Common use of Renewal of Equipment Clause in Contracts

Renewal of Equipment. The Lessee shall at its own expense from time to time during the Lease Period replace, renew or obtain substitutions for such items of equipment as shall be so damaged or worn as to be unfit for use provided always that in any such case the Lessee shall procure that title to the part replaced, renewed or substituted shall promptly vest in the Lessor and title to any part replaced, renewed or substituted shall remain with the Lessor until the part which replaced it or the new or substituted part becomes the property of the Lessor or is replaced, renewed or substituted by a part which thereupon becomes the property of the Lessor and the Lessee agrees that if any replaced, renewed or substituted part is not the property of the Lessor it will as soon as practicable replace the same with a part which thereupon becomes the property of the Lessor.

Renewal of Equipment. The Lessee shall procure that, at its own expense no cost to the Lessor, from time to time during the Lease Period replace, renew or obtain substitutions for such items of equipment forming part of the Ship as shall be so damaged damaged, worn or worn as to be unfit for use provided always that in any such case the Lessee shall procure that title to the part lost are replaced, renewed or substituted shall promptly vest in such manner as not to diminish in any material adverse way the Lessor and title value of the Ship. Title to any part replaced, renewed or substituted shall remain with the Lessor until the part which replaced it or the new or substituted part item of equipment becomes the property of the Lessor or is replaced, renewed or substituted by a part an item of equipment which thereupon becomes the property of the Lessor and the Lessee agrees at that if any replaced, renewed or substituted part is not the property of the Lessor it will as soon as practicable replace the same with a part which thereupon time becomes the property of the Lessor. The Lessee shall ensure that title to any such new item of equipment shall be free of all Security Interests and shall vest in the Lessor upon fitting.