Ownership of the Leased Assets. 3.1 During the Lease Term, the ownership of the Leased Assets as listed in the Appendix to this Agreement, including any parts and components, replacement parts, attached parts and auxiliary parts of (or to be attached to) the Leased Assets, shall always belong to Party B. During the Lease Term, Party A shall only enjoy the right to use the Leased Assets. Party A may not sell, transfer, sub-lease, mortgage, or make investment by means of, the Leased Assets, or otherwise conduct any other action that may infringe Party B’s rights and benefits. Otherwise, Party A shall assume corresponding breach of contract liabilities.
3.2 Where Party A is shut down, suspended, merged or acquired, or modifies the type of its ownership or enters into bankruptcy, Party A shall have no right to dispose of the Leased Assets. Party B’s ownership of the Leased Assets shall not be affected by any agreement entered into by Party A with any third party or any change to Party A’s status as a legal person.
3.3 During the performance of the Agreement, Party B shall have the right to inspect the use and conditions of the Leased Assets and as long as such inspection would not affect the use of the equipment, Party A shall facilitate the carrying-out of such inspection. Without Party B’s written consent, Party A may not add or remove any parts and components of the Leased Assets nor shall it change the premises of use of the Leased Assets. Party B shall have the right to affix marks of ownership onto the Leased Assets. Party B (or its entrusted agent) shall have the right to inspect, on a regular basis or at any time, the use and conditions of the Leased Assets and Party A shall exert every effort to facilitate the same.
3.4 Party B shall have the right to mortgage the Leased Assets or transfer its beneficial interests to a third party, provided that the implementation of this Agreement and the normal use by Party A shall not be affected thereby.
Ownership of the Leased Assets. (a) Landlord and Tenant acknowledge and agree that: (i) the Leased Assets are the property of Landlord; (ii) Tenant has only the right to the possession and use of the Leased Assets upon the terms and conditions of this Master Lease; (iii) this Master Lease is a “true lease,” is not a financing lease, capital lease, mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Master Lease are those of a true lease; (iv) the business relationship created by this Master Lease and any related documents is and at all times shall remain that of landlord and tenant; (v) each Party has entered into this Master Lease in reliance upon the mutual covenants, conditions and agreements contained herein; (vi) the Rent is the fair market rent for the use of the Leased Assets, and the execution and delivery of; (vii) the performance by Tenant of its obligations under, this Master Lease does not constitute a transfer of all or any part of the Leased Assets; and (viii) none of the agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an Affiliate, agent, legal representative, partner, subsidiary or employee of Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant.
(b) EachPartycovenantsandagrees,subjecttoSection4.1(c),notto:(i) fileanyincometaxreturnor other associated documents; (ii) file any other document with or submit any document to any governmental body or authority; (iii) enter into any written contractual arrangement with any Person; or (iv) release any financial statements of Tenant, in each case, that takes a position for tax purposes other than that this Master Lease is a “true lease” with Landlord as owner of the Leased Assets and Tenant as the tenant of the Leased Assets, including: (x) treating Landlord as the owner of such Leased Assets eligible to claim depreciation deductions under Sections 167 or 168 of the Code with respect to such Leased Assets; (y) Tenant reporting its Rent payments as rent expense under Section 162 of the Code; and (z) Landlord reporting the Rent payments as rental income under Section 61 of the Code.
(c) If Tenant reasonably concludes that GAAP, or the Legal Requirements require treatment different from that set forth in Section 4.1(b) for applicable non-tax purposes, ...
Ownership of the Leased Assets. During the lease period, the ownership of the Leased Assets shall be vested in the Harbin Electric Finance Lease Company. If the Lessees have properly and fully performed all obligations under the Finance Lease Agreements, upon the expiry of the Finance Lease Agreements, Harbin Electric Finance Lease Company will transfer the Leased Assets to the Lessees at the consideration of RMB100 in nominal value. The guarantee arrangements for the Finance Lease Agreement I and the Finance Lease Agreement II are set out below:
Ownership of the Leased Assets. During the Lease Period, the legal ownership of the Leased Assets under the Finance Lease Agreement will be vested in CDB Leasing and Hefei Lvjuyuan will have the rights to use the Leased Assets. At the end of the Lease Period and subject to payments by Xxxxx Xxxxxxxx of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB100 for the Leased Assets, the legal ownership of the Leased Assets will be vested in Hefei Lvjuyuan. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between the parties to the Finance Lease Agreement with reference to the principal amounts of the lease or the consideration for the Leased Assets under the Finance Lease Agreement and the prevailing market interest rate for finance lease of comparable assets.
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in TP Leasing throughout the lease period. At the end of the lease period and subject to payments by ZNXY of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB1 for the Leased Assets, the ownership of the Leased Assets will be vested in ZNXY. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between parties to the Finance Lease Agreement by reference to the principal amounts of the lease and the prevailing market interest rate for finance lease of comparable machines, equipment and ancillary facilities.
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in ICBC Leasing throughout the lease period. At the end of the lease period and subject to payment by XXXX and Tianjin Clean Energy of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB1, the ownership of the Leased Assets will be vested in XWNE and Tianjin Clean Energy. On 3 March 2017, XWNE entered into the Consultancy Agreement I with ICBC Leasing, pursuant to which XWNE agreed to engage ICBC Leasing for providing certain consultancy services relating to the Leased Assets, which includes, among others, valuation of assets and supervision on the operation of the Leased Assets for a period of 10 years, at a total services fee of RMB2,782,500 payable by XWNE to ICBC Leasing within 10 days upon signing of the Consultancy Agreement I. On 3 March 2017, XWNE entered into the Consultancy Agreement II with ICBC Leasing, pursuant to which XWNE agreed to engage ICBC Leasing for providing certain consultancy services relating to the finance lease arrangement, which includes, among others, the financial and tax consultation services for the period from 15 January 2017 to 31 March 2017, at a total services fee of RMB2,782,500 payable by XWNE to ICBC Leasing within 10 days upon signing of the Consultancy Agreement II. The estimated aggregate lease payments under the Finance Lease Agreement and the service fees under the Consultancy Agreements were determined after arm’s length negotiations between the parties to the Finance Lease Agreement and the Consultancy Agreements by reference to the principal amount of the lease and the prevailing market interest rate for finance leases of comparable machines and equipment.
Ownership of the Leased Assets. The legal title of the Leased Assets shall vest in the Lessor throughout the lease period. Obligations of the Lessee under the Credit Framework Agreement and the Agreements are secured and guaranteed by the Security Documents, which are comprised:
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in XXX Leasing throughout the lease period. At the end of the lease period and subject to payments by Jinjie New Energy and BTJY of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB100 for the Leased Assets, the ownership of the Leased Assets will be vested in Jinjie New Energy and BTJY, respectively. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between parties to the Finance Lease Agreement by reference to the principal amounts of the lease and the prevailing market interest rate for finance lease of comparable machines, equipment and ancillary facilities.
Ownership of the Leased Assets. During the lease period, the ownership of the Leased Assets under the Finance Lease Agreement will be vested in Hebei Financial Leasing and Datong Wantong has the rights to use the Leased Assets. At the end of the lease period and subject to payments by Xxxxxx Xxxxxxx of all amounts due under the Finance Lease Agreement, the ownership of the Leased Assets will be vested in Datong Wantong at nil consideration. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between the parties to the Finance Lease Agreement with reference to the principal amounts of the lease and the prevailing market interest rate for finance lease of comparable assets.
Ownership of the Leased Assets. The legal title of the Leased Assets shall vest in the Lessor throughout the lease period. Obligations under the Finance Leasing Agreement are secured and guaranteed by RMB1,000,000 paid by the Lessee. The terms of the Finance Leasing Agreement, including the purchase price for the Leased Assets, principal lease amount and interest rate were determined after arm’s length negotiations between the Lessor and the Lessee with reference to the prevailing market rates for the similar finance leasing arrangement.