Average Saleable Condition definition

Average Saleable Condition means that all of the Equipment is immediately available for use by a third party, other than you, without the need for any repair or refurbishment. All Equipment must be free of markings. You will pay us for any missing or defective parts or accessories.

Average Saleable Condition means that all of the following minimum standards have been met: Machine Tool Equipment (i) The Equipment has been or will be disassembled according to manufacturer's recommendations and by a licensed rigger/erector specializing in the Equipment, with any transportation devices, such as metal skids, lifting slings, and brackets which were with the machine when it originally arrived, included, and, in addition, all proper blueprinting, mapping, tagging and labeling of each individual part including cables, electrical apparatus and wires have been included, all process fluids and/or any hazardous materials have been removed from the Equipment and disposed of in accordance with Applicable Law. (ii) All manuals, maintenance records, log books, plans, drawings and schematics, inspection and overhaul records, operating requirements or other materials pertinent to the Equipment's operation, maintenance, assembly and disassembly have been assembled and are ready to be returned to Lessor. (iii) There is no structural or mechanical damage, and all frames, structural members, accessories and attachments are structurally sound without breaks or cracks and in compliance with all federal, state, local and other regulatory requirements. (iv) The Equipment is able to perform its required tasks effectively without repair including but not limited to electronic, electrical and mechanical controls, pumps, motors, belts, hoses, pins, bushings, measuring devices, screws, barrels, ways, rams, and clamps, and is operational and in compliance with all Applicable Law and is within manufacturer's design performance characteristics and tolerances. (v) The Equipment is clean and rust free, and sumps and tanks are clean and dry. (vi) Equipment with predictable or scheduled replacements or overhaul fives has not less than 50% useful life remaining before the next such replacement, overhaul, recalibration or rebuild. (vii) All major components and all wear points, including, but not limited to electronic and mechanical controls and pumps, motors, belts, hoses, pins, bushings, measuring devices, screws, barrels, ways, cams, clamps and supports, are within manufacturer's design performance characteristics and tolerances and are capable of performing as originally intended by the manufacturer and in a safe manner. (viii) The Equipment is complete, with no missing components or attachments. (ix) The Equipment has been lubricated according to the maintenance manual and/or lubrication schedul...

Average Saleable Condition means such condition that: (A) all components have at least a fifty (50%) remaining life until the next scheduled overhaul; (B) the Equipment has been properly operated and maintained in accordance with prudent industry practice; (C) the Equipment operates at its rated horsepower, temperature, pressure, fuel consumption, capacity, and efficiency and energy requirement, Reasonable Wear and Tear excepted; and (D) in accordance with any additional return requirements set forth in the applicable Schedule.

Examples of Average Saleable Condition in a sentence

• Reasonable wear and tear shall mean that each item of the Equipment has been maintained by Lessee in "Average Saleable Condition" (as hereinafter defined) and that all components of the Equipment have been properly serviced, following the manufacturer's written operating and servicing procedures, such that the Equipment is eligible for a manufacturer's standard, full service maintenance contract without Lessor's incurring any expense to repair or rehabilitate the Equipment.

• Average Saleable Condition means that all of the Equipment is immediately available for use by a third party buyer, user, or lessee, other than yourself, without the need for any repair or refurbishment.

• Upon expiry or termination of this Agreement and/or hiring the Products for any reason then, notwithstanding the other terms of this clause, if You do not or cannot return the Products to Us for any reason within 30 days of such expiry or termination, including but without limitation because they are a total loss, then You will pay us forthwith a sum equal to the amount We anticipated the Products would be worth at the end of the Minimum Period assuming it had been returned in Average Saleable Condition.

• If You fail to do so You will be liable for Our costs in recovering the Products and/or restoring them to Average Saleable Condition.

• The Equipment must be properly packed for shipment in accordance with the manufacturer's recommendation or specification, freight prepaid and insured, maintained in accordance with Section 6, and in Average Saleable Condition.

• Upon return of the Products they may be inspected by or on behalf of the Lessor and any and all discrepancies from the Return Conditions or (if there are no Return Conditions) any failure to meet Average Saleable Condition may be corrected by the Lessor at the Lessee’s expense.

• Average Saleable Condition means that all of the Products are immediately available for use by a third party, other than Yourself, in good working order and condition, free from any defects and without the need for repair or refurbishment, fair wear and tear excluded.

• If you fail to: 1) return the Equipment to us in Average Saleable Condition, to a location specified by us at your expense, at the end of the Lease (or any renewal term); or 2) timely pay the purchase option granted by us to you, if any, then this Lease will automatically renew on the same terms and conditions for another 12 months.

• As applied to any unit of Equipment, "reasonable wear and tear" shall mean that such unit has been maintained by Lessee in "Average Saleable Condition".

• The Equipment must be properly packed for shipment in accordance with the manufacturer's recommendations or specifications, freight prepaid and insured, maintained in accordance with Section 10, and in "Average Saleable Condition." "Average Saleable Condition" means the System is immediately available for use by a third party buyer, user or lessee, other than yourself, without the need for any repair or refurbishment.

More Definitions of Average Saleable Condition

Average Saleable Condition means that all of the Equipment is immediately available for use by a third party buyer, user or lessee, other than Lessee named in this Lease, without the need for any repair or refurbishment. Lessee will pay

Average Saleable Condition means that all of the Products are free of markings and immediately available for use by a third party user or lessee, other than the Lessee, without the need for repair or refurbishment. Upon return of the Products they may be inspected by or on behalf of the Lessor and any and all discrepancies from the Return Conditions or (if there are no Return Conditions) any failure to meet Average Saleable Condition may be corrected by the Lessor at the Lessee’s expense. In remedying the condition of the Products the Lessor may carry out such work as it reasonably considers necessary and the Lessee will in any event on demand pay for any and all costs, charges and fees which may be incurred, in connection with any restoration of the Products to the required condition or which would be incurred if the Lessor carried out such restoration. Such costs shall be calculated on the assumption that the restoration shall use only spare parts and services recommended by the manufacturer.

Average Saleable Condition means that all of the following minimum standards have been met: Machine Tool Equipment

Average Saleable Condition means the Equipment is immediately available for use by another customer without the need for any repairs or refurbishment. Should Customer fail to return the Equipment at the end of the Term, this Agreement shall automatically renew on a month-to-month basis until the Equipment is returned in the manner provided herein, notwithstanding any written notification from Customer to the contrary.

Average Saleable Condition means the Equipment is immediately available for use without the need of any repair. You agree to reimburse us for repair costs. If you are granted a purchase option, and you are not in default of this Lease, you may purchase the Equipment from us “WHERE IS, AS IS” for the option price at the end of the lease term. You may not pay off this Lease in full and return the Equipment prior to the end of the lease term without our consent.

Average Saleable Condition means the System is immediately available for use by a third party buyer, user or lessee, other than yourself, without the need for any repair or refurbishment. All Equipment must be free of markings other than those placed at our request. You will pay us for any missing or defective parts or accessories. You will continue to pay Rent until the System is accepted by us subject to Section 6. Our acceptance of the System shall occur fifteen (15) Days after delivery unless we reject the Equipment for good cause within such fifteen (15) Day period.