Operating Lease The parties hereto intend that this Lease shall be deemed for all purposes to be an operating lease and not a capital lease.
Existing Lease Except to the extent specifically amended hereby, all terms and conditions of the Lease remain in full force and effect. [Signatures begin on next page.]
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.
Existing Leases Landlord and Tenant hereby acknowledge and agree that the Existing Leases are still in full force and effect and that Tenant's right to possess, use and occupy those portions of the Premises described in the Existing Leases shall be subject to the Existing Leases and shall not commence unless and until the Existing Leases expire or are terminated. Notwithstanding the foregoing, however, Tenant's obligation to pay or cause to be paid the Rent shall commence on the Commencement Date, and Landlord, pursuant to that certain Assignment of Rents to Tenant, has assigned to Tenant the right to receive all rents and other amounts from the Existing Leases . Tenant shall have the right to direct Landlord regarding negotiations with Existing Tenants concerning the Existing Leases and to direct Landlord to terminate the Existing Leases on terms and conditions acceptable to Tenant without Landlord's consent. So long as an Event of Default has not occurred under this Lease, Landlord shall immediately deliver to Tenant any and all amounts that Landlord may hereafter receive from Existing Tenants with respect to the Existing Leases. Landlord shall have no right to modify, amend or terminate the Existing Leases without the prior written consent of Tenant. Prior to the expiration or termination of the Existing Leases, Landlord will perform all of the duties and obligations of the Landlord under the Existing Leases; provided, however, that Tenant shall have no right to modify or amend the Existing Leases so as to increase the maintenance, repair or other duties and obligations of the Landlord under the Existing Leases without the prior written consent of Landlord. Tenant shall indemnify Landlord for any damages and liabilities that Landlord may suffer or incur as a result of Landlord being made a party to any litigation that may hereafter arise between Tenant and Existing Tenants concerning the Existing Leases except to the extent that such litigation concerns the failure of Landlord to perform any of the duties and obligations of the landlord under the Existing Leases or the negligence or misconduct of Landlord. After the termination of the Existing Leases, Tenant, at Tenant's option, shall have the right to, among other things, occupy all or any portion of the Premises for Tenant's own use or sublease all or any portion of the Premises to a third party (subject to limitations therein set forth in this Lease or in the First Mortgage); provided, however, that Tenant shall remain liable for payment of the Rent during the Term of this Lease.
Ground Lease Reserved.
Payment of Leasehold Obligations Each Borrower shall at all times pay, when and as due, its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full force and effect and, at Agent’s request will provide evidence of having done so.
Sublease Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.
Net Lease THIS OPERATING LEASE SHALL BE A NET LEASE, AND EACH LESSEE’S OBLIGATION TO PAY ALL RENT AND OTHER SUMS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT OR REDUCTION FOR ANY REASON WHATSOEVER. The obligations and liabilities of the Lessees hereunder shall in no way be released, discharged or otherwise affected (except as may be expressly provided in this Operating Lease, including, without limitation, the right of a Lessee to reject Vehicles pursuant to Section 2.2 of the Base Lease) for any reason, including without limitation: (i) any defect in the condition, merchantability, quality or fitness for use of the Vehicles or any part thereof; (ii) any damage to, removal, abandonment, salvage, loss, scrapping or destruction of or any requisition or taking of the Vehicles or any part thereof; (iii) any restriction, prevention or curtailment of or interference with any use of the Vehicles or any part thereof; (iv) any defect in or any Lien on title to the Vehicles or any part thereof; (v) any change, waiver, extension, indulgence or other action or omission in respect of any obligation or liability of a Lessee or the Lessor; (vi) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Lessee, the Lessor or any other Person, or any action taken with respect to this Operating Lease by any trustee or receiver of any Person mentioned above, or by any court; (vii) any claim that such Lessee has or might have against any Person, including without limitation the Lessor; (viii) any failure on the part of the Lessor to perform or comply with any of the terms hereof or of any other agreement; (ix) any invalidity or unenforceability or disaffirmance of this Operating Lease or any provision hereof or any of the other Related Documents with respect to any Series of Notes or any provision of any thereof, in each case whether against or by such Lessee or otherwise; (x) any insurance premiums payable by such Lessee with respect to the Vehicles; or (xi) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not such Lessee shall have notice or knowledge of any of the foregoing and whether or not foreseen or foreseeable. This Operating Lease shall be noncancelable by any Lessee and, except as expressly provided herein, each Lessee, to the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Operating Lease, or to any diminution or reduction of Rent payable by the Lessee hereunder. All payments by a Lessee made hereunder shall be final (except to the extent of adjustments provided for herein), absent manifest error and, except as otherwise provided in this Operating Lease, no Lessee shall seek to recover any such payment or any part thereof for any reason whatsoever, absent manifest error. If for any reason whatsoever this Operating Lease shall be terminated in whole or in part by operation of law or otherwise except as expressly provided herein, each Lessee shall nonetheless pay an amount equal to each Rent payment at the time and in the manner that such payment would have become due and payable under the terms of this Operating Lease as if it had not been terminated in whole or in part. All covenants and agreements of each Lessee in this Operating Lease shall be performed at its cost, expense and risk unless expressly otherwise stated.
REA The REA is in full force and effect and neither Borrower nor, to Xxxxxxxx’s knowledge, any other party to the REA, is in default thereunder, and to the best of Borrower’s knowledge, there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. Except as set forth on Schedule 3.34, the REA has not been modified, amended or supplemented.
Equipment; Leasehold (a) All material items of equipment and other tangible assets owned by or leased to the Company are adequate for the uses to which they are being put, are in good condition and repair (ordinary wear and tear excepted) and are adequate for the conduct of the Company's business in the manner in which such business is currently being conducted.
