Obsolete Equipment definition

Obsolete Equipment means any machinery, equipment, furniture, apparatus, tools or implements or other similar property that may be defective or may have become worn out or obsolete or no longer used or useful in the operations of the Borrower or its Subsidiaries.

Obsolete Equipment means Equipment which is reasonably determined by a Borrower to be obsolete or unusable by such Borrower.

Obsolete Equipment means Equipment that has reached End of Support (EOS) according to the Vendor’s published statements.

Examples of Obsolete Equipment in a sentence

• If within ten (10) Business Days of this reminder notice the Customer still has not provided the ESCO with an instruction to return the Obsolete Equipment, the ESCO shall store the Obsolete Equipment for a period not exceeding one calendar year.

• Reasonable storage expenses shall be on account of the Customer and ESCO shall notify the Customer of its estimation of such expenses not later than ten (10) Business Days after placing the Obsolete Equipment in storage.

• Within ten (10) Business Days of receiving the Construction Completion Certificate from the Customer, the ESCO shall provide the Customer with a final register of Obsolete Equipment removed or replaced at the Premises.

• The Customer shall within thirty (30) Business Days of receiving the register of such Obsolete Equipment instruct the ESCO in writing to return the Obsolete Equipment to the Customer if so directed by the Customer in writing.

• The ESCO shall be responsible to place the Obsolete Equipment in a storage area in Ras Al Khaimah (UAE) provided and specified by the Customer.

More Definitions of Obsolete Equipment

Obsolete Equipment means equipment that cannot operate or do the job it was originally purchased for efficiently and economically;

Obsolete Equipment means Equipment at the applicable Closing Date that is used exclusively for discontinued Product (as the term "discontinued" is determined in accordance with the Amended and Restated Master Contract Manufacturing Services Agreement).

Obsolete Equipment means vessels and other equipment, property or assets that, in the ordinary course of each of the Company’s and its Restricted Subsidiaries’ business as presently conducted, are damaged, obsolete, surplus, at the end of their useful life or no longer required or useful in the business, in each case as reasonably determined by the Company.

Obsolete Equipment means Equipment that needs to be replaced and removed from the Premises.

Obsolete Equipment means (a) barges, towboats, vessels and other equipment that, in the ordinary course of each of the Loan Parties’ business as presently conducted, are damaged, obsolete or at the end of their useful life, (b) assets (not including any Accounts, Inventory, Vessels or Real Property) that are obsolete or no longer useful in the ordinary course of each of the Loan Parties’ business as presently conducted, in each case as reasonably determined by the Loan Parties and (c) barges, towboats, vessels and other equipment that are surplus in the ordinary course of each of the Loan Parties’ business as presently conducted (provided, however, that such surplus equipment under this clause (c) shall be limited to (i) surplus equipment with a value (as determined in good faith by the applicable Loan Party’s board of directors or analogous body) of $50,000,000 in the aggregate during the term of this Agreement; provided, however, that the foregoing limitations shall not apply to such surplus equipment under this clause (c), the proceeds of the sale or other disposition of which are applied, (x) from the Closing Date until the first Anniversary Date, within 360 days after the sale or other disposition thereof, or (y) at all times on or after the first Anniversary Date, within 180 days after the sale or other disposition thereof, to the costs of replacement of such surplus equipment or the cost of purchase or construction of other assets useful in the business of Borrowers and their Subsidiaries) and (ii) surplus equipment in an amount not to exceed $50,000,000 so long as the net proceeds received in connection with the sale or disposition of such surplus equipment is greater than or equal to 85% of the Net Forced Liquidation Value of such surplus equipment.

Obsolete Equipment means Equipment at the applicable Closing Date that is used exclusively for discontinued Product (as the term “discontinued” is determined in accordance with the Amended and Restated Master Contract Manufacturing Services Agreement).

Obsolete Equipment means (1) Equipment (i) that is no longer necessary for the operation of Tenant’s business at the Leased Premises or for the compliance of the Leased Premises with all Legal Requirements and Insurance Requirements (and does not need to be replaced with updated equipment to bring the Leased Premises in compliance with all Legal Requirements and Insurance Requirements) and (ii) the removal of which from the Leased Premises does not materially adversely affect the value or utility of the Leased Premises as a Facility or (2) Racking that is no longer necessary for the operation of Tenant’s business at the Leased Premises.