Permitted Repairs definition
Permitted Repairs means, with respect to any newly acquired second-hand Vessel, repairs which, in the reasonable judgment of the Company, are required to be made to such Vessel upon acquisition and which are made within 120 days of the acquisition thereof.
Permitted Repairs means, with respect to any newly acquired second-hand Vessel or Container Asset, repairs which, in the reasonable judgment of the Issuer, are required to be made to such Vessel or Container Asset upon acquisition and which are made within 120 days of the acquisition thereof.
Permitted Repairs means, with respect to any Substitute Vessel, repairs which, in the reasonable judgment of the Parent, are required to be made to such Substitute Vessel upon acquisition and which are made within 120 days of the acquisition thereof.
Examples of Permitted Repairs in a sentence
All such Permitted Repairs shall be deemed to be a part of the Premises and shall be performed subject to the terms of SECTIONS 11.1 and 11.2 hereof.
Tenant agrees that it shall spend annually an amount for each Leased Property equal to the product of (x) $350 (the "PER UNIT ALLOCATION"); and (y) the aggregate number of Units in such Leased Property, on Permitted Repairs (as hereafter defined)(the "ANNUAL CAPITAL EXPENDITURE SPENDING REQUIREMENT").
The Capital Expenditure Spending Requirement shall only be satisfied by spending money on, and/or the Capital Expenditure Account shall only be used for, Permitted Repairs.
More Definitions of Permitted Repairs
Permitted Repairs means, with respect to any Vessel, repairs which, in the reasonable judgment of the Borrower, are necessary or required to be made to such Vessel.
Permitted Repairs means repairs, replacements and capital and non-capital improvements to be made with respect to any Leased Property from time to time (including, without limitation, cosmetic repairs to the Leased Properties and repairs and replacements made with respect to any of Landlord's Personal Property), but in no event shall the Permitted Repairs includes repairs or additions to, or replacement of, any of Tenant's Personal Property. All such Permitted Repairs shall be deemed to be a part of the Premises and shall be performed subject to the terms of SECTIONS 11.1 and 11.2 hereof. On the express condition that no Event of Default then exists hereunder, Tenant may request, by written notice to Landlord (but not more than once per month), that Landlord disburse monies deposited in the Capital Expenditures Account for the purpose of making Permitted Repairs on any Leased Property and Landlord shall disburse monies on account of such Permitted Repairs promptly after the presentation of invoices therefor provided that: (i) such Permitted Repairs have been completed in a good, workmanlike and lien-free fashion and in compliance with all Legal Requirements and the terms of SECTION 11.2 applicable to any Alterations; and (ii) Tenant has paid for any Capital Expenditure Difference. If Tenant's capital expenditures at the Premises in any Lease Year shall exceed the Capital Expenditure Deposits for such Lease Year (such excess, the "CAPITAL EXPENDITURE DIFFERENCE"), Tenant shall pay the amount of such Capital Expenditure Difference towards the cost of such repairs, replacements and capital expenditures, before seeking funds from the Capital Expenditure Account. Any interest that accrues on the funds in the Capital Expenditure Account shall at all times remain in the Capital Expenditure Account. At the expiration of the Term, any funds remaining in the Capital Expenditure Account shall become the property of Landlord.
Permitted Repairs shall have the meaning set forth in SECTION 11.3.1.