Installation of Additional Equipment. Subject to the provisions of Section 5.4 of this Agreement, the Borrower from time to time may, at Borrower's own expense, install additional machinery, equipment or other personal property in the Project (which may be attached or affixed to the Security Property), and such machinery, equipment or other personal property shall not become, or be deemed to become, a part of the Security Property. The Borrower shall keep appropriate records of all of such machinery, equipment or other personal property installed as Security Property sufficient to identify the same. The Borrower from time to time may remove or permit the removal of such machinery, equipment and other personal property from the Security Property and may create or permit to be created any Lien on such machinery, equipment or other personal property; provided that any such removal of such machinery, equipment or other personal property shall not adversely affect the structural integrity of the Security Property or impair the overall operating efficiency of the Security Property for the purposes for which it is intended and provided further that if any damage is occasioned to the Security Property by such removal, the Borrower agrees to promptly repair such damage at its own expense.
Appears in 1 contract
Sources: Loan Agreement (Excelsior Henderson Motorcycle Manufacturing Co)
Installation of Additional Equipment. Subject to the provisions of Section 5.4 of this Agreement, the Borrower from time to time may, at Borrower's own expense, install additional machinery, equipment or other personal property in the Project (which may be attached or affixed to the Security Property), and such machinery, equipment or other personal property shall not become, or be deemed to become, a part of the Security Property. The Borrower shall keep appropriate records of all of such machinery, equipment or other personal property installed as constitutingthe Security Property sufficient to identify the same. The Borrower from time to time may remove or permit the removal of such machinery, equipment and other personal property from constituting the Security Property and may create or permit to be created any Lien on such machinery, equipment or other personal property; provided that any such removal of such machinery, equipment or other personal property shall not adversely affect the structural integrity of the Security Property or impair the overall operating efficiency of the Security Property for the purposes for which it is intended and provided further that if any damage is occasioned to the Security Property by such removal, the Borrower agrees to promptly repair such damage at its own expense.
Appears in 1 contract
Sources: Loan Agreement (Sparta Foods Inc)