Immaterial Leases definition

Immaterial Leases means Leases pursuant to which the Borrower recognized revenue, in the aggregate, that constituted 10% or less of the total consolidated revenue of the Borrower and its Subsidiaries (other than Project Finance Subsidiaries) as set forth on the face of the consolidated statements of operations for the four consecutive fiscal quarter periods that ended on the date of the last financial statements delivered pursuant to Section 7.1 prior to the date on which the determination of whether such Lease falls within the scope of this definition is required to be made under the Credit Documents.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Immaterial Leases means, with respect to any Loan Party or any Subsidiary, (a) oral, month-to-month, season-to-season or otherwise terminable farm leases of excess cemetery land, (b) oral, month-to-month or “term of employment” residential leases with employees, (c) month-to-month leases for office or storage use, (d) cell site, cell tower, communication, billboard and sign leases on excess cemetery land, (e) oil and gas leases not effecting cemetery use and (f) other leases having no material adverse effect on the cemetery or funeral home use of the real property involved (or the value of such real property).

Immaterial Leases means, with respect to any Note Party or any Subsidiary of a Note Party, (a) oral, month-to-month, season-to-season or otherwise terminable farm leases of excess cemetery land, (b) oral, month-to-month or “term of employment” residential leases with employees, (c) month-to-month leases for office or storage use, (d) cell site, cell tower, communication, billboard and sign leases on excess cemetery land, (e) oil and gas leases not effecting cemetery use, (f) leases of modular office buildings, (g) residential leases with a term of not more than three years, and (h) other leases having no material adverse effect on the cemetery or funeral home use of the real property involved (or the value of such real property).

Examples of Immaterial Leases in a sentence

No Person has any possessory interest in any Individual Property or right to occupy the same except under and pursuant to the provisions of the Operating Leases, the Immaterial Leases.
Other than with respect to Immaterial Leases, no Tenant has sublet all or any portion of the premises demised thereby.
The Properties are not subject to any Leases other than the Operating Leases, the Immaterial Leases.
All (i) Operating Leases are in full force and effect and (ii) other Leases (other than Immaterial Leases) are in full force and effect in all material respects.
Subject to and in accordance with all Applicable Laws, Lessee covenants and agrees that Lessee shall not use the Property for any use other than the Permitted Use, except for de minimus uses of the Property during hours outside normal operating hours for Lessee's Permitted Use, and except pursuant to Immaterial Leases (as defined in the Loan Agreement).
All of such leases (excluding Immaterial Leases) are referred to collectively herein as the "Non-Real Estate Leases." Each Non-Real Estate Lease is in full force and effect, and has not been assigned, modified, supplemented or amended and the Company is not in Default under any such Non-Real Estate Lease, and no circumstances or state of facts presently exists that, with the giving of notice is passage of time, or both, would permit the lessor thereunder to terminate any such Non-Real Estate Lease.
Except for those items subject to the Image Sciences Non-Real Estate Leases or the Immaterial Leases or those items listed in the Image Sciences Disclosure Schedule, no Person other than Image Sciences owns any vehicles, equipment or other tangible assets located on the Image Sciences Real Property that have been used in the Image Sciences Business or that are necessary for the operation of the Image Sciences Business.
Except for those items subject to the FormMaker Companies Non- Real Estate Leases or the Immaterial Leases or those items listed in the FormMaker Disclosure Schedule, no Person other than the FormMaker Companies owns any vehicles, equipment or other tangible assets located on the FormMaker Real Property that have been used in the FormMaker Companies Business or that are necessary for the operation of the FormMaker Companies Business.
The FormMaker Disclosure Schedule lists ---------------------- all assets and property (other than FormMaker Real Property) that are possessed by the FormMaker Companies under an existing lease, including all trucks, automobiles, forklifts, machinery, equipment, furniture and computers, except for Immaterial Leases.

More Definitions of Immaterial Leases

Immaterial Leases means any Lease or Leases (other than an Operating Lease) for space at any Project not to exceed 1,000 rentable square feet in the aggregate at any such Project.

Immaterial Leases means the Leases that are not Material Leases.

Immaterial Leases means the collective reference to: (a) those specific Existing Operating Leases and Existing Capitalized Leases which are listed on Schedule "13" annexed hereto; and (b) additional Operating Leases and/or Capitalized Leases (excluding those listed on Schedule "13" hereto) --------- which, subject to the conditions and limitations set forth in this Agreement, may have been or may be entered into by any of the Borrowers following the Original Agreement Date; provided, that: (i) the annual rentals payable by the -------- applicable Borrower or Borrowers under any one of such additional Operating Leases or Capitalized Leases shall not exceed $50,000, and (ii) the annual rentals payable by all Borrowers under all such additional Operating Leases or Capitalized Leases shall not exceed $250,000 in the aggregate at any time.