OPERATING COVENANTS OF OWNER Clause Samples

The "Operating Covenants of Owner" clause sets out the obligations and standards the property owner must follow in managing and operating the property. Typically, this includes requirements to maintain the property in good condition, comply with applicable laws, and avoid actions that could negatively impact the property's value or use. For example, the owner may be required to perform regular maintenance, carry adequate insurance, and refrain from making unauthorized alterations. The core function of this clause is to ensure the property is properly managed and preserved, thereby protecting the interests of other parties such as tenants or lenders.
OPERATING COVENANTS OF OWNER. 44 SECTION 7.01. Liens...............................................44 SECTION 7.02. Registration, Maintenance and Operation; Possession and Leases; Insignia..............45 SECTION 7.03. Replacement and Pooling of Parts; Alterations, Modifications and Additions................................51 SECTION 7.04. Insurance...........................................54 SECTION 7.05. Inspection..........................................60 SECTION 7.06. Filings; Delivery of Financial Statements...........61 SECTION 7.07. Termination as to Engines; Replacement..............62 SECTION 7.08. No Set-Off, Counterclaim, etc.......................62 ARTICLE VIII
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OPERATING COVENANTS OF OWNER. 43 SECTION 7.01. Liens . . . . . . . . . . . . . . . . . . . 43 SECTION 7.02. Registration, Maintenance and Operation; Possession and Leases; Insignia . . . . . . 43
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OPERATING COVENANTS OF OWNER. 44 SECTION 7.01. Liens.....................................44 SECTION 7.02. Registration, Maintenance and Operation; Possession and Leases; Insignia........45
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Related to OPERATING COVENANTS OF OWNER

  • Covenants of Owner Owner covenants and agrees, at its own cost and expense, with Note Holder and Mortgagee as follows:

  • Operating Covenants From the Execution Date until the Closing or, if earlier, the termination of this Agreement as contemplated hereby, except (t) as required by this Agreement or any other Transaction Document, (u) as required by any lease, Contract, or instrument listed on any Annex, Disclosure Schedule or Schedule, as applicable, (v) as required by any Applicable Law or any Governmental Authority (including by order or directive of the Bankruptcy Court or fiduciary duty of the board of managers of any Seller or its Affiliates) or any requirements or limitations resulting from the Bankruptcy Cases, (w) to the extent related solely to Excluded Assets and/or Excluded Liabilities, (x) for renewal of expiring insurance coverage in the Ordinary Course of Business, (y) for emergency operations or (z) as otherwise consented to in writing by Buyer (which consent shall not be unreasonably withheld, conditioned or delayed): (a) Sellers will: (i) subject to any Bankruptcy Court order to the contrary, operate the Assets in the Ordinary Course of Business; (ii) maintain or cause its Affiliates to maintain the books of account and records relating to the Assets in the usual, regular and ordinary manner, in accordance with its usual accounting practices; (iii) give written notice to Buyer as soon as is practicable of any material damage or casualty to or destruction or condemnation of any Asset of which Sellers have Knowledge; (iv) use reasonable best efforts to maintain insurance coverage on the Assets in the amounts and types described on Disclosure Schedule 3.10; and (v) use commercially reasonable efforts to maintain or cause its Affiliates to maintain all Permits (including Environmental Permits) required for the operation of the Assets as presently conducted; and (b) no Seller shall: (i) sell, lease or otherwise transfer any Asset, or otherwise voluntarily divest or relinquish any right or asset, other than (A) sales or other dispositions of materials, supplies, machinery, equipment, improvements or other personal property or fixtures in the Ordinary Course of Business which have been replaced with an item of substantially equal suitability and (B) dispositions of Excluded Assets; (ii) enter into any material Contract that if entered into prior to the Execution Date would be required to be listed in Disclosure Schedule 3.05(a) other than (A) Contracts of the type described in Section 3.05(a)(iii) and Section 3.05(a)(viii) entered into in the Ordinary Course of Business (provided that Sellers shall use commercially reasonable efforts to notify Buyer of the terms of any such Contract prior to the execution thereof), (B) confidentiality agreements entered into in accordance with the Bid Procedures Order, (C) contracts or agreements entered into in connection with the Bankruptcy Cases (including any in connection with an Alternative Transaction) and (D) Contracts that would not adversely affect the Assets in any material respect; (iii) amend or modify in any material respect or terminate any Purchased Contract (other than termination or expiration in accordance with its terms) or any Permits (including Environmental Permits) required for the operation of the Assets as presently conducted; (iv) change the methods of accounting or accounting practice by Sellers, except as required by concurrent changes in Applicable Law or GAAP as agreed to by its independent public accountants; or (v) to the extent any of the following would reasonably have the effect of increasing the Non-Income Tax liability of Buyer for any period after the Closing Date, (A) make any settlement of or compromise any Non-Income Tax liability with respect to the Assets, (B) change any Non-Income Tax election or Non-Income Tax method of accounting or make any new Non-Income Tax election or adopt any new Non-Income Tax method of accounting with respect to the Assets; (C) surrender any right to claim a refund of Non-Income Taxes with respect to the Assets; or (D) consent to any extension or waiver of the limitation period applicable to any Non-Income Tax claim or assessment with respect to the Assets.

  • COVENANTS OF LESSEE Lessee hereby covenants and agrees with Lessor as follows:

  • Covenants of Seller Seller covenants and agrees with Buyer as follows:

  • COVENANTS OF ICANN ICANN covenants and agrees with Registry Operator as follows: