Maintenance Assets definition
Examples of Maintenance Assets in a sentence
As used herein, the term "Maintenance Assets" shall mean those tangible and intangible assets of Buyer used in connection with the maintenance and operation of the Fiber Ring Assets as will be necessary or usable in the performance of its obligations under the Maintenance Agreement.
All such machinery, equipment and personal property set forth in Exhibit B, together with the Buyer Intellectual Property and the Maintenance Assets, constitutes all of the assets necessary to operate the Fiber Ring Assets as presently conducted by Buyer (other than franchises, licenses, permits and other approvals).
Upon termination of this Agreement by IRSDC on account of a Facility Manager Event of Default, IRSDC may at its sole option (exercisable on or prior to the effective date of such termination), purchase all or any part of the Maintenance Assets at a valuation equal to the depreciated value of such assets or the book value of such assets in the books of the Facility Manager, whichever is lower.
The Facility Manager shall prepare and maintain a register in the prescribed format of Railways (the (“Asset Register”) of: all the Assets and Project Utilities, and all other assets, equipment, plant and machinery brought on to the Station Area for undertaking the obligations set out in this Agreement (including all Maintenance Assets).
Upon acquisition of the Equipment Maintenance Assets by the Company, the business operations and management of the Cooperation Equipment Maintenance Centre will be integrated with the Group, therefore the utilization of capital assets and human resources of the Cooperation Equipment Maintenance Centre will be optimized, which in turn, will lead to (i) improved efficiency in repair and maintenance services for equipment and systems of the Company and (ii) reduced costs of production.
The Facility Manager will ensure that all materials, equipment, hardware, machinery, and all Intellectual Property including all (Maintenance Assets) relating to the SFMIS to IRSDC or its nominee along with all logs, records, manuals, reports prepared thereto shall have an annual maintenance contract for a period not less than 1 (one) year from the Expiry of this Station Facility Management Agreement.
Further, the Facility Manager shall also have provided a written undertaking to IRSDC that it shall clear all such dues, fees, charges or any other amounts that IRSDC or its nominee shall be required to pay where such dues, fees, charges or any other amounts have accrued during the time the Assets, Project Utilities, the Station Area and the Maintenance Assets being transferred to IRSDC were in the possession and control of the Facility Manager.
The Board is pleased to announce that on 25 July 2014, the Company has entered into the Assets Acquisition Agreement with Angang Holding, pursuant to which the Company has agreed to acquire the Equipment Maintenance Assets from Angang Holding for the total cash consideration of RMB58,826,296.
Provided that the Maintenance Assets shall be dealt with in accordance with the provisions of Article 21.2.
On or prior to the expiry of this Agreement, the Facility Manager shall remove or cause to be removed all the assets, equipment, plant and machinery, including the Maintenance Assets, not forming part of the Assets or Project Utilities, which have been brought on to the Station Area by the Facility Manager or its Sub-Contractors for undertaking the obligations under this Agreement.