Engine Package definition
Examples of Engine Package in a sentence
Where a Lease Agreement is executed, this Master Agreement, as so modified, shall be (i) read as a single independent contract applicable to any such Engine Package and (ii) referred to herein as "this Agreement".
Lessee shall prepare the Engine Package for shipment and transportation in accordance with (i) the generally applicable procedures and recommendations of the Engine manufacturer and (ii) the requirements specified in Part I, point 24 of the Lease Agreement.
Lessor shall not interfere, or permit any person claiming through it to interfere, with the quiet use and possession of the Engine Package by Lessee during the Term.
Risk of loss or damage to the Engine Package during the Term resides with Lessee.
New Engine Package Protection: The limit of liability is a cumulative total of all claims reimbursed during the Term of the Agreement up to a maximum of $20,000 on sterndrive engines, $30,000 on outboard, sterndrive model 520, and diesel engines.
Engine Package Protection (Diesel) Claims: The final sublet repair invoice from the diesel distributor/repair facility will be required prior to any payment.
There are six Events of Default in total, relating to: (i) non-payment, (ii) failure to maintain insurance, (iii) failed redelivery of the Engine Package at the end of the Term, (iv) a failure to comply with any other obligations, (v) bankruptcy or insolvency of Lessee, and (vi) limited cross-default.
In Clause 2.2 the parties stipulate that the Lease Agreement is a true lease, that it is not intended as security, that Lessor either has title or the right to lease the Engine, and that no other proprietary rights or interests in the Engine Package are being conveyed beyond the right to possession and use during the Term.
The structure of the STEEL is that of a Master Agreement (Master Agreement) containing a set of standard terms relating to the short term leasing of a single Engine and its related Engine Documentation (collectively referred to as the Engine Package).
Sterndrive: The Engine Package Protection limit of liability is a cumulative total of all claims reimbursed during the Term of the Agreement up to a maximum of $10,000 per engine.