Property and Equipment. All property and equipment purchased by CONTRACTOR with funds received under this Agreement, or purchased on behalf of CONTRACTOR for the program site(s) covered under this Agreement, shall be insured by CONTRACTOR at replacement value against fire, theft, and destruction equal to the full replacement cost.
Property and Equipment. The buildings, plants, structures located at the Plant Property and the Equipment are all owned by the CCC Company free and clear of all Liens (except Permitted Liens) and are structurally sound, are in good operating condition and repair, subject to normal wear and tear, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, personal property or Equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost.
Property and Equipment. Property and equipment are stated at cost, except when an impairment analysis requires use of fair value, and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Computer equipment 3 to 4 years Furniture and fixtures 5 to 7 years Software 2 to 3 years Building Improvements 10 years Building 39 years Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the lease term. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in operating expenses. Maintenance and repairs are charged to expense as incurred. Expenditures that substantially increase an asset’s useful life are capitalized. In the fourth quarter of 2013, the Company acquired an approximately 10,000 square foot Data Center facility in Phoenix, Arizona. This facility has allowed the Company to consolidate its data needs in a company-owned Data Center, and should allow for the expansion of its cloud-based offerings to its customers.
Property and Equipment. Property and equipment consisted of the following at December 31, 2014 and 2013 (in thousands): Computer equipment $ 1,108 $ (602 ) $ 506 $ 490 $ (244 ) $ 246 Furniture and fixtures 22 (4 ) 18 21 (1 ) 20 Software 2,733 (1,137 ) 1,596 2,962 (246 ) 2,716 Building and Leasehold improvements 541 (36 ) 505 59 (4 ) 55 Land and Buildings 797 (19 ) 778 797 (3 ) 794 Total $ 5,201 $ (1,798 ) $ 3,403 $ 4,329 $ (498 ) $ 3,831 Depreciation expense on property and equipment for the years ended December 31, 2014 and 2013, including cost of property and equipment under capital lease, was $1.4 million and $0.5 million, respectively, and is recorded in operating expenses. Equipment under capital lease totaled $0.16 million as of December 31, 2014. There was no equipment under capital lease at December 31, 2013. Depreciation expense on equipment under capital lease was $0.04 million for the year ended December 31, 2014, and accumulated depreciation on equipment under capital lease was $0.04 million as of December 31, 2014.
Property and Equipment. Property and equipment purchased with these funds shall be titled to Recipient, and Recipient shall be responsible for the custody and care of any property and equipment purchased with funds furnished for use in connection with this MOA. Grantor will not be held responsible for any property purchased under this MOA. Recipient must obtain any necessary insurance where said insurance can be reasonably obtain and provide proof of insurance as part of any Reimbursement Request or Closeout. Recipient must utilize all property and equipment as intended in their project application to Grantor. Failure to comply with these terms and conditions may result in the return of funds and any other remedy for noncompliance specified paragraph 7, Compliance, above.
Property and Equipment. The ACT is prohibited from operating the equipment and technical facilities of the Venue without the consent of HAPPY HEART.
Property and Equipment. 1) The Grantee will operate the property and equipment funded with this Agreement for the originally authorized purpose.
2) If the Grantee is not the entity operating the property and/or equipment funded with this Agreement, then the Grantee represents that it will ensure the property and equipment funded with this Agreement will be used for the originally authorized purpose, if necessary, through appropriate arrangements with:
i. The entity or entities operating the property and/or equipment funded with this Agreement; and
ii. If applicable, the owner of right-of-way used by the property and/or equipment funded with this Agreement.
Property and Equipment. The property and equipment as shown on its most recent balance sheet are in good operating condition and state of repair, reasonable wear and tear excepted. The use of its real property conforms in all material respects with applicable ordinances, regulations, zoning, or building codes, and other applicable laws.
Property and Equipment. The Contract Service is to be performed at the Daycare, and the Contractor must provide all equipment and all materials as may be necessary to properly and efficiently perform the Contract Services. All equipment and materials must be safe for use, fit for their purpose and capable of being used to carry out the Contract Services.
Property and Equipment. (a) Section 3.9 of the Disclosure Schedule lists the fixed assets, including equipment, used in the conduct of the Business as conducted (during the prior twelve months) which are owned by Company and those which are leased by Company ("Leased Property"). Section 3.9 of the Disclosure Schedule contains a correct and complete copy of the agreements for the lease of fixed assets not owned by Company. The fixed assets and the Leased Property are generally in good operating condition and repair, reasonable wear and tear excepted.
(b) Company is not in default in the payments due under the leases of the Leased Property or any other obligation which would give the lessor the right to terminate the lease for such Leased Property.
(c) Since March 31, 1996, Company has not sold or otherwise disposed of any fixed assets, other than in the ordinary course of business.
