Lessee's Warranties. Lessee warrants that the Aircraft will be registered under the laws of the United States and will not be registered under the laws of any foreign country; that the Aircraft and/or equipment will not be held, maintained or used in violation of any law, regulation, ordinance or policy of insurance affecting the maintenance, use or flight of Aircraft. These warranties are conditions of Lessee's right of possession and use, and delivery is made in reliance thereon.
Lessee's Warranties. 8.1 The Lessee hereby represents, warrants, acknowledges and undertakes, to and for the benefit of the Lessor, that:
Lessee's Warranties. (a) Lessee represents and warrants to Lessor that it is a corporation or partnership duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and that it is qualified to do business in every jurisdiction where the failure to qualify would have a materially adverse effect on Lessor's rights hereunder; it has taken all corporate or partnership action which may be required to authorize the execution, delivery and performance of this Lease, and such execution, delivery and performance will not conflict with or violate any provision of its Charter or Articles or Certificate of Incorporation, By-laws or any provisions thereof, or in the case of a partnership, its Certificate of Partnership or Limited Partnership and its Partnership Agreement, or result in a default or acceleration of any obligation under any agreement, order, decree or judgment to which it is a party or by which it is bound, nor is it now in default under any of the same; there is no litigation or proceeding pending or threatened against it which may have a materially adverse effect on Lessee or which would prevent or hinder the performance by it of its obligation hereunder; this lease and the attendant documents constitute valid obligations of the Lessee, binding and enforceable against it in accordance with their respective terms; no action by or with any commission or administrative agency is required in connection herewith; it has the power to own its assets and to transact business in which it is engaged; it will give to Lessor prompt notice of any change in its name, identity or structure.
Lessee's Warranties. The persons signing this Lease on behalf of Lessee represent and warrant that such persons and Lessee have the requisite power and authority to enter into, execute and deliver this Lease and that this Lease is a valid, legally binding obligation of Lessee enforceable against Lessee in accordance with its terms.
Lessee's Warranties. Lessee represents, warrants and covenants to Lessor, and Lessor relies on the fact that: (a) Lessee has read and understood this Master Lease and each Lease Schedule before it was signed; (b) LESSEE HAS SELECTED THE EQUIPMENT BASED ON ITS OWN JUDGMENT, IS FULLY SATISFIED WITH BOTH THE EQUIPMENT AND THE SUPPLIER OF THE EQUIPMENT, AND HAS REVIEWED AND APPROVED THE SUPPLIER'S PURCHASE ORDER OR AGREEMENT COVERING THE EQUIPMENT PURCHASED FOR LEASE TO LESSEE; (c) Lessee shall provide to Lessor within 120 days after the close of each of Lessee's fiscal years, and, within 45 days of the end of each quarter of Lessee's fiscal year, a copy of its financial statements which will be, (i) accurate and correct in all material respects, and (ii) prepared in accordance with generally accepted accounting principles consistently applied; (d) the Equipment is leased exclusively for Lessee's established business purposes; (e) Lessee has the form of business organization indicated, and is duly organized, validly existing and in good standing under the laws of the state of its incorporation or organization and is duly qualified to do business wherever necessary to carry on its present business and operations and to own its property; (f) Lessee has the power and authority to enter into the Master Lease, all Lease Schedules and all other related instruments or documents hereunder ("Documents"), and such Documents (i) have been duly authorized by all necessary action on the part of Lessee consistent with its form of organization and duly executed and delivered by authorized officers or agents of Lessee, whose signatures hereon are, in all respects, authentic, (ii) do not require the approval of, or the giving notice to, any federal, state, local or foreign governmental authority, (iii) do not contravene any law binding on Lessee or any certificate or articles of incorporation or by-laws or partnership certificate or agreement; (iv) do not violate, result in any breach of, or constitute a default under, or result in the creation of any lien, charge or security interest or other encumbrance upon any assets of Lessee or on the Equipment pursuant to any agreement, indenture, or other instrument to which Lessee is a party or by which it or any of its assets may be bound, and (v) constitute legal, valid and binding obligations of Lessee enforceable in accordance with their terms; (g) Lessee has experienced no material adverse change in its financial condition or operations since the dat...
Lessee's Warranties. In order to induce Lessor to enter into this Lease and to lease the Equipment to Lessee hereunder, Lessee represents and warrants that: (a)
Lessee's Warranties. Lessee warrants that each item of Equipment has the recovery period under Section 168(c) of the Internal Revenue Code of 1986 as amended or any comparable successor law ("Code") as set forth on the Schedule and will be eligible for depreciation deductions determined by using the method specified in Section 168(b)(i) of the Code commencing with the taxable year of Lessor that includes the delivery date and using a basis equal to Lessor's cost as set forth on the Schedule; a reasonable estimate of the useful life of each item of Equipment is at least 125% of its lease term; a reasonable estimate of the fair market value of each item of Equipment at the end of its lease term is at least 20% of Lessor's cost therefor; and Lessee will not use the Equipment in a manner which will result in foreign source income for Lessor.
Lessee's Warranties. Lessee warrants that:
Lessee's Warranties. Lessee warrants that each item of Equipment has the recovery period under Section 168(c) of the Internal Revenue Code of 1986 as amended or any comparable successor law ("Code") as set forth on the Schedule and will be eligible for depreciation deductions determined by using the method specified in Section 168(b)(i) of the Code commencing with the taxable year of Lessor that includes the delivery date and using a basis equal to Lessor's cost as set forth on the Schedule; a reasonable estimate of the useful life of each item of Equipment is at least 125% of its lease term; a reasonable estimate of the fair market value of each item of Equipment at the end of its lease term is at least 20% of Lessor's cost therefor; and Lessee will not use the Equipment in a manner which will result in foreign source income for Lessor, and this Lease constitutes a "qualified motor vehicle operating agreement" within the meaning of Section 7701(h)(2) of the Code, the Equipment constitutes "motor vehicles" within the meaning of such Section 7701(h)(2) and the provisions of Section 18 hereof constitute a "terminal rental adjustment clause" within the meaning of Section 7701(h)(3) of the Code.
Lessee's Warranties. The Lessee warrants that it has relied only on its own enquiries in connection with this Lease and not on any statement, promise, representation, warranty or undertaking by the Lessor or any person acting or seeming to act on the Lessor's behalf other than as set out in this Lease has notice of the Rules current when signing this Lease.
