Inception of the lease definition

Inception of the lease means the date of the lease agreement or commitment, if earlier, or the date the lease is purchased by the state bank. For purposes of this definition, a commitment shall be in writing, signed by the parties in interest to the transaction, and shall specifically set forth the principal terms of the transaction. However, if the property covered by the lease is a fixture yet to be constructed or has not been acquired by the lessor at the date of the lease agreement or commitment, the inception of the lease shall be the date that construction of the property is completed or the property is acquired by the lessor. The inception date of a lease assumed in a business combination accounted for as a purchase is the date the combination is recorded for accounting purposes.
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Examples of Inception of the lease in a sentence

  • Assets held under finance leases are recognised as assets of the Group at their fair value at the Inception of the lease or, if lower, at the present value of the minimum lease payments.

  • Such leases are capitalised at the Inception of the lease at lower of the fair value or the present value of the minimum lease payments and a liability is recognised for an equivalent amount.

  • An object class defined for use in the structural specification of the DIT is termed a structural object class.Structural object classes are used in the definition of the structure of the names of the objects for compliant entries.

Related to Inception of the lease

  • residential premises means a house, building, structure, shelter, or mobile home, or portion thereof, used as a dwelling, home, residence, or living place by 1 or more human beings. “Residential premises” includes an apartment unit, a boardinghouse, a rooming house, a mobile home, a mobile home space, and a single or multiple family dwelling, but does not include a hotel, a motel, motor home, or other tourist accommodation, when used as a temporary accommodation for guests or tourists, or premises used as the principal place of residence of the owner and rented occasionally during temporary absences including vacation or sabbatical leave.

  • Date of commencement of the project means the date of the agreement.

  • Original Project means the Project described in the Original Financing Agreement.

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Lease Agreement means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

  • Commencement Date means the date fourteen (14) days after the date the Contract comes into effect or any other date named in the Contract Data.

  • Rural areas means any area within the county located outside the

  • Occupancy Date means the date on which occupancy of all Units in a Project is permitted;

  • Commercial Premises Means a place of trade or premises operated for financial gain, including but not limited to, a retirement village or a block of flats that has a common facility; a place of trade where the manufacture and production of products or produce takes place; a site where renovation, restoration and refurbishment work as described in Appendix B takes place.

  • Expansion means the addition of buildings, structures, machinery or equipment for purposes of increasing production capacity.