Assumption of Equipment Leases. As of March 1, 1997, Lessee shall assume all of Lessor's obligations under the equipment leases attached hereto as COLLECTIVE EXHIBIT D which is incorporated herein by reference (the "Leased Equipment"). During the term of this Lease, Lessee shall have the right to use the Leased Equipment. Upon termination of this Lease, regardless of the cause of such termination, all rights associated with the lease of sound and light equipment (Pearson Leasing & Financial Corporation d/b/a Citizens National Leasing), including title to such equipment if the Lease and any purchase option has been paid in full, shall be the sole and exclusive property of Lessor. Lessee shall use its best faith efforts to facilitate and arrange for a reasonable sale of the video equipment currently leased by Pro Lease Funding Group, Inc. to Xxxxxxxx Farms, LLC. Lessee is not assuming any obligations under a lease between Xxx Xxxx Industries, Inc. and Xxxxxxxx Farms, LLC in connection with the Message Reader. Provided, however, Lessee shall have the right to use the Message Reader in accordance with the terms set forth in PARAGRAGH 11 hereof, and Lessor shall cause Xxxxxxxx Farms, LLC to make such Message Reader available to Lessee.
Assumption of Equipment Leases. Upon Closing, Buyer shall assume, perform, observe and fulfill the duties, liabilities and obligations of Sellers under the Equipment Leases described on Exhibit J, including the payment obligations incurred from and after the Effective Time thereunder but excluding any payment or other obligations due under or related to the Equipment Leases prior to the Effective Time.
Assumption of Equipment Leases. The Company shall also assume and acquire all interest in certain leases for equipment as provided in Section 15 of the Lease.
Assumption of Equipment Leases. If specified in a Service Agreement, County shall assign to Service Provider County’s obligations and any corresponding rights under the applicable leases for equipment used to provide the Services as described in the Services Agreement or County may sell equipment owned by it to Service Provider (the “Transferred Equipment”). Service Provider shall obtain consents to such assignments and releases of County’s liability under such leases as promptly as practicable. Any assignment of County’s interests in the Transferred Equipment is made “AS IS, WHERE IS,” WITHOUT WARRANTIES OF ANY KIND (EXCEPT AS EXPRESSLY STATED IN SUCH SERVICE AGREEMENT), AND SPECIFICALLY WITHOUT ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Notwithstanding the foregoing, Service Provider shall not have any obligation to purchase or assume any such equipment leases. Any assumption hereunder shall be governed by an applicable Service Agreement.
Assumption of Equipment Leases. Client hereby agrees as of the Effective Date to assume all of ICT's obligations arising on or after the Effective Date under the equipment leases identified in Schedule 1 hereto (the "Equipment Leases") for the equipment identified in Schedule 1 hereto (the "Equipment"). In furtherance thereof, Client and ICT agree to execute simultaneously with this Agreement an equipment assignment and assumption agreement for each of the equipment leases identified in Schedule 1 in the form of Exhibit B attached hereto and made part hereof. In addition to the warranties contained in the Equipment assignment and assumption agreement, with respect to the Equipment Leases, ICT further warrants and represents:
a. That Lessee is not in breach of any of the terms and conditions of said Lease and is current in the payment of all rent, additional rent, utilities and other payments due under the terms of said Lease.
b. That Lessee has not assigned any of its rights under the Lease to any third party.
c. That Lessee has full corporate power and authority to enter into this Assignment and to carry out its obligations hereunder, that the execution and delivery hereof have been duly authorized by the Board of Directors of Lessee and no other corporate proceedings on the part of Lessee are necessary to authorize this Assignment, and that the Assignment constitutes the valid and binding obligations of Lessee.
d. That the execution, delivery and performance of this Agreement by Lessee do not require the consent, waiver, approval, or authorization of any person or authority (other than the lessor of the Lease) and will not violate, result in a breach of or the acceleration of any obligation under or constitute a default under, any provision of any charter, by-law, indenture, mortgage, lien, lease, agreement, contract, instrument, order, judgment, decree, ordinance, or regulations or any restriction to which any property of Lessee is subject or by which Lessee is bound or affected.
e. That all equipment assigned hereunder is in good working order and that all documentation relating to such equipment will be provided to Assignee upon execution of this Agreement.
f. That it has inquired of all providers of Equipment and software operating on such Equipment, and has obtained assurances from such providers that the Equipment and software are year 2000 compliant.
Assumption of Equipment Leases. Buyer shall assume Seller's indebtedness on equipment leases in the amount of
Assumption of Equipment Leases. Buyer shall assume Seller's indebtedness on equipment leases in the amount of $ . Buyer's initial payment shall be the first payment due after closing. The ❑ cash payable at closing ❑ Buyer's note to Seller shall be adjusted by the amount of any variance in the Seller's indebtedness by an amount greater than $250.00. If the Lessor refuses to allow assumption of said indebtedness, Buyer may terminate this contract and the Xxxxxxx Money shall be refunded to Buyer.
Assumption of Equipment Leases. Seller is to assign to Purchaser, and Purchaser is to accept assignment of and assume the obligations under, the Equipment Leases. Seller and Purchaser must, on the Closing Date, execute agreements assigning and assuming the Equipment Leases from Seller to Purchaser. Those agreements must be substantially in the form of Exhibit E, unless otherwise agreed or waived by the Parties. Seller and Purchaser will cooperate and jointly be responsible, before or on the Closing Date, to obtain the lessor's consent (or estoppel certificate) concerning that assignment of the Equipment Leases. Purchaser assumes liability for all rents and other charges owing under the Equipment Leases after the Closing Date, and Purchaser must indemnify Seller for all such amounts owing under the Equipment Leases after the Closing Date. Seller indemnifies Purchaser for all amounts owed or owing under the Equipment Leases prior to or on the Closing Date. If Purchaser assumes the Equipment Leases instead of paying them off at Closing and Seller has continuing liability after the Closing Date under the Equipment Leases, then Purchaser must arrange an irrevocable letter of credit (or similar irrevocable financial device reasonably acceptable to Seller) to insure all lease payments to the lessor under the Equipment Leases. Purchaser must pay Seller for any lease deposits associated with any Equipment Lease.
Assumption of Equipment Leases. As additional consideration for the sale of the Golf Club, Buyer will assume all obligations of Seller under the Equipment Leases (as hereinafter defined), to the extent approved in writing by Buyer during the Inspection Period.
Assumption of Equipment Leases. If specified in a Service Agreement, Advantica shall assign, and Supplier shall assume, Advantica's obligations under the applicable leases for certain equipment that is used to provide the Services as described in the Services Agreement or Advantica may sell equipment owned by it to Supplier (the "Transferred Equipment"). Supplier shall obtain consents to such assignments and releases of Advantica's liability under such leases as promptly as practicable. The Service Agreement shall state the other terms and conditions applicable to the Transferred Equipment. Any assignment of Advantica's interests in the Transferred Equipment is made "AS IS, WHERE IS," WITHOUT WARRANTIES OF ANY KIND (EXCEPT AS EXPRESSLY STATED IN SUCH SERVICE AGREEMENT), AND SPECIFICALLY WITHOUT ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
