2008-11-01 - Laserfiche WebLink

Home Browse Search

® other tangible personal property which is part of the Premises hereunder. In any instance where the Company in its sound discretion determines that any such items of leased machinery,equipment or other tangible personal propertyhave become inadequate,obsolete,worn-out,unsuitable,undesirable or unnecessary,the Company may remove such items from the Premises and(on behalf ofthe Issuer) sell, trade-in, exchange or otherwise dispose of them (as a whole or in part) without any responsibility or accountability to the Issuer therefor, provided that the Company may substitute (either by direct payment of the costs thereof or by advancing to the Issuer the funds necessary therefor) and install anywhere on or in the Premises other machinery, equipment or other tangible personal property having equal or greater utility(but not necessarily having the same function) in the operation of the Project as a modern industrial facility(provided such removal and substitution shall not impair the operating unityof the remaining property),all of which substituted property shall be free of all liens and encumbrances (other than Permitted Encumbrances)but shall be owned by the Issuer and become a part of the Premises hereunder. The removal from the Premises of any portion of the leased machinery, equipment or other tangible personal property shall not entitle the Company to any abatement or diminution of the rents payable under Section 5.3 hereof. (c) The Company shall keep the Premises insured against fire and other risks as are customarily insured against by the Company in its other businesses of like size and type,by reputable insurance companies or,at the Company's election,partially or wholly by means of an adequate self- insurance program or in conjunction with other companies through an insurance fund,trust or other agreement. Each policy of insurance shall name the Issuer and the Company as insureds as their respective interests may appear. All proceeds of such insurance shall be for the account of the • Company or its designee. Section 6.7. Recordation and Filing. The Company covenants that it will cause the Indenture and this Lease Agreement, such security agreements, financing statements and all supplements thereto and other instruments as may be required from time to time to be kept, to be recorded and filed in such manner and in such places as may be required by law in order to fully preserve and protect the security of the holders and owners of the Bonds and the rights of Trustee under such instruments, and to perfect the security interest created by the Indenture. Section 6.8. Hazardous Substances; Compliance with Environmental Laws. (a) Except in material compliance with all Environmental Laws,the Company shall not acquire,use,generate, manufacture,produce, store,release,discharge,dispose of, or arrange for the disposal of on,under or about the Premises or transport to or from the Premises any Hazardous Substance or allow any other person or entity to do so. (b) The Company shall keep and maintain the Premises in material compliance with,and shall not cause or permit the Premises to be in material violation of, any Environmental Law. (c) The Company shall give prompt written notice to the Issuer of: • 17