Consumable Inventory definition
Examples of Consumable Inventory in a sentence
Lessor and Lessee acknowledge that certain inventory, including consumables, at the Facility, as of the Commencement Date ("Consumable Inventory") will be completely consumed or otherwise disposed of during the course of Lessee's operation of the Facility.
Such inventory shall reflect the value of such Unopened Consumable Inventory on hand as of the Closing Date at the acquisition cost thereof.
Seller shall receive a credit at Closing in an amount equal to the total value of the Unopened Consumable Inventory as reflected in such inventory.
Lessor shall have the right to inspect the Lessee's Personal Property and Consumable Inventory, and Lessee's books and records concerning the same, for any purpose in connection with preparation of the Notice of Exercise or otherwise in connection with Lessee's Purchase Option granted hereunder, on at least one Business Day's prior notice during usual business hours, and Lessee shall cooperate with Lessor in connection therewith.
Seller is the owner of fee interests in the Land, the improvements and buildings on the Land and related amenities, commonly referred to as the Burbank Airport Hilton & Convention Center (the “Hotel”), and the owner of the Fixtures and Tangible Personal Property, Operating Equipment, Consumables and Unopened Consumable Inventory, and has rights and interests in and title to various of the Miscellaneous Hotel Assets (each as hereinafter defined).
In the event Lessor desires to exercise its Purchase Option granted under this Paragraph 6.4, Lessor shall give Lessee written Notice ("Notice of Exercise") not less than thirty (30) days prior to the expiration of the Term, which Notice of Exercise shall identify with reasonable specificity all items of Lessee's Personal Property and Consumable Inventory which Lessor desires to purchase (collectively, the "Purchase Option Property") and Lessor's estimation of the Option Purchase Price applicable thereto.
Such report shall reflect the value of the Unopened Consumable Inventory on hand as of the Closing Date at the acquisition cost thereof and shall be certified by Manager to Seller and Purchaser as accurately reflecting all Unopened Consumable Inventory at the Hotel as of the Closing Date and the acquisition cost thereof.
Lessee agrees that, at the end of the Term or earlier termination of the Lease, it shall replace and restore the Consumable Inventory to the type and amount (with the same value) as that existing as of the Commencement Date, and as may otherwise be sufficient to fully equip each Facility for its operation and maintenance as may be customary for properties comparable to the Leased Property in the State of Ohio.
Without the prior written consent of Household Bank, Sellers shall not sell, lease, assign, transfer, encumber or permit the encumbrance of, or otherwise dispose of, any of the Credit Card Assets except pursuant to this Agreement or the Securitization Contracts and except for the use of the Consumable Inventory.
Lessee agrees that, at all times during the Term, Lessee shall replace and restore the Consumable Inventory in accordance with normal business practices, so that at all times during the Term there is sufficient Consumable Inventory to fully equip such Facility for its operation and maintenance as may be customary for educational facilities comparable to such Facility.