Lease Items definition
Examples of Lease Items in a sentence
Party B further agrees that regardless of whether the Lease Items are transferred or Party C subleases the Lease Items or otherwise sets any form of third party rights or interests on the Lease Items, or the Lease Items are detained, seized, or expropriated, Party A shall not bear any responsibility arising therefrom, and Party B's repurchase obligations to Party A under this Agreement shall not be affected.
After receiving all the repurchase price, Party A shall notify Party C in writing of the transfer of the Lease Items and the leasing claims in the form of the Notice of Transfer of Leasing Claims (Annex 2) and request Party C to deliver the Lease Items directly to Party B and fulfill obligations and liabilities under the Financial Leasing Contract to Party B.
The Lessee may not remove the Lease Items without the prior written confirmation of the Lessor.
Both Parties confirm that when the Lessor pays the Seller the first Lease Item Purchase Price in accordance with the Supply Contract, the ownership of the Lease Items is transferred from the Seller to the Lessor and the Lease Items are leased out by the Lessor to the Lessee.
On the date on which the Lessee delivers the Lease Items, the Lessee shall promptly take delivery of, inspect and accept the Lease Items and issue the Lease Item Acceptance Confirmation to the Lessor.
The Lessee shall negotiate with the Seller directly to determine the matters concerning the delivery of the Lease Items, which shall be stipulated in the Supply Contract, including but not limited to the delivery time, place of delivery, delivery method, and expenses incurred for delivery.
Both Parties confirm that the Lessee shall, at its own expenses, effect [property insurance] for the Lease Items with an insurance company approved by the Lessor, with the Lessor being the first beneficiary or the additional insured, and submit a copy of the insurance policy/insurance endorsement (the same as the original) to the Lessor within [10] working days after the Project is connected to the grid upon completion of the construction and not later than January 31, 2020.
Party B is aware that the Lease Items under this Agreement is controlled and used by Party C and is aware of the operating area of the Lease Items.
After Party B receives Party A's "Notice of Repurchase Payment ", if the Lease Items are damaged or lost, Party B and Party C shall negotiate with and claim against the relevant insurance institution and bear the corresponding consequences.
After Party B has paid all the repurchase price to Party A in accordance with the provisions of this Agreement, the ownership of the Lease Items and Party A's leasing claims against Party C under the “Financial Leasing Contract” shall be transferred from Party A to Party B.