Non-Owned Clause Samples

The 'Non-owned' clause defines the treatment of property, assets, or items that are not legally owned by the party in question under the agreement. Typically, this clause clarifies whether the contract's terms, such as insurance coverage or liability provisions, extend to items that are in the party's possession but owned by someone else, such as leased equipment or borrowed vehicles. Its core function is to allocate responsibility and clarify coverage for non-owned property, thereby preventing disputes over liability or insurance in the event of loss or damage.
Non-Owned. Golf Carts
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Non-Owned. Auto means only an Auto the Named Member does not own, lease, hire, rent or borrow that are used in connection with the Named Member’s business. This includes an Auto owned by the Named Member’s officers or employees but only while used in the Named Member’s business.
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Related to Non-Owned

  • Foreign Ownership Seller is not a “foreign person” as that term is defined in the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated pursuant thereto, and Buyer has no obligation under Section 1445 of the U.S. Internal Revenue Code of 1986, as amended, to withhold and pay over to the U.S. Internal Revenue Service any part of the “amount realized” by Seller in the transaction contemplated hereby (as such term is defined in the regulations issued under said Section 1445).

  • Wholly-Owned Subsidiaries Nothing herein shall be construed as preventing the amalgamation or merger of any wholly-owned direct or indirect subsidiary of Parent with or into Parent or the winding-up, liquidation or dissolution of any wholly-owned subsidiary of Parent provided that all of the assets of such subsidiary are transferred to Parent or another wholly-owned direct or indirect subsidiary of Parent and any such transactions are expressly permitted by this Article 10.

  • Voting Stock Stock or similar interests, of any class or classes (however designated), the holders of which are at the time entitled, as such holders, to vote for the election of a majority of the directors (or persons performing similar functions) of the corporation, association, trust or other business entity involved, whether or not the right so to vote exists by reason of the happening of a contingency.

  • Wholly Owned Subsidiary As to Borrower, any Subsidiary of Borrower that is directly or indirectly owned 100% by Borrower.

  • Change in Ownership Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.