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. 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. (a) It is the intent of the parties hereto that for financial accounting and reporting purposes this Lease constitutes an "operating lease" pursuant to Statement of Financial Accounting Standards No. 13, as amended, and for purposes of commercial, real estate, bankruptcy and federal, state and local income tax law, the transaction contemplated hereby is a financing arrangement and preserves ownership of the Property in the Lessee.
(b) It is the intent of the parties hereto that (i) for all purposes other than financial accounting and reporting, the obligations of the Lessee under this Lease to pay Capitalized Interest or Basic Rent and Supplemental Rent or Lease Balance in connection with any purchase of the Property pursuant to this Lease shall be treated as payments of interest on and principal of, respectively, loans from the Lessor to the Lessee, and (ii) this Lease grants to the Lessor a security interest and deed of trust on the portions of the Property which do not constitute interests in real property, in each case to secure the Lessee's performance under and payment of all amounts under this Lease and the other Operative Documents. The Lessor and the Lessee agree that for all federal, state and local tax purposes the Lessor and the Lessee shall treat, and take no action that is in any way inconsistent with the treatment of, the transaction contemplated hereby as a financing arrangement which preserves tax ownership of the Property in the Lessee in accordance with the intent of the parties as set forth in this SECTION 31.1. -43- ARTICLE XXXII PAYMENT OF EXPENSES; YIELD PROTECTION
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in CDB Leasing throughout the lease period. At the end of the lease period and subject to payments by AYYG 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 AYYG. 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 JDEC 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 JDEC and Tianjin Clean Energy. On 14 March 2017, JDEC entered into the Consultancy Agreement I with ICBC Leasing, pursuant to which JDEC 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 RMB2,385,000 payable by JDEC to ICBC Leasing within 10 days upon signing of the Consultancy Agreement I. On 14 March 2017, JDEC entered into the Consultancy Agreement II with ICBC Leasing, pursuant to which JDEC 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 RMB2,385,000 payable by JDEC 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. (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. China Coop Mengda has the ownership of the Leased Assets during the lease term. During the lease term, Customer A shall have the right to occupy and use the Leased Assets. Customer A shall be responsible for the maintenance and repair of the Leased Assets and the related expenses and shall also bear the risk and rewards of ownership of the Leased Assets. Upon expiry of the lease term, given that Customer A has made full payment of the rental payment and paid an agreed nominal amount of RMB 100 (equivalent to approximately HK$125), the ownership of the Leased Assets shall vest in Customer A. In the event that Customer A has not paid such nominal amount, Customer A shall pay a penalty of 10% of the total consideration of the Lease Assets to China Coop Mengda.
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. During the Lease Period, the legal ownership of the Leased Assets under the Finance Lease Agreement will be vested in CIMC Capital and Xxxxx Xxxxxxxx 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 Xxxxx Xxxxxxxx. 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 amount 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. The Finance Lease Arrangement and the transactions contemplated thereunder have been agreed under normal commercial terms and after arm’s length negotiations between the relevant parties and provide the Group with general working capital. The Directors therefore consider that the terms of the Finance Lease Arrangement and the transactions contemplated thereunder are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
Ownership of the Leased Assets. During the Lease Period, the ownership of the Leased Assets under the Finance Lease Agreement will be vested in Huadian Financial Leasing and Dingbian County Zhixinda has the rights to use the Leased Assets. Upon the expiry of the Lease Period and subject to payments by Dingbian County Zhixinda of all amounts due under the Finance Lease Agreement and no breach of the Finance Lease Agreement by Dingbian County Zhixinda (or such breach having been remedied despite its occurrence), Dingbian County Zhixinda shall be entitled to purchase the Leased Assets on an “as-is” basis at a nominal consideration of RMB1. The obligations of Dingbian County Zhixinda under the Finance Lease Agreement and the Advisory Service Agreement shall be secured by the pledge in respect of the Leased Assets, the equity interest in Dingbian County Zhixinda and receivables of Dingbian County Zhixinda and the relevant obligations of Dingbian County Zhixinda will also be guaranteed by Kong Xxx Xxxxxxx.
