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.
Examples of Inception of the lease in a sentence
Inception of the lease is defined as the earlier of date of a lease agreement and the date of commitment by the parties to the principal provisions of the lease.Based on the facts of the case, the Committee observes that there has been inception of lease as on the date the MoU was entered, as the MoU clearly sets the intention of the Ministry taking infrastructure assets on lease from the PSU.
A spectacular example of such actions was a protest on the streets of Seattle during the ministerial conference of the World Trade Organization (WTO) in 1999.
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.