Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511. (b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties. (c) In the event of Lessee's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled. (d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control. (e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 33 contracts
Samples: Master Operating Lease Agreement, Master Operating Lease Agreement, Master Operating Lease Agreement
Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor Xxxxxx acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) . Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties.
(c) . In the event of LesseeXxxxxx's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) . Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) . If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 3 contracts
Samples: Master Operating Lease Agreement, Master Operating Lease Agreement, Master Operating Lease Agreement
Lease. (a) Lessor Upon and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions hereinafter set forth, Lessor leases to Lessee the Leased Properties located in Alabama, Arkansas, Florida, Kentucky, Ohio, Tennessee, and West Virginia and comprising the Facilities described on Exhibits A- 1 through A-28 (the "Leased Properties"). The Existing Leases are hereby amended, restated and consolidated in their entirety as set forth in this Lease to provide for the continued leasing of the Leased Properties by Xxxxxx. From and after the Commencement Date, the leasing of the Leased Properties by Xxxxxx from Lessor, and the rights and obligations of the parties with respect thereto, shall be determined as set forth and described in this Lease. However, the lessees and lessors pursuant to the Existing Leases are only released from those obligations under the Existing Leases only to the extent set forth in the Settlement and Restructuring Agreement. The Leased Properties are leased subject to all covenants, conditions, restrictions, easements and other matters affecting each Leased Property, whether or not of record, including the Permitted Encumbrances and other matters which would be disclosed by an inspection of the Leased Properties or by an accurate survey thereof, provided, however, that the foregoing will not materially interfere with the Primary Intended Use of the Leased Property by Lessee as set forth in this Lease. This Lease constitutes one indivisible lease of the Leased Properties to multiple tenants, and not separate leases governed by similar terms. The Leased Properties constitute one economic unit, and the Base Rent and all other provisions have been negotiated and agreed to based on a demise of all of the Leased Properties as a single, composite, inseparable transaction and would have been substantially different had separate leases or a divisible lease been intended. Except as expressly provided herein for specific, isolated purposes (and then only to the extent expressly otherwise stated), all provisions of this MOLA Lease apply equally and uniformly to all the Leased Properties as if a separate MOLA were executed for such Schedule by the parties.
(c) In the event one unit. An Event of Lessee's rightful rejection Default with respect to any Leased Property is an Event of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or Default as to all of the Assets Leased Properties. The parties intend that the provisions of this Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create an indivisible lease of all the Leased Properties and, in particular but without limitation, that for purposes of any assumption, rejection or assignment of this Lease under 11 U.S.C. 365, this is one indivisible and non-severable lease and executory contract dealing with one legal and economic unit which must be leased under the Schedule applicable to such Assets. Upon cancellationassumed, Lessee shall have no obligations under this MOLA rejected or assigned as a whole with respect to all (and only all) the portion of this Lease so cancelledLeased Properties covered hereby.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 2 contracts
Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)
Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor Xxxxxx acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties.
(c) In the event of LesseeXxxxxx's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 2 contracts
Samples: Master Operating Lease Agreement, Master Operating Lease Agreement
Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) . Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties.
(c) . In the event of Lessee's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) . Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) . If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 2 contracts
Samples: Master Operating Lease Agreement, Master Operating Lease Agreement
Lease. (a) Lessor As applied to this Sublease, the words “Landlord” and Lessee intend that this MOLA constitute an operating lease and a true lease “Tenant” as those terms are defined used in the Statement of Financial Accounting Standards NoLease shall be deemed to refer to Sublandlord and Subtenant hereunder, respectively. 13 Subtenant and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances this Sublease shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined subject in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject all respects to the terms of, and the rights of Landlord under the Lease. A copy of the Lease is attached hereto as Exhibit “B”. Subtenant confirms that it has read the Lease and is familiar with the terms and provisions thereof. Except as otherwise expressly provided herein, the covenants, agreements, terms, provisions and conditions of the Lease insofar as they relate to the Premises and insofar as they are not inconsistent with the terms of this MOLA Sublease are made a part of and incorporated into this Sublease as if a separate MOLA were executed recited herein in full, and the rights and obligations of Landlord and the Tenant under the Lease shall be deemed the rights and obligations of Sublandlord and Subtenant respectively hereunder and shall be binding upon and inure to the benefit of Sublandlord and Subtenant respectively except that the time limits contained in the Lease for such Schedule the giving of notices, making of demands, or performing of any act, condition or covenant on the part of Subtenant as tenant under the Lease or for the exercise by Sublandlord as landlord under the parties.
Lease of any right, remedy or option, are changed for the purposes of incorporation herein by shortening the same in each instance by two (c2) In business days so that in each instance Subtenant shall have two (2) business days less time to observe or perform under this Sublease than Sublandlord has as tenant under the Lease. As between the parties hereto only, in the event of Lessee's rightful rejection a conflict between the terms of the Assets as specified in Section 10 (“Inspection Lease and Acceptance”) the terms of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any ScheduleSublease, the terms of this MOLA Sublease shall control.
(e) If more than one Lessee is named control only to the extent they are inconsistent with the terms of the Lease and their respective counterpart provisions in a Schedule, the liability of each named Lessee Lease shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party excluded only to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLAextent.
Appears in 1 contract
Samples: Sublease (Intermix Media, Inc.)
Lease. (a) 5.1 The Lessor and Lessee intend that this MOLA constitute an operating agrees to lease and a true lease as those terms are defined in to the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and the Lessee hereby leases agrees to lease from the Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In additionEquipment upon the terms set forth in this Agreement.
5.2 The term of this Agreement shall, each Schedule is subject unless earlier terminated pursuant to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by express provisions hereof, expire on the parties.
(c) In the event of Lessee's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such AssetsExpiry Date. Upon cancellation, The Lessee shall have no obligations under this MOLA right to request an extension of the Lease Period other than in accordance with respect Clause 13.8.
5.3 The Lessee leases the Equipment "as is". The Lessor does not let or supply the Equipment to the portion Lessee with or subject to any condition or warranty, express or implied, whether statutory or otherwise, whether as to the state of this Lease so cancelledquality of the Equipment or as to description, repair or fitness for any purpose or otherwise, and all such conditions and warranties are herein expressly excluded.
5.4 No third party (dincluding any affiliate of the Lessor) Each Lessee has made an independent legal and management determination any authority to enter into each Schedule. DIR has not offered or provided any legal or management advice to bind the Lessor or make any representation or give any warranty or guarantee on behalf the Lessor.
5.5 The Lessor shall not be liable for any defects or deficiencies in the Equipment or for any direct or consequential damages therefrom or for any interruption in the Lessee's business occasioned by the Lessee's inability to use the Equipment for any reason whatsoever. The Lessor shall under no circumstances be liable to provide the Lessee under with any Schedule. Lessee may negotiate additional terms or more advantageous terms with replacement equipment.
5.6 The Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider hereby assigns to the MOLA Lessee for the Lease Period any and all guarantees, warranties and other rights (ownership excluded) which may have been (or in the Schedulefuture are) given to the Lessor in respect of the Equipment and which the Lessor has the right to assign. The Lessor shall take all reasonable steps, at the cost and expense of the Lessee, to obtain all necessary consents to so assign. To the extent that any rights may not be assigned to the Lessee, such rights shall, as between the Lessor and the Lessee, solely inure to the benefit of the provisions of Lessee, and the MOLA conflict with any of Lessor shall, at the terms contained in any ScheduleLessee's sole expense and risk, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under enforce such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations give the Lessee a power of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except attorney to enforce in the Event of Default as provided in Section 23 (“Default”) of this MOLALessor's name.
Appears in 1 contract
Lease. (a) 5.1 The Lessor and Lessee intend that this MOLA constitute an operating agrees to lease and a true lease as those terms are defined in to the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and the Lessee hereby leases agrees to lease from the Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In additionEquipment upon the terms set forth in this Agreement.
5.2 The term of this Agreement shall, each Schedule is subject unless earlier terminated pursuant to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by express provisions hereto, expire on the parties.
(c) In the event of Lessee's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such AssetsExpiry Date. Upon cancellation, The Lessee shall have no obligations under this MOLA right to request an extension of the Lease Period other than in accordance with respect Clause 13.8.
5.3 The Lessee leases the Equipment "as is". The Lessor does not let or supply the Equipment to the portion Lessee with or subject to any condition or warranty, express or implied, whether statutory or otherwise, whether as to the state of this Lease so cancelledquality of the Equipment or as to description, repair or fitness for any purpose or otherwise, and all such conditions and warranties are hereby expressly excluded.
5.4 No third party (dincluding any affiliate of the Lessor) Each Lessee has made an independent legal and management determination any authority to enter into each Schedule. DIR has not offered or provided any legal or management advice to bind the Lessor or make any representation or give any warranty or guarantee on behalf of the Lessor.
5.5 The Lessor shall not be liable for any defects or deficiencies in the Equipment or for any direct or consequential damages therefrom or for any interruption in the Lessee's business occasioned by the Lessee's inability to use the Equipment for any reason whatsoever. The Lessor shall under no circumstances be liable to provide the Lessee under with any Schedule. Lessee may negotiate additional terms or more advantageous terms with replacement equipment
5.6 The Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider hereby assigns to the MOLA Lessee for the Lease Period any and all guarantees, warranties and other rights (ownership excluded) which may have been (or in the Schedulefuture are) given to the Lessor in respect of the Equipment and which the Lessor has the right to assign. The Lessor shall take all reasonable steps, at the cost and expense of the Lessee, to obtain all necessary consents to so assign. To the extent that any rights may not be assigned to the Lessee, such rights shall, as between the Lessor and the Lessee, solely inure to the benefit of the provisions of Lessee, and the MOLA conflict with any of Lessor shall, at the terms contained in any ScheduleLessee's sole expense and risk, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under enforce such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations give the Lessee a power of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except attorney to enforce in the Event of Default as provided in Section 23 (“Default”) of this MOLALessor's name.
Appears in 1 contract
Lease. (a) Lessor Upon and Lessee intend that this MOLA constitute an operating lease subject to the terms and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In additionconditions hereinafter set forth, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each ScheduleLeased Properties. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule Facility is leased subject to all covenants, conditions, restrictions, easements and other matters affecting such Facility, whether or not of record, including the terms Permitted Encumbrances and conditions of this MOLA as if a separate MOLA were executed for such Schedule other matters which would be disclosed by the parties.
(c) In the event of Lessee's rightful rejection an inspection of the Assets Facility or by an accurate survey thereof. Lessor represents and warrants to Lessee that, other than this Lease and as specified provided in Section 10 (“Inspection 22.2, Lessor has not consented to the creation or existence of any liens or encumbrances that are not Permitted Exceptions and Acceptance”) that no liens or judgments attached to the Leased Properties or title thereto by virtue of this MOLALessor's taking title thereto; provided, Lessee however, that Lessor hereafter shall have the rightright to encumber the Leased Properties with one or more Facility Mortgage(s). This Lease constitutes one indivisible lease of the Leased Properties, at its sole optionand not separate leases governed by similar terms. The Leased Properties constitute one economic unit, and the Base Rent and all other provisions have been negotiated and agreed to cancel based on a demise of all of the Leased Properties as a single, composite, inseparable transaction and would have been substantially different had separate leases or a divisible lease been intended. Except as expressly provided herein for 8 specific, isolated purposes (and then only to the extent expressly otherwise stated), all provisions of this Lease apply equally and uniformly to all the Leased Properties as one unit. An Event of Default with respect to the rejected Assets or any Leased Property is an Event of Default as to all of the Assets Leased Properties. The parties intend that the provisions of this Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create an indivisible lease of all the Leased Properties and, in particular but without limitation, that for purposes of any assumption, rejection or assignment of this Lease under 11 USC Section 365, this is one indivisible and non-severable lease and executory contract dealing with one legal and economic unit which must be leased under the Schedule applicable to such Assets. Upon cancellationassumed, Lessee shall have no obligations under this MOLA rejected or assigned as a whole with respect to all (and only all) the portion of this Lease so cancelledLeased Properties covered hereby.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 1 contract
Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor Xxxxxx acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties.
(c) In the event of LesseeXxxxxx's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.. DocuSign Envelope ID: 2613BA15-13D3-46BE-A489-19108EFE13BB
Appears in 1 contract
Samples: Master Operating Lease Agreement
Lease. (a) Lessor As applied to this Sublease, the words "Landlord" and Lessee intend that this MOLA constitute an operating lease and a true lease "Tenant" as those terms are defined used in the Statement of Financial Accounting Standards NoLease shall be deemed to refer to Sublandlord and Subtenant hereunder, respectively. 13 Subtenant and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances this Sublease shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined subject in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject all respects to the terms of, and the rights of Landlord under the Lease. A copy of the Lease is attached hereto as EXHIBIT "C". Subtenant confirms that it has read the Lease and is familiar with the terms and provisions thereof. Except as otherwise expressly provided herein, the covenants, agreements, terms, provisions and conditions of the Lease insofar as they relate to the Premises and insofar as they are not inconsistent with the terms of this MOLA Sublease are made a part of and incorporated into this Sublease as if a separate MOLA were executed recited herein in full, and the rights and obligations of Landlord and the Tenant under the Lease shall be deemed the rights and obligations of Sublandlord and Subtenant respectively hereunder and shall be binding upon and inure to the benefit of Sublandlord and Subtenant respectively except that the time limits contained in the Lease for such Schedule the giving of notices, making of demands, or performing of any act, condition or covenant on the part of Subtenant as tenant under the Lease or for the exercise by Sublandlord as landlord under the parties.
Lease of any right, remedy or option, are changed for the purposes of incorporation herein by shortening the same in each instance by two (c2) In business days so that in each instance Subtenant shall have two (2) business days less time to observe or perform under this Sublease than Sublandlord has as tenant under the Lease. As between the parties hereto only, in the event of Lessee's rightful rejection a conflict between the terms of the Assets as specified in Section 10 (“Inspection Lease and Acceptance”) the terms of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any ScheduleSublease, the terms of this MOLA Sublease shall control.
(e) If more than one Lessee is named control only to the extent they are inconsistent with the terms of the Lease and their respective counterpart provisions in a Schedule, the liability of each named Lessee Lease shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party excluded only to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLAextent.
Appears in 1 contract
Samples: Sublease (Tag Entertainment Corp)
Lease. (a) Lessor and Lessee intend that this MOLA constitute an operating lease and a true lease as those terms are defined in the Statement of Financial Accounting Standards No. 13 and as provided for under the Uniform Commercial Code – Leases, Tex. Bus. & Comm. Code Article 2A. Under no circumstances shall this MOLA or any Schedules entered into under it be construed as a "finance lease" as defined in Tex. Bus. & Comm. Code § 2A.103 (7). In addition, Lessor Xxxxxx acknowledges that Lessee is not a "merchant lessee" for purposes of Tex. Bus. & Comm. Code § 2A.511.
(b) Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Assets described on each Schedule. Each such Schedule constitutes a separate agreement between Lessor and Lessee. In addition, each Schedule is subject to the terms and conditions of this MOLA as if a separate MOLA were executed for such Schedule by the parties.
(c) In the event of LesseeXxxxxx's rightful rejection of the Assets as specified in Section 10 (“Inspection and Acceptance”) of this MOLA, Lessee shall have the right, at its sole option, to cancel this Lease as to the rejected Assets or as to all of the Assets to be leased under the Schedule applicable to such Assets. Upon cancellation, Lessee shall have no obligations under this MOLA with respect to the portion of this Lease so cancelled.
(d) Each Lessee has made an independent legal and management determination to enter into each Schedule. DIR has not offered or provided any legal or management advice to Lessor or to any Lessee under any Schedule. Lessee may negotiate additional terms or more advantageous terms with Lessor to satisfy individual procurements in which case such terms shall be set forth in a Rider to the MOLA or the Schedule. To the extent that any of the provisions of the MOLA conflict with any of the terms contained in any Schedule, the terms of this MOLA shall control.
(e) If more than one Lessee is named in a Schedule, the liability of each named Lessee shall be joint and several. However, unless DIR leases Assets for its own use, DIR is not a party to any Schedule executed under this MOLA and is not responsible for Rent Payments or any other obligations under such Lessee’s Schedule. The invalidation, fulfillment, waiver, termination, or other disposition of any rights or obligations of either a Lessee or Lessor (or both of them) arising from the use of this MOLA in conjunction with any one Schedule shall not affect the status of the rights or obligations of either or both DocuSign Envelope ID: 6DED73F5-BFF8-4F97-8769-3BDA849BBAEB of those parties arising from the use of this MOLA in conjunction with any other Schedule, except in the Event of Default as provided in Section 23 (“Default”) of this MOLA.
Appears in 1 contract
Samples: Master Operating Lease Agreement