Common use of MODIFICATIONS TO MASTER LEASE Clause in Contracts

MODIFICATIONS TO MASTER LEASE. With respect to the Equipment described on this Schedule, the Master Lease shall be modified as follows: (a) The following shall be inserted as the penultimate sentence of Section 11 of the Master Lease ("Use; Alterations"): Title to all such alterations, additions, modifications or improvements shall immediately, and without further act, vest in Lessor and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder. (b) The following shall be inserted as the penultimate sentence of Section 12 of the Master Lease ("Repairs and Maintenance"): Title to such replacement part shall immediately (and without further act) vest in Lessor upon installation, attachment or incorporation of the same in, on or into such Item of Equipment and thereupon shall be deemed to constitute an Item of Equipment and be fully subject to this Lease as if originally leased hereunder. (c) As used in Section 22(a) of the Master Lease ("Events of Default"), the term "Event of Default" shall also mean any of the following events: (1) a change in control occurs in Lessee or any Guarantor; or (2) the death or dissolution of Lessee or any Guarantor.

Appears in 2 contracts

Samples: Equipment Lease Agreement (Autocam Corp/Mi), Master Equipment Lease Agreement (R B Rubber Products Inc)

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MODIFICATIONS TO MASTER LEASE. With respect to the Equipment described on this Equipment Schedule, the Master Lease shall be modified as follows: (a) The following shall be inserted as the penultimate sentence of Section 11 of the Master Lease ("Use; Alterations"): Title to all such alterations, additions, modifications or improvements shall immediately, and without further act, vest in Lessor Lessee and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder. (b) The following shall be inserted as the penultimate sentence of Section 12 of the Master Lease ("Repairs and Maintenance"): Title to such replacement part shall immediately (and without further act) vest in Lessor Lessee upon installation, attachment or incorporation of the same in, on or into such Item of Equipment and thereupon shall be deemed to constitute an Item of Equipment and be fully subject to this Lease as if originally leased hereunder. (c) As used in Section 22(a) of the Master Lease ("Events of Default"), the term "Event of Default" shall also mean any of the following events: (1) a change in control occurs in Lessee or any Guarantor; or (2) the death or dissolution of Lessee or any Guarantor.

Appears in 1 contract

Samples: Master Equipment Lease Agreement (Jore Corp)

MODIFICATIONS TO MASTER LEASE. With respect to the Equipment described on this Schedule, the Master Lease shall be modified as follows: (a) The following shall be inserted as the penultimate sentence of Section 11 of the Master Lease ("Use; Alterations"): Title to all such alterations, additions, modifications or improvements shall immediately, and without further act, vest in Lessor and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder. (b) The following shall be inserted as the penultimate sentence of Section 12 of the Master Lease ("Repairs and Maintenance"): Title to such replacement part shall immediately (and without further act) vest in Lessor upon installation, attachment or incorporation of the same in, on or into such Item of Equipment and thereupon shall be deemed to constitute an Item of Equipment and be fully subject to this Lease as if originally leased hereunder. (c) As used in Section 22(a) of the Master Lease ("Events of Default"), the term "Event of Default" shall also mean any of the following events: (1) a change in control occurs in Lessee or any Guarantor; , or (2) the death or dissolution of Lessee or any Guarantor.

Appears in 1 contract

Samples: Equipment Lease Agreement (Autocam Corp/Mi)

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MODIFICATIONS TO MASTER LEASE. With respect to the Equipment described on this Schedule, the Master Lease shall be modified as follows: (a) The following shall be inserted as the penultimate sentence of Section 11 of the Master Lease ("Use; Alterations"): Title to all such alterations, additions, modifications or improvements shall immediately, and without further act, vest in Lessor and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder. (b) The following shall be inserted as the penultimate sentence of Section 12 of the Master Lease ("Repairs and Maintenance"): Title to such replacement part shall immediately (and without further act) vest in Lessor upon installation, attachment or incorporation of the same in, on or into such Item of Equipment and thereupon shall be deemed to constitute an Item of Equipment and be fully subject to this Lease as if originally leased hereunder. (c) As used in Section 22(a) of the Master Lease ("Events of Default"), the term "Event of Default" shall also mean any of the following events: (1) a change in control occurs in Lessee or any GuarantorLessee; or (2) the death or dissolution of Lessee or any GuarantorLessee.

Appears in 1 contract

Samples: Funding Agreement (R B Rubber Products Inc)

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