Title - Equipment Clause Samples
The Equipment clause defines the rights and responsibilities related to the provision, use, and maintenance of equipment under an agreement. It typically specifies which party supplies the equipment, the standards for its condition, and the obligations for repair or replacement if the equipment is damaged or malfunctions. This clause ensures that both parties understand their duties regarding equipment, thereby minimizing disputes and clarifying liability for equipment-related issues.
Title - Equipment. Title to equipment acquired under a Federal award will vest upon acquisition in the non-Federal entity in accordance with Sections 200.313 and 200.314, OMB Uniform Guidance (2 CFR 200).
Title - Equipment. (i) As of the date hereof, with respect to the Subject Interests (other than any Subject Interests that constitute Offshore Legacy Assets), the Acquired Companies collectively have title thereto that (A) is free from reasonable doubt to the end that a prudent Person engaged in the business of purchasing and owning, developing and operating producing oil and gas properties in the geographical areas in which the Hydrocarbon Interests are located, with knowledge of all of the facts and their legal bearing, would be willing to accept the same acting reasonably and (B) is free and clear of all Encumbrances, subject to (in each of the cases of clauses (A) and (B), (1) Encumbrances and Liens associated with obligations taken into account in the preparation of the Reserve Report, (2) Encumbrances and Liens for Taxes not yet due and payable or that are being contested in good faith, (3) such immaterial imperfections of title, easements, liens, Encumbrances, government and tribal approvals, Customary Post-Closing Consents, and (4) Encumbrances and Liens identified on Schedule 4.2(r).
(ii) Subject to Permitted Encumbrances, with respect to the Offshore Legacy Assets, Seller warrants and defends all and singular title to the Offshore Legacy Assets unto Buyer against every Person whosoever lawfully claiming or to claim the same by, through or under any Acquired Company (but excluding any transactions, conveyance, grant of any Lien or Encumbrance or the taking of any other action, in each case, prior to or on April 17, 2012) but not otherwise. Additionally, subject to Permitted Encumbrances, with respect to the Subject Interests that do not constitute Offshore Legacy Assets, Seller warrants and defends all and singular title to such Subject Interest unto Buyer against every Person whosoever lawfully claiming or to claim the same by, through or under any Acquired Company but not otherwise.
(iii) As of the date hereof, with respect to the Subject ▇▇▇▇▇, Subject Units and Subject Leases, the Acquired Companies collectively have title thereto that, with respect to each Subject Well, Subject Unit or Subject Lease, as applicable, subject to (and excluding any effect of) Permitted Encumbrances:
(A) (1) with respect to each Subject Well, entitles the Acquired Companies (individually or in the aggregate) to receive not less than the percentage set forth in Schedule 14.4 for such Subject Well, as the Net Revenue Interest of all Hydrocarbons produced, saved and marketed from such ...
Title - Equipment. Within forty-five (45) days after the Closing Date, Lender shall have received the original certificates of title on all titled Equipment owned by Borrower and the Subsidiaries, and during the term of this Agreement, Borrower and its Subsidiaries shall deliver to Lender the original certificates of title on all subsequently acquired titled Equipment within thirty (30) days of acquiring possession of such titled Equipment. Borrower and its Subsidiaries shall cooperate with Lender in having new certificates of title issued on all titled Equipment reflecting Lender’s first lien and security interest in such Collateral.
Title - Equipment