Facility Lease Agreement definition
Examples of Facility Lease Agreement in a sentence
Notwithstanding the previous sentence, before April of each year of the Facility Lease Agreement terms, the Parties shall discuss in good faith whether and to what extent Buyer is able to accelerate the repayment of the First-Year Rent without causing undue harm to its business operations and financial situation, and if the Parties conclude that Buyer is able to accelerate such repayment in light of those factors, Buyer will repay the First-Year Rent at the accelerated schedule agreed by the Parties.
The Parties acknowledge that particulars regarding the number of parking spaces to be leased under the Parking Facility Lease Agreement and other details of the leasing arrangement will be addressed in an addendum or supplement that the Parties acknowledge will be executed prior to the date that the City acquires the City Conference Center Unit and the Parking Facility.
Section 1.9. The lease rents and other payment obligations related to the leases such as service fees payable by Buyer under the Facility Lease Agreement (Shiga) and the Facility Lease Agreement (Satte) to be entered between Buyer and Seller after the date hereof shall not become due for the period from March 26, 2018 through March 2019 (the “First-Year Rent”).
Additional series of bonds may be issued in the future as provided in the Indenture and the Facility Lease Agreement.
Because the lease of spaces under the Parking Facility Lease Agreement constitutes “private use” within the meaning of Section 141 of the Internal Revenue Code of 1986, as amended (the “Code”), the Parties acknowledge that, absent additional cash contributions allocated to such leased spaces, a portion of the TIF Bonds and/or Parking Facility Revenue Bonds allocable to the leased spaces will likely need to be issued on a taxable basis.