessary to protect Agent’s interests in the Collateral; (c) may lease warehouse facilities to which Agent may move all or part of the Collateral; (d) may use any Borrower’s owned or leased lifts, hoists, trucks and other facilities or equipment for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress to the places where the Collateral is located, and may proceed over and through any of Borrowers’ owned or leased property. Each Borrower shall cooperate fully with all of Agent’s efforts to preserve the Collateral and will take such actions to preserve the Collateral as Agent may direct. All of Agent’s expenses of preserving the Collateral, including any expenses relating to the bonding of a custodian, shall be charged to Borrowers’ Account as a Revolving Advance maintained as a Domestic Rate Loan and added to the Obligations.

  • SAFETY AND PROTECTION OF PROPERTY The Contractor shall at all times: A. Initiate, maintain and supervise all safety precautions and programs in connection with its services or performance of its operations under this contract. B. Take all reasonable precautions to prevent injury to employees, including County employees and all other persons affected by their operations. C. Take all reasonable precautions to prevent damage or loss to property of Orange County, or of other Contractors, consultants or agencies and shall be held responsible for replacing or repairing any such loss or damage. D. Comply with all ordinances, rules, regulations, standards and lawful orders from authority bearing on the safety of persons or property or their protection from damage, injury or loss. This includes but is not limited to: o Occupational Safety and Health Act (OSHA) o National Institute for Occupational Safety & Health (NIOSH) o National Fire Protection Association (NFPA) o American Society of Heating, Refrigeration & Air-Conditioning Engineers (ASHRAE) E. The Contractor shall also comply with the guidelines set forth in the Orange County Safety & Health Manual. The manual can be accessed online at the address listed below:

  • Preservation, Maintenance, and Protection of the Property Inspections. Borrower will not destroy, damage, or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower must maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless Lender determines pursuant to Section 5 that repair or restoration is not economically feasible, Borrower will promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid to Lender in connection with damage to, or the taking of, the Property, Borrower will be responsible for repairing or restoring the Property only if Xxxxxx has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower remains obligated to complete such repair or restoration. Lender may make reasonable entries upon and inspections of the Property. If Lender has reasonable cause, Xxxxxx may inspect the interior of the improvements on the Property. Lender will give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause.

  • Location of Collateral All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by Borrowers at the business locations set forth in Schedule 8.6.1, except that Borrowers may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.6; and (b) move Collateral to another location in the United States, upon 30 Business Days prior written notice to Agent.

  • Retention of Collateral In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason.

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Pledged Collateral pledged by the Pledgors shall be applied by the Secured Party as set forth in Section 7.06 of the Credit Agreement.

  • Inspection of Collateral Lender and Lender's designated representatives and agents shall have the right at all reasonable times to examine and inspect the Collateral wherever located.

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