SGR Property definition
Examples of SGR Property in a sentence
JDG represents, warrants, and covenants that throughout the Term and for any Transition Period, none of the SGR Property shall be or become subject to any liens, claims, encumbrances or third-party claims, whether voluntary or involuntary, by operation of law or otherwise, and whether or not such liens, claims, encumbrances, or claims are held by third-parties (including in connection with the Lease or the Customs Facility (as defined in the Scope of Work)).
The appraised value of the SGR Property, together with the appraised value of any other real property then mortgaged to Lender as security for the Note, shall be equal to or greater than $6,000,000 or $7,300,000, as the case may be in the event the SEC Letter has not been received.
Subject to tolerances set forth in the Scope of Work, JDG shall be liable for SGR Property that is lost, misplaced, harmed, damaged, stolen, missing or tainted while in the custody or control of JDG and/or a JDG Carrier, or due to the acts or omissions of any of its Representatives (collectively, “Shortages”).
Notwithstanding anything to the contrary herein, during the Term and for any Transition Period, SGR, any of its Representatives, and any of SGR’s lenders or customers who obtain prior written approval from SGR, may enter the Facility during normal working hours at any time for any reason, including to examine, inspect, count, remove, or otherwise control any or all of the SGR Property or to observe the operations within the Facility.
SGR acknowledges and understands that the Facility is located in Mexico and, as such, the SGR Property may be subject to Mexican laws or regulations regarding temporary imports from another country.
JDG shall affix the SGR Property with labels sufficient to ensure that a reasonable person can determine it is owned by SGR, and shall not make any representations or statements to third parties regarding any claim to ownership or title over the SGR Property.
JDG will notify SGR in writing of any applicable limitations on the period of time that SGR Property may be located in Mexico in order to qualify for beneficial treatment as temporary imports, and will provide SGR with at least thirty (30) days’ written notice prior to expiration of such period with respect to any particular SGR Property.
JDG shall properly and safely store all of the SGR Property in compliance with the storage guidelines provided by the applicable manufacturer.
As part of the foregoing, SGR will provide JDG with at least thirty (30) days’ notice of any intent to deliver to JDG any new SGR Property that has not previously been delivered, to enable JDG to confirm whether importation into Mexico of such SGR Property will comply with applicable Legal Requirements.
To the extent applicable, JDG hereby waives and relinquishes any claims or rights that may arise, by operation of law or otherwise, to assert a possessory interest in or lien on the SGR Property by nature of JDG’s possession or control of the SGR Property.