definiens: means any lease, conditional or installment sale contract, Lien or similar arrangement to whic h any tangible personal property used by the Seller in co nnection with the operation of the Business is subj ect . Except as set forth on Disclosure Schedule 4.14, none of t he tangible personal property used by the Seller in connection with the operation of the Business is subject to a Personal Property Lease . The Seller has delivered o r made available to the Buyer a true and correct copy of e ach Personal Property Lease listed on Disclosure Sc hedule 4.14 . All of such Personal Property Leases are vali d, binding and enforceable against the Seller in al l material respects in accordance with their respective terms and are in full force and effect in accordance with their terms, except as limited by ( i ) applicable bankruptcy, ins olvency, reorganization, moratorium, fraudulent con veyance or other Laws of general application relating to or affecting the enforcement of creditors ’ rights gen erally, or ( ii ) Laws relating to the availability of specific performance, injunctive relief or other equitable r emedies . The Seller is not in material default under any of such Personal Property Leases and there has not been as serted in writing, either by or against the Seller under any of such Personal Property Leases, any written notic e of default, set - off or claim of default . To the Knowledge of th e Seller, the parties to such Personal Property Lea ses other than the Seller are not in default of their respect i ve obligations under any of such Personal Property Leases . To the Knowledge of the Seller, there has not occurred any event which, with the passage of time or givin g of notice ( or both ), would constitute such a default o r breach under any of such Personal Property Leases by any party thereto . Each Personal Property Lease is sepa rately designated on Disclosure Schedule 4.14, as e ither a Personal Property Lease that the Seller has agreed to assign and that the Buyer has agreed to assume ( each, an ) or as a Persona l Property Lease that shall be paid off by the Sell er prior to Closing at its own expense or paid off at Closin g with a portion of the Purchase Price ( each, a )