Examples of Ancillary Products in a sentence
Upon Lessor’s receipt of the Total Loss Amount, Lessee’s lease obligation will terminate and Lessor will transfer available ownership documents to the Modular Equipment to Lessee, unless Lessor agrees in writing to dispose of the Modular Equipment and any destroyed Ancillary Products at Lessee’s sole cost and expense.
Lessee understands that some Ancillary Products originate from third-party suppliers.
Lessee assumes full responsibility for any Ancillary Products and/or other items missing from the Equipment upon return.
In the event of a Total Loss of the Modular Equipment, Lessee shall pay Lessor on the next date for the payment of rent: the rent then due; plus the value of the Modular Equipment (the “Equipment Value”) as stipulated in the Lease Agreement; plus the value of all destroyed Ancillary Products; less all insurance proceeds actually paid and/or assigned to Lessor from insurance maintained by Lessee; plus all applicable Taxes and Fees and/or transfer taxes (together the “Total Loss Amount”).
A policy of insurance covering all loss or damage to the Equipment, including flood and earthquake, for not less than 100% of the Equipment Value and the Ancillary Products value as established by Lessor for the full Term of the Lease Agreement.