Operating Leases. Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.
Operating Leases. Not permit the aggregate amount of all rental payments under Operating Leases made (or scheduled to be made) by the Loan Parties (on a consolidated basis) to exceed $1,000,000 in any Fiscal Year.
Operating Leases. Promptly (i) perform and observe all of the covenants and agreements required to be performed and observed under the Operating Leases and do all things necessary to preserve and to keep unimpaired the Loan Parties’ rights thereunder; (ii) notify the Administrative Agent of any default under the Operating Leases of which any Loan Party is aware; (iii) deliver to the Administrative Agent a copy of any notice of default or other notice received by the Loan Parties under the Operating Leases; and (iv) enforce in all respects the performance and observance of all of the covenants and agreements required to be performed or observed by the applicable lessor under each Operating Lease.
Operating Leases. Not permit the aggregate amount of all rental payments under Operating Leases made (or scheduled to be made) by the Loan Parties and their Subsidiaries (on a consolidated basis) to exceed, during the entire term of all such Operating Leases, the aggregate amount of $1,000,000.
Operating Leases. No Credit Party shall, nor shall it permit any of its Subsidiaries to, enter into any lease that constitutes an operating lease under GAAP if the obligations of a Credit Party or such Subsidiary as lessee under such lease would cause its lease payments (excluding payments for taxes, insurance, and other non-rental expenses to the extent not included within the stated amount of the rental payments under such lease) in respect of all such leases entered into by the Borrower and its Subsidiaries to exceed $500,000 during any fiscal year of the Borrower.
Operating Leases. No Loan Party nor any Subsidiary of a Loan Party shall create, assume or suffer to exist any operating lease except operating leases which: (A)
(1) are entered into in the ordinary course of business, and (2) the aggregate indebtedness, liabilities and obligations of the Loan Parties under all such operating leases during any period of four (4) consecutive Fiscal Quarters shall at no time exceed $500,000; (B) are between a Borrower or Guarantor, as landlord and a Borrower or Guarantor as tenant; or (C) are set forth on Schedule 5.37. SECTION 5.38. [Intentionally omitted].
Operating Leases. Borrower will not, and will not permit any of its Subsidiaries to, make any expenditures in respect of operating leases, except for:
(a) real estate operating leases;
(b) operating leases between Borrower and any of its wholly-owned Subsidiaries or between any of Borrower’s wholly-owned Subsidiaries; and
(c) operating leases that would not cause Borrower and its Subsidiaries, on a consolidated basis, to make payments exceeding $250,000 (or the Equivalent Amount in other currencies) in any fiscal year.
Operating Leases. Under this type of lease, the equipment remains the property of the lessor (the person who leases the equipment). The costs of operating leases can be claimed if it can be shown that the costs of the lease are competitive and are similar to the rates charged in the market place. However, if a leasing charge for equipment (in any one year) goes over, or closely matches, the full cost of buying the item it would be seen as an attempt to introduce capital expenditure as an eligible item under a different heading, and capital expenditure (over £1,000) is not eligible.
Operating Leases. (a) (i) perform and observe in all material respects all of the covenants required to be performed and observed by each Subsidiary Guarantor Owner and each Subsidiary Guarantor Operating Lessee, respectively, under the respective Operating Leases in accordance with the terms thereof and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Administrative Agent of any material default under any Operating Lease of which they become aware; (iii) promptly deliver to Administrative Agent a copy of any notice of default under any Operating Lease delivered to a Subsidiary Guarantor Operating Lessee by a Subsidiary Guarantor Owner or to a Subsidiary Guarantor Owner by a Subsidiary Guarantor Operating Lessee; (iv) promptly give notice to Administrative Agent of any notice or information that a Subsidiary Guarantor Owner receives which indicates that a Subsidiary Guarantor Operating Lessee is terminating an Operating Lease or that a Subsidiary Guarantor Operating Lessee is otherwise discontinuing its operation of a Borrowing Base Property; and (v) promptly enforce the performance and observance in all material respects of all of the covenants required to be performed and observed by a Subsidiary Guarantor Owner or a Subsidiary Guarantor Operating Lessee, as applicable, under any Operating Lease.
(b) Assure that no Subsidiary Guarantor Owner or a Subsidiary Guarantor Operating Lessee shall, without the prior written consent of Administrative Agent, such consent not to be unreasonably withheld, conditioned, or delayed: (i) surrender, terminate or cancel any Operating Lease or otherwise replace a Subsidiary Guarantor Operating Lessee or enter into any other operating lease with respect to any Borrowing Base Property; (ii) reduce or consent to the reduction of the term of any Operating Lease; or (iii) enter into, amend, modify, waive any provisions of, or increase or reduce the rents under, any Operating Lease; provided that, notwithstanding the foregoing, a Subsidiary Guarantor Owner and Subsidiary Guarantor Operating Lessee shall be permitted to, without the consent of Administrative Agent or Lenders, modify an Operating Lease to extend the term thereof for a period of five (5) years from the current expiration thereof and to reflect adjustments in the rents payable under such Operating Lease in connection with such extension under such Operating Lease from time to time, subject to satisfaction of all of the fo...
Operating Leases. Borrower will not, nor will Borrower permit any other Credit Party to, incur, become, or remain liable under any Operating Lease which would cause the aggregate amount of all Rentals payable by any Credit Party in any Fiscal Year to be greater than $20,000,000.
