Obsolete Equipment definition

Obsolete Equipment means any of the Supported Equipment which is or becomes any one or more of the following: non repairable, uneconomic to repair, no longer fit for purpose, decommissioned, disposed of, subject to a recall by the original supplier, or is agreed with the Buyer to be obsolete.

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Obsolete Equipment means Equipment which is reasonably determined by a Borrower to be obsolete or unusable by such Borrower.

Obsolete Equipment means any machinery, equipment, furniture, apparatus, tools or implements or other similar property that may be defective or may have become worn out or obsolete or no longer used or useful in the operations of a Grantor, which is permitted to be sold pursuant to the terms of each of the Voting Creditor Documents.

Examples of Obsolete Equipment in a sentence

In addition, any such written notice of objection must be accompanied within ten (10) Business Days by payment in full for the items of Initial Obsolete Equipment or Subsequent Obsolete Equipment which are not subject to such written notice of objection.
It is Customer’s sole responsibility to replace Obsolete Equipment.
Any such written notice of objection from the Seller must state (a) the specific items of Initial Obsolete Equipment or Subsequent Obsolete Equipment which the Seller contends should not be included within the Equipment to be repurchased, and (b) the basis for its position with respect to each of such items of Initial Obsolete Equipment or Subsequent Obsolete Equipment which will be limited to mathematical errors or matters of the nature described in Section 5.16(1) and Section 5.16(2) above.
Obsolete Equipment is defined as equipment that is no longer manufactured or for which parts are no longer available from the manufacturer.
The Customer shall within thirty (30) Business Days of receiving the register of such Obsolete Equipment instruct the ESCO in writing to return the Obsolete Equipment to the Customer if so directed by the Customer in writing.

More Definitions of Obsolete Equipment

Obsolete Equipment means Equipment that has reached End of Support (EOS) according to the Vendor’s published statements.

Obsolete Equipment means barges, towboats, vessels and other equipment that, in the ordinary course of each of the Obligated Parties' business as presently conducted, are damaged, obsolete, surplus or at the end of their useful life, in each case as reasonably determined by the Obligated Parties.

Obsolete Equipment means Equipment that needs to be replaced and removed from the Premises.

Obsolete Equipment means equipment that cannot operate or do the job it was originally purchased for efficiently and economically;

Obsolete Equipment means Equipment at the applicable Closing Date that is used exclusively for discontinued Product (as the term "discontinued" is determined in accordance with the Amended and Restated Master Contract Manufacturing Services Agreement).

Obsolete Equipment means (a) Vessels and other Equipment that are damaged, obsolete or at the end of their useful life, (b) Real Estate and other assets (not including any Accounts, Inventory or Vessels) that are obsolete or no longer useful in the Ordinary Course of Business as reasonably determined by the Grantors and (c) Vessels and other Equipment that are surplus in the Ordinary Course of Business (provided, however, that such surplus Vessels and other Equipment under this clause (c) shall be limited to Vessels and other Equipment having a fair market value of $5,000,000 in the aggregate in any calendar year (plus any unused amounts from any prior calendar year up to $1,000,000) or $20,000,000 in the aggregate during the term of this Agreement; provided further, however, that the foregoing limitations shall not apply to such surplus Vessels and other Equipment under this clause (c), the proceeds of the sale or other Disposition of which are applied, within 180 days after the sale or other Disposition thereof, to the costs of replacement of such surplus Vessels and other Equipment or the cost of purchase or construction of other assets useful in the business of Grantors and their Subsidiaries).

Obsolete Equipment means (1) Equipment (i) that is no longer necessary for the operation of Tenant’s business at the Leased Premises or for the compliance of the Leased Premises with all Legal Requirements and Insurance Requirements (and does not need to be replaced with updated equipment to bring the Leased Premises in compliance with all Legal Requirements and Insurance Requirements) and (ii) the removal of which from the Leased Premises does not materially adversely affect the value or utility of the Leased Premises as a Facility or (2) Racking that is no longer necessary for the operation of Tenant’s business at the Leased Premises.