Transition of ownership Clause Samples

The Transition of Ownership clause defines the point at which legal ownership of goods, property, or assets transfers from one party to another. Typically, this clause specifies the conditions or events—such as delivery, payment, or completion of certain obligations—that trigger the transfer of title. For example, in a sales contract, ownership might pass to the buyer upon full payment or upon delivery of the goods. The core function of this clause is to clearly establish when the risks and responsibilities associated with ownership shift, thereby preventing disputes and ensuring both parties understand their rights and obligations at each stage of the transaction.
Transition of ownership. 6.1 The Costumer shall acquire the ownership title on work by its takeover.
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Transition of ownership. The Customer acquires title to the things through which the Work is expressed by the day of taking over the subject of the Work. The property rights to the Work remain with the Provider.
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Transition of ownership. Borrower, at its sole cost and expense, from and after the Closing Date shall cooperate with Lender in all reasonable respects in order to efficiently transition ownership of the Property from Borrower, Guarantor, GH Management and Condo Owner, as applicable, to GTA-IB. Such cooperation obligations shall include, without limitation: (a) delivery of originals or copies of all books, records and other documents related to the operation of the Property held or maintained by Borrower or its agents or affiliates; (b) providing asset management services (the “Asset Management Services”) of Starwood Asset Management (“▇▇▇”) for the period commencing on the Closing Date through and including the day that is the six (6) month anniversary thereof (the “▇▇▇ Assistance Expiration Date”), subject to GTA-IB’s right to terminate such arrangement prior to the ▇▇▇ Assistance Expiration Date; and (c) making generally available to GTA-IB the following individuals: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇▇ (the “Key Executives”) to continue to cooperate in all reasonable respects with GTA-IB in the transition of ownership of the Property to GTA-IB pursuant to this Agreement, including, without limitation, executing and delivering to GTA-IB any further agreements, instruments, certificates and documents reasonably required for GTA-IB to effectively operate and maintain the Property. In addition, to the extent that ▇▇▇▇▇ ▇▇▇▇’▇ employment relationship with Borrower terminates and he becomes an employee of GTA-IB, or any of its affiliates, GTA-IB shall make his services available to Borrower on a limited basis to respond to inquiries of Borrower directly related to the transition of ownership of the Property to GTA-IB pursuant to this Agreement and to the completion of Borrower’s financial reporting obligations for the year 2004; provided, however, that Borrower inform the GTA Parent’s Controller or other designee about all such inquiries. The Asset Management Services shall be provided primarily by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, currently an asset manager for ▇▇▇. The parties hereto agree that (i) during the first three (3) months after the Closing Date, the first forty (40) hours per calendar month of Asset Management Services shall be at no cost to GTA-IB, and (ii) during the next three (3) months after the Closing Date, the first twenty (20) hours per calendar month of Asset Management Services shall be at no cost to GTA-IB; provided, however, in the event that for any calendar month, ▇▇▇ pr...
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Related to Transition of ownership

  • Form of Ownership Check the appropriate box (one only) to indicate form of ownership. If the subscriber is a Custodian, Corporation, Partnership or Trust, please provide the additional information requested. o Individual o Joint Tenants with Right of Survivorship (Both signatures must appear on page 6.) o Corporation, Limited Liability Company or Partnership (Corporate Resolutions, Operating Agreement or Partnership Agreement must be enclosed.) o Trust Trustee’s Name: Trust Date: o Other: Provide detailed information in the space immediately below.

  • Transfer of Ownership Trust..........................................................

  • Rights of Ownership All computer programs and procedures developed to perform services required to be provided by BISYS under this Agreement are the property of BISYS. All records and other data except such computer programs and procedures are the exclusive property of the Trust and all such other records and data will be furnished to the Trust in appropriate form as soon as practicable after termination of this Agreement for any reason.

  • Evidence of Ownership The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Holder of any Unregistered Security and the Holder of any coupon as the absolute owner of such Unregistered Security or coupon (whether or not such Unregistered Security or coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. The fact of the holding by any Holder of an Unregistered Security, and the identifying number of such Security and the date of his holding the same, may be proved by the production of such Security or by a certificate executed by any trust company, bank, banker or recognized securities dealer wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date thereof a Security bearing a specified identifying number was deposited with or exhibited to such trust company, bank, banker or recognized securities dealer by the person named in such certificate. Any such certificate may be issued in respect of one or more Unregistered Securities specified therein. The holding by the person named in any such certificate of any Unregistered Securities specified therein shall be presumed to continue for a period of one year from the date of such certificate unless at the time of any determination of such holding (1) another certificate bearing a later date issued in respect of the same Securities shall be produced or (2) the Security specified in such certificate shall be produced by some other Person, or (3) the Security specified in such certificate shall have ceased to be outstanding. Subject to Article 7, the fact and date of the execution of any such instrument and the amount and numbers of Securities held by the Person so executing such instrument may also be proven in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem sufficient. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Registered Security shall be registered upon the Security Register for such series as the absolute owner of such Registered Security (whether or not such Registered Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the Principal of and, subject to the provisions of this Indenture, interest on such Registered Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.

  • Change of Ownership Contractor agrees that if there is a change or transfer in ownership of Contractor’s business prior to completion of this Contract, the new owners shall be required under terms of sale or other transfer to assume Contractor’s duties and obligations contained in this Contract and complete them to the satisfaction of County.