Titled Equipment Clause Samples
The "Titled Equipment" clause defines which party holds legal ownership or title to specific equipment referenced in the agreement. Typically, this clause clarifies whether the buyer, seller, or lessor retains title during the term of a contract, such as in a lease or sale of goods arrangement. For example, in a leasing scenario, the lessor may retain title to the equipment until all payments are made. The core function of this clause is to eliminate ambiguity regarding ownership rights, which is crucial for determining responsibility for loss, damage, or transfer of the equipment.
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Titled Equipment. With respect to each motor vehicle, trailer or other Equipment which is subject to a certificate of title (collectively, “Titled Equipment”) which is presently owned by either of the Debtors, the Debtors shall deliver to the Secured Parties within five (5) days after the date hereof (to the extent not previously delivered to the Secured Parties), and upon the acquisition hereafter of any Titled Equipment, the Debtors shall immediately notify the Secured Parties of such acquisition and immediately deliver to the Secured Parties, a certificate of title to such Titled Equipment and, in all such instances, cause the Secured Parties to be listed as the sole lienholder on such certificate of title.
Titled Equipment. To the extent no Lease Default or Lease Event of Default shall have occurred and be continuing and subject in all cases to the Collateral Agency Agreement, Lessor hereby agrees to permit registration and titling of all Units constituting motor vehicles subject to state titling statutes to be registered and titled in the name of "First Security Bank, National Association, as Owner Trustee under Coca-Cola Trust No. 97-1" or such similar name as required by the applicable government entity issuing such registration and/or certificate of title and to permit all such registrations to be retained by Lessee and all such certificates of title to be retained by the Agent; provided, Lessee shall cause all such registrations and certificates of title to specify the Agent as the sole lienholder with respect to each Unit, as applicable.
Titled Equipment. (i) Upon the Collateral Agent’s written request, each Grantor shall deliver to the Collateral Agent originals of the certificates of title or ownership for each equipment with a value in excess of $10,000 owned by it (“Titled Equipment”), with the Collateral Agent listed as lienholder, for the ratable benefit of the Collateral Agent and the Noteholders.
(ii) Each Grantor hereby appoints the Collateral Agent as its attorney-in-fact for the purpose of (A) executing on behalf of such Grantor title or ownership applications for filing with appropriate Governmental Authorities to enable Titled Equipment now owned or hereafter acquired by such Grantor to be retitled and the Collateral Agent listed as lienholder thereof, (B) filing such applications with such Governmental Authorities, and (C) executing such other agreements, documents and instruments on behalf of, and taking such other action in the name of, such Grantor as the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (including, without limitation, for the purpose of creating in favor of the Collateral Agent a perfected Lien on the Titled Equipment and exercising the rights and remedies of the Collateral Agent hereunder). This appointment as attorney-in-fact is coupled with an interest and is irrevocable until all of the Obligations are fully performed and Paid in Full.
(iii) Any certificates of title or ownership delivered pursuant to the terms hereof shall be accompanied by accurate odometer statements for each Titled Equipment covered thereby.
(iv) So long as no Event of Default shall have occurred and be continuing, upon the request of any Grantor, the Collateral Agent shall execute and deliver to any Grantor such instruments as such Grantor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Titled Equipment; provided, however, that any such instruments shall be delivered, and the release effective, only upon receipt by the Collateral Agent of a certificate from any Grantor stating that such Titled Equipment is to be sold or has suffered a casualty loss (with title thereto in such case passing to the casualty insurance company therefor in settlement of the claim for such loss) and the amount that any Grantor will receive as sale proceeds or insurance proceeds. Any proceeds of such sale or casualty loss shall be paid to the Collateral Agent hereunder immediately upon receipt, to be applied to the O...
Titled Equipment. If Borrower now or hereafter has any vehicles, aircraft, watercraft, or other Equipment for which a certificate of title has been issued by a Governmental Authority, the Borrower shall immediately deliver to the Bank, properly endorsed, each certificate of title or application for title or other evidence of ownership for each such item of Equipment, and the Borrower shall take all actions necessary to have the Bank's security interest properly recorded on each such certificate of title and shall take all other steps necessary to perfect the Bank's security interest in such Equipment.
Titled Equipment. At any time the fair market value of any single piece of Equipment (including, without limitation, vehicles) covered by a certificate of title owned by all of the Grantors exceeds $250,000, then the applicable Grantors shall deliver notice thereof to the Administrative Agent and, subject to the Intercreditor Agreement, deliver to the Administrative Agent, upon request, the original of any such Equipment title certificate and provide and/or file all other documents or instruments necessary to have the Lien of the Administrative Agent noted on any such certificate or with the appropriate state office.
Titled Equipment. The value of all vehicles, rolling stock and other Operating Equipment owned by the Borrower or any of its Restricted Subsidiaries as of the Effective Date and covered by certificates of title is not, in the aggregate, material to the Borrower and its Subsidiaries taken as a whole.
Titled Equipment. Seller agrees and acknowledges that pursuant to the Standard Terms, Seller hereby appoints IronPlanet as its attorney-in-fact with a limited power of attorney (“LPOA”) to execute on Sellers’s behalf, all documents necessary and required to transfer title to, and permit registration of ownership of, any portion of the Equipment to the Buyer; provided, however, if original titles or a notarized LPOA are required by state or local regulation to transfer title, Seller shall provide IronPlanet with either, as applicable, (i) signed original titles or (ii) a notarized LPOA and unsigned original titles at least two weeks prior to the Listing Opening Time. Failure to provide title(s) and/or an LPOA as required will prevent the Equipment being made available for sale on the Site until such documentation is provided. Titles shall be sent to: IronPlanet, Inc., Attn: Title Specialist, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇. ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. Phone: ▇▇▇-▇▇▇-▇▇▇▇.
Titled Equipment. For each item of Collateral, the ownership of, or title to, which is evidenced by a certificate of title (the “Titled Equipment”), the Debtor shall list the jurisdiction in which each such item of Titled Equipment is registered or titled, and the vehicle identification number, or other appropriate serial number relating thereto, on Attachment A-1 to Exhibit A. Upon the occurrence of an Event of Default, the Debtor shall cause the lien of the Administrative Agent on such Titled Equipment to be noted on the certificate of title relating thereto. Thereafter, Debtor will, at all times, (i) maintain the registration and titling of each item of Titled Equipment in the jurisdiction set forth with respect thereto on Attachment A-1 to Exhibit A and (ii) cause the lien of the Administrative Agent on each item of Titled Equipment to be noted on the certificate of title relating thereto.
Titled Equipment. 48 4.25 Acts of God.................................................................................... 49 4.26
Titled Equipment. The perfection of the security interest granted in Article 2 above in Titled Equipment will be required only with respect to any Titled Equipment that is not subject to a Permitted Titled Equipment Lien and that has a net book value on the date hereof or, if acquired after the date hereof or if any Titled Equipment previously subject to a Permitted Titled Equipment Lien is no longer subject to a Permitted Titled Equipment Lien, the date of acquisition or the date on which such Permitted Titled Equipment Lien is terminated, greater than or equal to $0. Furthermore, if at the end of any calendar quarter, commencing with the end of the calendar quarter ending on March 31, 2017, the security interest in any Titled Equipment has not been perfected, then within 60 days after the end of such calendar quarter, the Borrower shall cause the security interest in such items of Titled Equipment to be perfected.