Ownership of the Leased Assets Sample Clauses
The "Ownership of the Leased Assets" clause establishes that the lessor retains legal ownership of the assets being leased throughout the duration of the lease agreement. In practice, this means that while the lessee is granted the right to use the assets, they do not acquire any ownership interest or title in them, regardless of how long the lease lasts or any improvements made by the lessee. This clause is essential for clarifying property rights, preventing disputes over asset ownership, and ensuring that the assets are returned to the lessor at the end of the lease term.
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Ownership of the Leased Assets. During the Lease Period, the legal ownership of the Leased Assets under the Finance Lease Agreement will be vested in CIMC Capital and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ will have the rights to use the Leased Assets. At the end of the Lease Period and subject to payments by ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB100 for the Leased Assets, the legal ownership of the Leased Assets will be vested in ▇▇▇▇▇ ▇▇▇▇▇▇▇▇. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between the parties to the Finance Lease Agreement with reference to the principal amount of the lease or the consideration for the Leased Assets under the Finance Lease Agreement and the prevailing market interest rate for finance lease of comparable assets. The Finance Lease Arrangement and the transactions contemplated thereunder have been agreed under normal commercial terms and after arm’s length negotiations between the relevant parties and provide the Group with general working capital. The Directors therefore consider that the terms of the Finance Lease Arrangement and the transactions contemplated thereunder are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
Ownership of the Leased Assets. 3.1 During the Lease Term, the ownership of the Leased Assets as listed in the Appendix to this Agreement, including any parts and components, replacement parts, attached parts and auxiliary parts of (or to be attached to) the Leased Assets, shall always belong to Party B. During the Lease Term, Party A shall only enjoy the right to use the Leased Assets. Party A may not sell, transfer, sub-lease, mortgage, or make investment by means of, the Leased Assets, or otherwise conduct any other action that may infringe Party B’s rights and benefits. Otherwise, Party A shall assume corresponding breach of contract liabilities.
3.2 Where Party A is shut down, suspended, merged or acquired, or modifies the type of its ownership or enters into bankruptcy, Party A shall have no right to dispose of the Leased Assets. Party B’s ownership of the Leased Assets shall not be affected by any agreement entered into by Party A with any third party or any change to Party A’s status as a legal person.
3.3 During the performance of the Agreement, Party B shall have the right to inspect the use and conditions of the Leased Assets and as long as such inspection would not affect the use of the equipment, Party A shall facilitate the carrying-out of such inspection. Without Party B’s written consent, Party A may not add or remove any parts and components of the Leased Assets nor shall it change the premises of use of the Leased Assets. Party B shall have the right to affix marks of ownership onto the Leased Assets. Party B (or its entrusted agent) shall have the right to inspect, on a regular basis or at any time, the use and conditions of the Leased Assets and Party A shall exert every effort to facilitate the same.
3.4 Party B shall have the right to mortgage the Leased Assets or transfer its beneficial interests to a third party, provided that the implementation of this Agreement and the normal use by Party A shall not be affected thereby.
Ownership of the Leased Assets. (a) It is the intent of the parties hereto that: (i) this Lease constitutes an operating lease from the Lessor to the Lessee for the purposes of the Lessee's financial reporting, (ii) the Lease and other transactions contemplated hereby shall be treated as a financing arrangement, and Lessee shall be treated as the owner of each Leased Asset for Federal, State and local and other income and property tax and bankruptcy purposes and (iii) the obligations of the Lessee to pay Base Rent and any part of the Lease Balance shall be treated as payments of interest and principal, respectively, for Federal, State, local and other income tax and bankruptcy purposes and the Lessee alone shall be entitled to take any deduction, credit allowance or other reporting, filing or other tax position consistent with such characterizations. The Lessee has granted a mortgage lien on and security interest in all of its right, title and interest in and to each Leased Asset to, or for the benefit of, the Lessor, pursuant to each Mortgage made by Lessee, to secure the payment and performance by the Lessee of all of its obligations under the Lease and the other Operative Documents that are attributable or allocable to the Lessor Contribution of the Advances comprising the Lease Balance for such Leased Assets. Each of the parties hereto agrees that it will not, nor will it permit any Affiliate to at any time, take any action or fail to take any action, including any action with respect to the preparation or filing of any income tax return, including an amended income tax return, to the extent that such action or such failure to take action would be inconsistent with the intention of the parties expressed in this Section 30.1.
(b) Specifically, without limiting the generality of clause (a) of this Section 30.1, the parties hereto intend and agree that in the event of any insolvency or receivership proceedings or a petition under the United States bankruptcy laws or any other applicable insolvency laws or statute of the United States of America or any State or Commonwealth thereof affecting the Lessee, the Lessor, any other Person or any collective actions, the transactions evidenced by the Operative Documents shall be regarded as loans made by the Lessor to the Lessee.
(c) Accordingly, and notwithstanding any other provision of this Lease to the contrary, Lessor and the Lessee agree and declare that (i) the transactions contemplated hereby are intended to have a dual, rather than singl...
Ownership of the Leased Assets. During the lease period, the ownership of the Leased Assets shall be vested in the Harbin Electric Finance Lease Company. If the Lessees have properly and fully performed all obligations under the Finance Lease Agreements, upon the expiry of the Finance Lease Agreements, Harbin Electric Finance Lease Company will transfer the Leased Assets to the Lessees at the consideration of RMB100 in nominal value. The guarantee arrangements for the Finance Lease Agreement I and the Finance Lease Agreement II are set out below:
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in ICBC Leasing throughout the lease period. At the end of the lease period and subject to payment by JDEC and Tianjin Clean Energy of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB1, the ownership of the Leased Assets will be vested in JDEC and Tianjin Clean Energy. On 14 March 2017, JDEC entered into the Consultancy Agreement I with ICBC Leasing, pursuant to which JDEC agreed to engage ICBC Leasing for providing certain consultancy services relating to the Leased Assets, which includes, among others, valuation of assets and supervision on the operation of the Leased Assets for a period of 10 years, at a total services fee of RMB2,385,000 payable by JDEC to ICBC Leasing within 10 days upon signing of the Consultancy Agreement I. On 14 March 2017, JDEC entered into the Consultancy Agreement II with ICBC Leasing, pursuant to which JDEC agreed to engage ICBC Leasing for providing certain consultancy services relating to the finance lease arrangement, which includes, among others, the financial and tax consultation services for the period from 15 January 2017 to 31 March 2017, at a total services fee of RMB2,385,000 payable by JDEC to ICBC Leasing within 10 days upon signing of the Consultancy Agreement II. The estimated aggregate lease payments under the Finance Lease Agreement and the service fees under the Consultancy Agreements were determined after arm’s length negotiations between the parties to the Finance Lease Agreement and the Consultancy Agreements by reference to the principal amount of the lease and the prevailing market interest rate for finance leases of comparable machines and equipment.
Ownership of the Leased Assets. The ownership of the Leased Assets under the Finance Lease Agreement will be vested in CDB Leasing throughout the lease period. At the end of the lease period and subject to payments by AYYG of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB100 for the Leased Assets, the ownership of the Leased Assets will be vested in AYYG. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between parties to the Finance Lease Agreement by reference to the principal amounts of the lease and the prevailing market interest rate for finance lease of comparable machines, equipment and ancillary facilities.
Ownership of the Leased Assets. China Coop Mengda has the ownership of the Leased Assets during the lease term. During the lease term, Customer A shall have the right to occupy and use the Leased Assets. Customer A shall be responsible for the maintenance and repair of the Leased Assets and the related expenses and shall also bear the risk and rewards of ownership of the Leased Assets. Upon expiry of the lease term, given that Customer A has made full payment of the rental payment and paid an agreed nominal amount of RMB 100 (equivalent to approximately HK$125), the ownership of the Leased Assets shall vest in Customer A. In the event that Customer A has not paid such nominal amount, Customer A shall pay a penalty of 10% of the total consideration of the Lease Assets to China Coop Mengda.
Ownership of the Leased Assets. During the Lease Period, the legal ownership of the Leased Assets under the Finance Lease Agreement will be vested in CDB Leasing and Hefei Lvjuyuan will have the rights to use the Leased Assets. At the end of the Lease Period and subject to payments by ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ of (i) all amounts due under the Finance Lease Agreement; and (ii) a nominal consideration of RMB100 for the Leased Assets, the legal ownership of the Leased Assets will be vested in Hefei Lvjuyuan. The estimated aggregate lease payments under the Finance Lease Agreement were determined after arm’s length negotiations between the parties to the Finance Lease Agreement with reference to the principal amounts of the lease or the consideration for the Leased Assets under the Finance Lease Agreement and the prevailing market interest rate for finance lease of comparable assets.
Ownership of the Leased Assets. II THE FINANCE LEASE AGREEMENT III Sale and purchase arrangements and consideration
Ownership of the Leased Assets. During the lease period, the ownership of the leasing equipment shall be vested in CNECFL. If Zhejiang Unisun has properly and fully performed all obligations under the Zhejiang Unisun Finance Lease Framework Agreement, upon the expiry of the Zhejiang Unisun Finance Lease Framework Agreement, Zhejiang Unisun is entitled to acquire the leasing equipment at nominal value.