TITLE TO EQUIPMENT (Applies to Contracts solely funded by NYSDOT Sample Clauses

TITLE TO EQUIPMENT (Applies to Contracts solely funded by NYSDOT. Major Equipment is an article of non-expendable, tangible personal property which stands alone is complete in itself, and does not lose its identity having a useful life of more than one year and an acquisition cost that equals or exceeds $5,000. The purchases of equipment are primarily intended to support research under each PON. Purchases of Major Equipment exceeding $50,000 (in the aggregate) for a particular Contract shall be subject to review and approval of NYSDOT. Title shall vest in the STATE to all Major Equipment purchased in the performance of authorized, NYSDOT- funded PON Projects under a contract with NYSERDA and is paid by NYSDOT hereunder. Upon the request of NYSDOT, the Consultant shall, where necessary, execute, acknowledge, deliver and perform, or cause to be executed, acknowledged, delivered or performed, all such bills of sale, assignments, conveyances or other documents or acts as the STATE may reasonably request in order to assure the better vesting in and confirming to the STATE, its successor and assigns, of title to and possession of such equipment.
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Related to TITLE TO EQUIPMENT (Applies to Contracts solely funded by NYSDOT

  • Title to Equipment Title shall vest in the Contractor to all equipment purchased hereunder.

  • Title to Purchased Assets Seller owns and has good title to the Purchased Assets, free and clear of Encumbrances.

  • Title to Work Title to Work, materials and equipment covered by an approved Application for Payment will pass to the Owner either by incorporation in construction or upon receipt of payment by the Contractor, whichever shall occur first;

  • Title to Properties The Company and each of its subsidiaries has good and marketable title to all the properties and assets reflected as owned in the financial statements referred to in Section 1(i) above (or elsewhere in the Prospectus), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or such subsidiary. The real property, improvements, equipment and personal property held under lease by the Company or any subsidiary are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company or such subsidiary.

  • Certain Requirements as to Furniture, Equipment and Fixtures If the Assuming Institution purchases owned Bank Premises or accepts an assignment of the lease (or enters into a sublease or a new lease in lieu thereof) for leased Bank Premises as provided in Section 4.6(a) or 4.6(b), or if the Assuming Institution does not exercise such option but within twelve (12) months following Bank Closing obtains the right to occupy such premises (whether by assignment, lease, sublease, purchase or otherwise), other than in accordance with Section 4.6(a) or (b), the Assuming Institution shall (i) effective as of the date of Bank Closing, purchase from the Receiver all Furniture and Equipment and Fixtures owned by the Failed Bank at Fair Market Value and located thereon as of Bank Closing, (ii) accept an assignment or a sublease of the leases or negotiate new leases for all Furniture and Equipment and Fixtures leased by the Failed Bank and located thereon, and (iii) if applicable, accept an assignment or a sublease of any ground lease or negotiate a new ground lease with respect to any land on which such Bank Premises are located; provided, that the Receiver shall not have disposed of such Furniture and Equipment and Fixtures or repudiated the leases specified in clause (ii) or (iii).