Leased Equipment Buyouts Sample Clauses

Leased Equipment Buyouts. Should the Company be unable to obtain the necessary Lessor consents to assign or sublease to Patriot or its Designee, on pass-through terms, the Equipment Leases, the Company shall buyout the leased equipment pursuant to the Equipment Leases, with such equipment being conveyed on or prior to Closing (such cost hereinafter the “Buyout Amount”), and Company shall convey to Patriot or its Designee such equipment by Xxxx of Sale as part of the Transferred Assets at no additional consideration, except as provided as an adjustment in Section 8(c) below. If the Company subleases any or all of the equipment leased to it by the Equipment Leases to Patriot or its Designee, such sublease will provide that (i) Patriot or its Designee will reimburse the Company for all lease rental, tax and prescribed end-of-lease or purchase-option purchase payments required under such Equipment Lease, and agree to comply with the terms and conditions of such Equipment Lease (including insurance requirements) after the Effective Date; and
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Leased Equipment Buyouts. Should the Company be unable to obtain the necessary Lessor consents to assign or sublease to Patriot or its Designee, on pass-through terms, the Equipment Leases, the Company shall buyout the leased equipment pursuant to the Equipment Leases, with such equipment being conveyed on or prior to Closing (such cost hereinafter the “Buyout Amount”), and Company shall convey to Patriot or its Designee such equipment by Xxxx of Sale as part of the Transferred Assets at no additional consideration, except as provided as an adjustment in Section 8(c) below. If the Company subleases any or all of the equipment leased to it by the Equipment Leases to Patriot or its Designee, such sublease will provide that (i) Patriot or its Designee will reimburse the Company for all lease rental, tax and prescribed end-of-lease or purchase-option purchase payments required under such Equipment Lease, and agree to comply with the terms and conditions of such Equipment Lease (including insurance requirements) after the Effective Date; and (ii) Patriot or its Designee shall have all of the rights of the lessee under such Equipment Lease, including, but not limited to, all options to extend such Equipment Lease and/or purchase the equipment leased thereby pursuant to such Equipment Lease. The Company shall indemnify and hold harmless Patriot and its Designees from any and all Losses under such Equipment Leases arising out of or related to (A) acts, omissions, conditions, breaches or circumstances arising or existing on or before the Effective Date, or caused by Company after the Effective Date, or (B) unless consented to by the equipment lessor, entering into, or possessing or using such leased equipment pursuant to, such sublease or this Agreement. Should the Company sublease any of the leased equipment pursuant to this paragraph, the parties hereto shall establish an escrow account, with a mutually acceptable bank serving as escrow agent, to secure lease rental payments using a portion of the proceeds, if any, to be paid to Patriot pursuant to Section 8(c) below. The amount to be deposited into such escrow account shall be equal to seventy five percent (75%) of the remaining lease rental payments due for the leased equipment being subleased to Patriot or its Designee, up to a maximum amount of One Million Five Hundred Thousand Dollars ($1,500,000.00). Should Patriot or its Designee fail to reimburse Rhino within five (5) business days after receiving an invoice(s) for monthly lease r...

Related to Leased Equipment Buyouts

  • Leased Equipment The risk of loss or damage to leased equipment, goods or property shall not transfer to the University except as provided in §680.219, Florida Statutes. Any security interest in the leased equipment, goods or property granted to the Contractor contrary to AGO 79-72 and AGO 80-9 is null and void. Limitations of remedies provisions, which are unconscionable under applicable Florida law, are void. MATERIAL SAFETY DATA SHEET (MSDS). In compliance with Florida Statutes, Ch. 442, a Material Safety Data Sheet (MSDS) must accompany any applicable item delivered under this Agreement.

  • Equipment Leases Landlord shall enter into such leases of equipment and personal property as Tenant may reasonably request from time to time, provided that the form and substance thereof shall be reasonably satisfactory to Landlord. Tenant shall prepare and deliver to Landlord all such lease documents for which Landlord's execution is necessary and Landlord shall promptly, upon approval thereof, execute and deliver such documents to Tenant. Tenant shall, throughout the Term, be responsible for performing all of Landlord's obligations under all such documents and agreements.

  • Equipment; Leasehold (a) All material items of equipment and other tangible assets owned by or leased to the Company are adequate for the uses to which they are being put, are in good condition and repair (ordinary wear and tear excepted) and are adequate for the conduct of the Company's business in the manner in which such business is currently being conducted.

  • Additional Equipment Additional Equipment may from time to time be added as the subject matter of this Agreement as agreed on by the parties. Any additional property will be added in an amendment describing the property, the monthly rental, security deposit, and stipulated loss value of the additional Equipment. All amendments must be in writing and signed by both parties. Other than by this amendment procedure, this Agreement may not be amended, modified, or altered in any manner except in writing signed by both parties.

  • Fixtures and Equipment Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold interest in, the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or its Subsidiary in connection with the conduct of its business (the “Fixtures and Equipment”). The Fixtures and Equipment are structurally sound, are in good operating condition and repair, are adequate for the uses to which they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient for the conduct of the Company’s and/or its Subsidiaries’ businesses (as applicable) in the manner as conducted prior to the Closing. Each of the Company and its Subsidiaries owns all of its Fixtures and Equipment free and clear of all Liens except for (a) liens for current taxes not yet due and (b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the property subject thereto.

  • Buyer Furnished Equipment 14.3.2.1 The Seller shall introduce data related to Buyer Furnished Equipment, for equipment that is installed on the Aircraft by the Seller (hereinafter “BFE Data”) into the customized Technical Data, at no additional charge to the Buyer for the initial issue of the Technical Data provided at first Aircraft Delivery, provided such BFE Data is provided in accordance with the conditions set forth in Clauses 14.3.2.2 through 14.3.2.6.

  • Capital Equipment Collaborator’s commitment, if any, to provide ICD with capital equipment to enable the research and development activities under the Research Plan appears in Appendix B. If Collaborator transfers to ICD the capital equipment or provides funds for ICD to purchase it, then ICD will own the equipment. If Collaborator loans capital equipment to ICD for use during the CRADA, Collaborator will be responsible for paying all costs and fees associated with the transport, installation, maintenance, repair, removal, or disposal of the equipment, and ICD will not be liable for any damage to the equipment.

  • Supplies and Equipment The Union and employees will not use state-purchased supplies or equipment to conduct union business or representational activities. This does not preclude the use of the telephone for representational activities if there is no cost to the Employer, the call is brief in duration and it does not disrupt or distract from the Employer’s business.

  • Furniture, Fixtures and Equipment Sublessee shall have the right to use during the Term the office furnishings and equipment within the Subleased Premises that are identified on Exhibit C attached hereto, as such exhibit may be adjusted by mutual agreement of the parties prior to the Third Floor Premises Delivery Date (the “Furniture”), provided Sublessee may only use the Furniture located in the Second Floor Premises after the Second Floor Commencement Date. The Furniture is provided in its “AS IS, WHERE IS” condition, without representation or warranty whatsoever. Sublessee shall insure the Furniture under the property insurance policy required under the Master Lease, as incorporated herein, and pay all taxes with respect to the Furniture. Sublessee shall maintain the Furniture in good condition and repair, reasonable wear and tear excepted, and shall be responsible for any loss or damage to the same occurring during the Term. Sublessee shall surrender the Furniture to Sublessor upon the termination of this Sublease in the same condition as exists as of the applicable Delivery Date, reasonable wear and tear excepted. Sublessee shall not remove any of the Furniture from the Subleased Premises. Notwithstanding anything to the contrary herein, Sublessee may provide Sublessor with written notice one (1) time not less than forty-five (45) days prior to the Third Floor Premises Delivery Date that lists any items of Furniture that Sublessee does not want to use and Sublessor shall, at no cost to Sublessee, remove such items from the Subleased Premises prior to the Third Floor Premises Delivery Date and such items shall no longer be considered Furniture hereunder. Notwithstanding the foregoing, provided Sublessee is not in default beyond the expiration of any applicable cure or grace period as of the date of the expiration or earlier termination of this Sublease, which condition may be waived by Sublessor in its sole discretion, then upon the expiration or earlier termination of this Sublease, the Furniture shall become the property of Sublessee, and Sublessee shall accept the same in its “AS IS, WHERE IS” condition, without representation or warranty whatsoever except as provided in the Bill of Sale referred to in the following sentence. In the event the Furniture is to become the property of Sublessee upon the expiration or earlier termination of this Sublease pursuant to the terms of the immediately preceding sentence, then Sublessor agrees to execute and deliver to Sublessee a Bill of Sale in the form of Exhibit D attached hereto conveying and transferring to Sublessee the Furniture.

  • Equipment, Etc Each Grantor shall, (i) within ten (10) days after a written request by the Administrative Agent, in the case of Equipment now owned, and (ii) following a request by the Administrative Agent pursuant to subclause (i) above, within ten (10) days after acquiring any other Equipment, deliver to the Administrative Agent, any and all certificates of title, and applications therefor, if any, of such Equipment and shall cause the Administrative Agent to be named as lienholder on any such certificate of title and applications. No Grantor shall permit any such items to become a fixture to real estate or an accession to other personal property unless such real estate or personal property is the subject of a fixture filing (as defined in the UCC) creating a first priority perfected Lien in favor of the Administrative Agent.

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