Facility Lease definition

Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by a Borrower from the applicable Borrower as lessor, to an Eligible Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Eligible Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

Facility Lease means the Facility Lease Agreement, dated as of the Closing Date, between the Owner Lessor and the Company, substantially in the form of Exhibit C-1 to the Participation Agreement duly completed, executed and delivered on the Closing Date pursuant to which the Owner Lessor will lease the Facility to the Company.

Examples of Facility Lease in a sentence

• The Participating County further acknowledges and confirms the Board’s right to relet the Facility in the event of a default under the Facility Lease and to provide for all other rights and remedies of the Board, the State Treasurer, and the owners of the Bonds in the event of a default under the Bond Documents.

• It is expressly agreed by the Parties to this Ground Lease that any default under this Ground Lease will not allow either Party to terminate or otherwise interfere with the Department’s quiet enjoyment and beneficial use of the Site and the Project under this Ground Lease, the Site Lease or the Facility Lease.

• The Participating County acknowledges and confirms that the Department’s use of the Leasehold Estate created hereunder includes, but is not limited to, allowing for potential financing and construction of the Project and the leasing of the Site and/or the Facility pursuant to the Site Lease, the Facility Lease, and the Facility Sublease and for such other purposes as may be incidental thereto.

• If an Abatement Event occurs as defined in the Facility Lease that would prevent the Bonds from being repaid before the expiration of the Term, then the Department shall have the unilateral right, subject to the prior approval of the Board, to extend the Term beyond the fifty (50) year term until all of the Bonds have been paid or retired under the provisions of the Bond Documents, by giving written notice to the Participating County within sixty (60) days of the Abatement Event.

• Notwithstanding that the Participating County’s consent or approval is not required for any subletting of the Site or the Project, to assist with the Board’s financing of the Project, the Participating County hereby consents to and approves the sublease of the Site, together with the Improvements, to the Board under the Site Lease and the further subletting of the Facility by the Board to the Department under the Facility Lease.

More Definitions of Facility Lease

Facility Lease has the meaning given to such term in the Recitals.

Facility Lease as defined in each Participation Agreement.

Facility Lease means that certain Participation Agreement, dated as of December 17, 2002, entered into by and among Quantum, SELCO Service Corporation, as lessor and participant, Comerica Bank-California, Fleet National Bank and KeyBank National Association, as participants, and KeyBank National Association, as Agent, including any related leases, lease supplements, deeds of trust, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended (including any amendment and restatement thereof), modified, renewed, refunded, replaced, refinanced or restructured (including, without limitation, any amendment increasing the amount of available advances thereunder) from time to time and whether with the same or any other agent, lessor, participant or group of participants.

Facility Lease means the Facility Lease Agreement (BA1/2), dated as of the Closing Date, between the Owner Lessor and PPL Montana, substantially in the form of Exhibit B-1 to the Participation Agreement duly completed, executed and delivered on the Closing Date pursuant to which the Owner Lessor will lease the Undivided Interest to PPL Montana.

Facility Lease means a lease-revenue bond financing document in which the Board leases the site and the Board-financed local jail facility project to CDCR for the Local Jail Construction Financing Program and toor BSCC for the Adult Local Criminal Justice Facilities Construction Financing Program. The term of the bonds are subject to availability for use and occupancy; for Phase I and Phase II the . CDCR or BSCC agrees to pay rent and fulfill other related obligations, for the Adult Local Criminal Justice Facilities Construction Financing Program the BSCC agrees to pay rent and fulfill other related obligations.

Facility Lease means a lease of or other right to operate, occupy or use a Facility that any Company currently leases, operates, occupies or uses in connection with the conduct of the Business.

Facility Lease means each Facility Lease between Homer City, as Facility Lessee and each respective Owner Lessor, dated as of December __, 2001 entered into pursuant to each Participation Agreement listed in Schedule 1.