Required Modifications definition
Examples of Required Modifications in a sentence
If Lessee shall at its cost cause such Severable Modifications (other than Required Modifications) to be made to any Unit, Lessor shall have the right, upon 90 days prior written notice in the case of the return of such Unit pursuant to Section 6.1, to purchase any such Severable Modifications (other than Severable Modifications consisting of proprietary or communications equipment) title to which is held by Lessee at their then Fair Market Sales Value (taking into account their actual condition).
Title to any Severable Modification (other than Required Modifications) shall remain with Lessee or the Sublessee as applicable.
This includes Break/Fix, Customer Assistance, Required Modifications, and Elective Enhancements based on Historical Levels.
The following provisions of Articles I to VII are in the form promulgated by the IRS in Form 5305-RA (revised April 2017), as most recently updated by Listings of Required Modifications issues June 16, 2010, for use in establishing a ▇▇▇▇ individual retirement custodial account.
The Borrower may reinvest proceeds from an Event of Loss or Condemnation that have been deposited into the Modifications and Improvements Account as described above to fund all or a portion of the cost of one or more Required Modifications or Optional Modifications in respect of existing Railcars of the Borrower.