Severable Modification definition

Severable Modification means any Modification that is removable without causing material damage to the Facility that cannot readily be repaired.

Severable Modification means any Modification that is readily ---------------------- removable without causing material damage to the Equipment or any Unit and without diminishing, other than in a de minimis respect, the value, utility or ---------- useful life of such Unit below the value, utility or useful life of such Unit immediately prior to such Modification, assuming that such Unit was then in the condition required to be maintained by the terms of the Lease.

Severable Modification means any Modification (i) the cost of which was not included in Lessor’s Cost, and (ii) that can be readily removed from any of the Vessels (or any part thereof) without causing damage to or diminishment of the value, utility or remaining useful life of such Vessel.

Examples of Severable Modification in a sentence

• Title to any Severable Modification (other than Required Modifications) shall remain with Lessee or the Sublessee as applicable.

• If Lessee has not removed any Severable Modification prior to the return of the related Unit as provided herein, title to such Severable Modification shall pass to Lessor as of the date of such return.

• If Owner and Charterer shall fail to agree within 15 days after such written notice, such Fair Market Sales Value of any such Severable Modification shall be determined by the Appraisal Procedure.

• Charterer may remove (or allow to be removed) any such Severable Modification prior to or, subject to Article 13(c)(iii), upon the expiration of the Charter Period.

• Owner and Charterer shall attempt to agree upon the Fair Market Sales Value of such Severable Modification as of the expiration of the Charter Period.

More Definitions of Severable Modification

Severable Modification means any Modification that is readily removable without causing material damage to the Facility.

Severable Modification means any Modification to the Vessel --------- ------------ permitted under the Charter Party which can be readily removed from the Vessel without causing material damage to the Vessel.

Severable Modification means any Modification that is readily removable without causing damage to the Equipment, any Unit, the Pledged Equipment or Pledged Unit (other than damage which is de minimis) and without diminishing, other than in a de minimis respect, the value, utility or useful life of the Equipment, any Unit, the Pledged Equipment or any Pledged Unit, as applicable, below the value, utility or useful life of the Equipment or such Unit or the Pledged Equipment or such Pledged Unit, as applicable, immediately prior to removal of such Modification, assuming, with respect the Equipment or such Unit, that the Equipment or such Unit was then at least in the condition required to be maintained by the terms of the Lease and assuming with respect to the Pledged Equipment or such Pledged Unit, that the Pledged Equipment or such Pledged Unit was then at least in the condition required to be maintained by the terms of the Collateral Agency Agreement.

Severable Modification shall have the meaning specified in Section 9.2 of the Lease.

Severable Modification means any Modification which is not a Nonseverable Modification.

Severable Modification means any Optional Modification or Required Modification other than a Non-Severable Modification.

Severable Modification means any Modification which is not a ---------------------- Nonseverable Modification.