Definition of Possession Period


Possession Period means the period beginning on the Commencement Date and ending on the Repossession Date.

Examples of Possession Period in a sentence

Taxes include all license and registration fees, environmental fees, and all sales, use, personal property, and other taxes and governmental charges, together with any penalties, fines and interest thereon (except to the extent resulting from Lessors negligence or willful misconduct), that may be imposed during the Term or Possession Period (as defined in Section 10) or after the Term or Possession Period and relating to events or conditions occurring or existing during the Term or Possession Period.
Lessee will at its expense during the Possession Period maintain: (a) insurance against the loss, theft, or damage to the Equipment for its full replacement value, naming Lessor as loss payee; and (b) public liability and third party property damage insurance in the amount of $1,000,000 or such other amount as may be requested by Lessor, naming Lessor as an additional insured.
From delivery of the Equipment to a carrier for shipment to Lessee until the Equipment is returned to and received by Lessor (Possession Period), Lessee bears the entire risk of whole or partial loss, theft, destruction or damage to the Equipment from any cause whatsoever, or requisition of the Equipment by any governmental entity, or the taking of the Equipment by eminent domain or otherwise (collectively, Loss).
The provisions of this Lease will survive its termination, and any return or sale of Equipment, and remain in full force and effect with respect to events or conditions occurring or existing during (or fairly attributable to) the Term or Possession Period.
All costs and expenses of Tenant's use and possession of the Premises and Hotel during the Pre-Open Possession Period, or otherwise incurred by Tenant during the Pre-Open Possession Period, shall be paid by Tenant and any such costs or expenses paid by Landlord shall be promptly (and in any event within fifteen (15) business days reimbursed to Landlord upon Landlord's request.