Property and Equipment. (a) The Company and the Japanese Subsidiary have good and marketable title to, or in the case of leased property have valid leasehold interests in, all property and assets (whether real or personal, tangible or intangible) reflected on the Balance Sheet or acquired after the Balance Sheet Date. None of such properties or assets is subject to any Liens, except:
Property and Equipment. Property and equipment consisted of the following at December 31, 2014 and 2013 (in thousands): December 31, 2014 December 31, 2013 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value Computer equipment $ 1,108 $ (602 ) $ 506 $ 490 $ (244 ) $ 246 Furniture and fixtures 22 (4 ) 18 21 (1 ) 20 Software 2,733 (1,137 ) 1,596 2,962 (246 ) 2,716 Building and Leasehold improvements 541 (36 ) 505 59 (4 ) 55 Land and Buildings 797 (19 ) 778 797 (3 ) 794 Total $ 5,201 $ (1,798 ) $ 3,403 $ 4,329 $ (498 ) $ 3,831 Depreciation expense on property and equipment for the years ended December 31, 2014 and 2013, including cost of property and equipment under capital lease, was $1.4 million and $0.5 million, respectively, and is recorded in operating expenses. Equipment under capital lease totaled $0.16 million as of December 31, 2014. There was no equipment under capital lease at December 31, 2013. Depreciation expense on equipment under capital lease was $0.04 million for the year ended December 31, 2014, and accumulated depreciation on equipment under capital lease was $0.04 million as of December 31, 2014.
Property and Equipment. The buildings, plants, structures located at the Plant Property and the Equipment are all owned by the CCC Company free and clear of all Liens (except Permitted Liens) and are structurally sound, are in good operating condition and repair, subject to normal wear and tear, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, personal property or Equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost.
Property and Equipment. Property and equipment are stated at cost, except when an impairment analysis requires use of fair value, and depreciated using the straight-line method over the estimated useful lives of the assets as follows: Computer equipment 3 to 4 years Furniture and fixtures 5 to 7 years Software 2 to 3 years Building Improvements 10 years Building 39 years Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the lease term. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in operating expenses. Maintenance and repairs are charged to expense as incurred. Expenditures that substantially increase an asset’s useful life are capitalized. In the fourth quarter of 2013, the Company acquired an approximately 10,000 square foot Data Center facility in Phoenix, Arizona. This facility has allowed the Company to consolidate its data needs in a company-owned Data Center, and should allow for the expansion of its cloud-based offerings to its customers.
Property and Equipment. (a) Section 3.9 of the Disclosure Schedule lists the fixed assets, including equipment, used in the conduct of the Business as conducted (during the prior twelve months) which are owned by Company and those which are leased by Company ("Leased Property"). Section 3.9 of the Disclosure Schedule contains a correct and complete copy of the agreements for the lease of fixed assets not owned by Company. The fixed assets and the Leased Property are generally in good operating condition and repair, reasonable wear and tear excepted.
Property and Equipment. 59. Property utilized by the WTOC-TF in connection with authorized investigations and/or operations and in the custody and control and used at the direction of the WTOC-TF, will be maintained in accordance with the policies and procedures of the agency supplying the equipment. Property damaged or destroyed which was utilized by WTOC-TF in connection with authorized investigations and/or operations and is in the custody and control and used at the direction of WTOC-TF, will be the financial responsibility of the agency supplying said property.
Property and Equipment. (a) SCHEDULE 8.8(a) sets forth a list, as of the date hereof, of all major items of equipment and tangible personal property (designated by category) owned or leased by, or under option to BNY or any of its Subsidiaries and which are among the Purchased Banking Assets (or subject to leases or options which are to be assumed by JPM hereunder). For purposes of this Section 8.8, any item of equipment or personal property shall be deemed "major" if it has a Book Value (net of any associated allowance, reserve or other contra-asset account, as reflected in BNY's books and records, determined in accordance with GAAP) as of the date hereof (in the case of owned property) or has a remaining rental payment due as of the date hereof (in the case of leased property) in excess of $10,000. Except as set forth on such schedule, there are no Liens (other than Permitted Liens) on such equipment or tangible personal property, and BNY or its Subsidiaries will deliver good and valid title or leasehold interests or licenses (including sub-licenses), as the case may be, to the Purchased Banking Assets free of Liens (other than Permitted Liens).
Property and Equipment. All property and equipment purchased by CONTRACTOR with funds received under this Agreement, or purchased on behalf of CONTRACTOR for the program site(s) covered under this Agreement, shall be insured by CONTRACTOR at replacement value against fire, theft, and destruction equal to the full replacement cost.