Self-Maintenance. For this Schedule only, Lessee shall, during the term of the Lease, self-maintain the Equipment in accordance with manufacturer recommendations, or engage the services of a maintenance organization (the “Maintenance Organization”) to maintain the Equipment and provide Lessor upon request with a copy of such maintenance contract as amended or supplemented, if applicable. During the term of the Lease, Lessee shall, at its expense, keep the Equipment in good working order, repair, appearance and condition and make all necessary adjustments, repairs and replacements, all of which shall become the property of Lessor. Lessee shall not use or permit the use of the Equipment for any purpose for which, in the opinion of the manufacturer of the Equipment or Maintenance Organization, the Equipment is not designed or intended. Xxxxxx’s execution and delivery of this Schedule shall constitute its offer to lease the Equipment described herein upon the terms and conditions set forth herein. Xxxxxx’s subsequent execution of this Schedule in Michigan and delivery to Lessee shall constitute its acceptance of the Lease. The Lease shall be deemed made in Michigan. Upon Xxxxxx’s request, Xxxxxx hereby agrees to provide evidence of Xxxxxx’s identity to comply with any applicable law, rule or regulation, including, but not limited to, Section 326 of the “Patriot Act” signed into law on October 26, 2001. Notwithstanding anything herein or in the Master Agreement to the contrary, Xxxxxx acknowledges and agrees that as between Xxxxxx and Lessee, Lessor shall be entitled to claim for federal income tax purposes, without limitation, all benefits, credits and deductions related to the Equipment. Lessor Initials: Lessee Initials: Xxxxxx acknowledges that this Schedule authorizes the Lessor, its agents or assignee(s) to sign, execute and file on its behalf any documents, including financing statements, other filings and recordings, which are reasonably required to make public this lease transaction with respect to the equipment. The parties intend this transaction to be a true lease, but if any court or tribunal, having power to bind the parties, should conclude that all or part of this Schedule is not a true lease but is in the nature of a sale, consignment, or other transaction, the parties intend and the Lessee hereby grants a continuing security interest in the Equipment and other personal property described in the Master Agreement, whether now owned or hereafter acquired, from the ...
Self-Maintenance. For this Schedule only, Lessee shall, during the term of the Lease, self-maintain the Equipment in accordance with manufacturer recommendations, or engage the services of a maintenance organization (the “Maintenance Organization”) to maintain the Equipment and provide Lessor upon request with a copy of such maintenance contract as amended or supplemented, if applicable. During the term of the Lease, Lessee shall, at its expense, keep the Equipment in good working order, repair, appearance and condition and make all necessary adjustments, repairs and replacements, all of which shall become the property of Lessor. Lessee shall not use or permit the use of the Equipment for any purpose for which, in the opinion of the manufacturer of the Equipment or Maintenance Organization, the Equipment is not designed or intended.
Self-Maintenance. For purposes of this Schedule only, Lessee shall, and at its own expense, either (i) enter into and maintain in force a contract with the manufacturer or other qualified maintenance organization satisfactory to Lessor for maintenance of each item of Property; or (ii) self-maintain each item of Property in accordance with the manufacturer’s standard maintenance agreement. Such contract or self-maintenance as to each item of Property shall commence upon the earlier of the Certificate Date, if applicable, or the Date of Acceptance. Upon Lessor’s request, Lessee shall furnish Lessor with a copy of such contract or provide to Lessor satisfactory evidence of self-maintenance.
