definiens: means any lease, conditional or installment sale contract, Lien or similar arrangement to which any tangible personalproperty used by the Seller in connection with the operation of the Business is subject . Except as set forth onDisclosure Schedule 4.14, none of the tangible personal property used by the Seller in connection with the operationof the Business is subject to a Personal Property Lease . The Seller has delivered or made available to the Buyer atrue and correct copy of each Personal Property Lease listed on Disclosure Schedule 4.14 . All of such PersonalProperty Leases are valid, binding and enforceable against the Seller in all material respects in accordance with theirrespective terms and are in full force and effect in accordance with their terms, except as limited by ( i ) applicablebankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other Laws of general applicationrelating to or affecting the enforcement of creditors ’ rights generally, or ( ii ) Laws relating to the availability of specificperformance, injunctive relief or other equitable remedies . The Seller is not in material default under any of suchPersonal Property Leases and there has not been asserted in writing, either by or against the Seller under any of suchPersonal Property Leases, any written notice of default, set - off or claim of default . To the Knowledge of the Seller, theparties to such Personal Property Leases other than the Seller are not in default of their respective obligations underany of such Personal Property Leases . To the Knowledge of the Seller, there has not occurred any event which, withthe passage of time or giving of notice ( or both ), would constitute such a default or breach under any of such PersonalProperty Leases by any party thereto . Each Personal Property Lease is separately designated on DisclosureSchedule 4.14, as either a Personal Property Lease that the Seller has agreed to assign and that the Buyer hasagreed to assume ( each, an ) or as a Personal Property Lease that shall be paidoff by the Seller prior to Closing at its own expense or paid off at Closing with a portion of the Purchase Price ( each, a )