Examples of Substituted Item in a sentence
If Total Substitute Price of Substituted Item is an increase in price, strike out Deduct and insert Add.
Lessor shall have no right to enforce or modify this Agreement; provided, however, that Lessor may enforce this Agreement solely to the extent necessary to collect any Excepted Payments but may not exercise any remedies with respect to any Lease Collateral, Parts, Equipment, New Equipment, Replacement Equipment, Used Equipment, Substituted Item or Additional Collateral.
The Owner reserves the right to accept or reject any unspecified product or products submitted as a "Substituted Item".
Upon compliance by Lessee with the terms of the two (2) preceding sentences, Lessor will transfer to Lessee, on an AS IS BASIS (as hereinafter defined) all of Lessor's interest in and to in such Substituted Item.
If Lessee shall elect to substitute an Item of the Equipment pursuant hereto, Lessee shall, at its sole cost and expense, convey to Lessor a comparable item of equipment (a "Replacement Item"), free and clear of all liens other than Permitted Liens, that has at least the value, utility and remaining useful life and is in as good operating condition as the Substituted Item, assuming that the Substituted Item had been maintained in accordance with this Agreement.
Lessor shall execute and deliver to Lessee such Uniform Commercial Code Statements of Termination as reasonably may be required in order to terminate any interest of Lessor in and to the Substituted Item.
At Lessee’s expense, Lessor shall deliver to Lessee such Uniform Commercial Code Financing Statement Amendment Terminations as reasonably may be required in order to terminate any interest of Lessor in and to such Substituted Item.
There shall be no obligation on the part of the Agent or the Lessors to pay for or otherwise finance any Replacement Part or Replacement Unit except by way of releasing the corresponding Substituted Item or Replaced Unit as provided by this Section 4.3.
Lessee will be subrogated to all claims of Lessor, if any, against third parties to the extent the same relate to physical damage to or loss of such Substituted Item, and such Substituted Item shall no longer be subject to this Agreement.
Upon compliance by Lessee with the provisions hereof, Lessor will transfer to Lessee, on an AS IS, WHERE IS BASIS, without recourse or warranty, express or implied, of any kind whatsoever (“AS IS BASIS”), all of Lessor’s interest in and to the Substituted Item.