Items of Equipment definition
Examples of Items of Equipment in a sentence
The proceeds of such insurance, at the option of the Secured Party or such assignee, as appropriate, will be applied toward (a) repair or replacement of the appropriate Item or Items of Equipment, (b) payment of the Casualty Value thereof and/or (c) payment of, or as provision for, satisfaction of any other accrued obligations of Debtor hereunder.
If Lessee replaces the Item of Equipment pursuant to subsection (b) above, title to such replacement equipment shall immediately (and without further act) vest in Lessor and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder.
The Company will at all times, as part of an insurance program including appropriate risk retention and self-insurance, and at its own expense, cause to be carried and maintained casualty insurance and public liability insurance with financially sound and reputable insurers of recognized responsibility in respect of the Items of Equipment in such amounts, against such risks and on such terms and conditions as is customarily obtained by the Company in respect of similar equipment owned by it.
In the event of the substitution of a Replacement Item of Equipment, all provisions of this Indenture relating to the Item of Equipment or Items of Equipment being replaced shall be applicable to such Replacement Item of Equipment with the same force and effect as if such Replacement Item of Equipment was the same Item of Equipment being replaced.
Any sale or other conveyance of any Items of Equipment by the Trustee made pursuant to the terms of this Indenture shall bind the Holders of the Equipment Notes and the Company and shall be effective to transfer or convey all right, title and interest of the Trustee, the Company and such Holders of the Equipment Notes in and to the Equipment.
The rights of all Holders of Equipment Notes derive solely from this Indenture (including all supplements to this Indenture) and the Indenture Estate and the Holders of the Equipment Notes derive no interest in the Items of Equipment other than their beneficial interest in the Indenture Estate.
Lessee will diligently and promptly pursue any valid claims it may have under the warranties assigned to it hereunder with respect to the Aircraft and other Items of Equipment.
In the event of a partial installation of less than all the Equipment prior to the Base Term Commencement Date, Lessee shall pay pro rata rental for such Items of Equipment upon receipt of invoice for same.
The proceeds of such insurance, at the option of Secured Party or such assignee, as appropriate, will be applied toward (a) the repair or replacement of the appropriate Item or Items of Equipment, (b) payment of the Casualty Value thereof or (c) payment of, or as provision for, satisfaction of any other accrued obligations of Debtor hereunder.
The Trustee shall, upon the written request of the Company, execute and deliver to, and at the expense of, the Person specified by the Company, an appropriate instrument (in due form for recording) furnished by such Person to the Trustee, releasing the appropriate Items of Equipment from the Lien of this Indenture.