Common use of Existence; Maintenance of Properties Clause in Contracts

Existence; Maintenance of Properties. (a) The Loan Parties will preserve and keep in full force and effect their legal existence in the jurisdiction of its incorporation or formation except where failure to do so would not be reasonably likely to have a Material Adverse Effect. The Borrowers will preserve and keep in full force and effect all of their rights (charter and statutory) and franchises necessary or desirable in the normal conduct of their respective businesses, except where failure to do so would not be reasonably likely to have a Material Adverse Effect (it being understood that the foregoing shall not prohibit, or be violated as a result of, any addition or removal of an Unencumbered Asset permitted under §5 hereof or any transactions by or involving any Loan Party otherwise permitted under §8 hereof). (b) Each Borrower (i) will operate the Unencumbered Assets in a good and workmanlike manner and in all material respects in accordance with all Legal Requirements in accordance with such Borrower’s or Subsidiary’s prudent business judgment, (ii) will cause all of the Unencumbered Assets to be maintained and kept in good condition, repair and working order (ordinary wear and tear and casualty excepted) and supplied with all necessary equipment, and (iii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements of such Unencumbered Asset, in each case under (i), (ii), or (iii) above in which the failure to do so would have a Material Adverse Effect.

Existence; Maintenance of Properties. (a) The Loan Parties will preserve and keep in full force and effect their legal existence in the jurisdiction of its incorporation or formation except where failure to do so would not be reasonably likely to have a Material Adverse Effect. The Borrowers Borrower and the Subsidiary Guarantors will preserve and keep in full force and effect all of their rights (charter and statutory) and franchises necessary or desirable in the normal conduct of their respective businesses, except where failure to do so would not be reasonably likely to have a Material Adverse Effect (it being understood that the foregoing shall not prohibit, or be violated as a result of, any addition or removal of an Unencumbered Asset permitted under §5 hereof or any transactions by or involving any Loan Party otherwise permitted under §8 hereof). (b) Each Borrower and the Subsidiary Guarantors (i) will operate the Unencumbered Assets in a good and workmanlike manner and in all material respects in accordance with all Legal Requirements in accordance with such Borrower’s or SubsidiaryPerson’s prudent business judgment, (ii) will cause all of the Unencumbered Assets to be maintained and kept in good condition, repair and working order (ordinary wear and tear and casualty excepted) and supplied with all necessary equipment, and (iii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements of such Unencumbered Asset, in each case under (i), (ii), or (iii) above in which the failure to do so would have a Material Adverse Effect.