Common use of Rental Obligations Clause in Contracts

Rental Obligations. The Borrower will not incur, create or assume any rental obligation for real or personal property under any lease, rental or other arrangements for the use of property of any other person if the aggregate present value of such fixed rental obligations for such personalty and realty (including such rental obligations currently in effect) of the Borrower would, at any time, exceed $20,000,000. For purposes of this SECTION 7.12, rental obligations shall mean any commitment to make any direct or indirect payment, whether as rent or otherwise, under any lease or rental of personal property or other arrangements for the use of personal property of others and any such payment made in advance, but rental obligations shall not include any amounts payable under any Capital Lease which constitutes Indebtedness for the purposes of SECTION 7.9. Any determination of present value made for purposes of this SECTION 7.12 shall use a discount rate equal to the Federal Funds Rate at the date of determination.

Rental Obligations. The Borrower will not incur, create or assume any rental obligation for real or personal property under any lease, rental or other arrangements for the use of property of any other person if the aggregate present value of such fixed rental obligations for such personalty and realty (including such rental obligations currently in effect) of the Borrower would, at any time, exceed $20,000,000. For purposes of this SECTION 7.12Section 6.13, rental obligations shall mean any commitment to make any direct or indirect payment, whether as rent or otherwise, under any lease or rental of personal property or other arrangements for the use of personal property of others and any such payment made in advance, but rental obligations shall not include any amounts payable under any Capital Capitalized Lease which constitutes Indebtedness for the purposes of SECTION 7.9Section 6.9. Any determination of present value made for purposes of this SECTION 7.12 Section 6.13 shall use a discount rate equal to the Federal Funds Rate at the date of determination.