Permitted Equipment Lease definition

Permitted Equipment Lease means a lease or financing that is (a) entered into on arms-length terms and conditions in the ordinary course of Borrower’s business, (b) related to Personal Property which will be (i) used in connection with the operation and maintenance of the Property in the ordinary course of Borrower’s business and (ii) readily replaceable without material interference or interruption to the operation of the applicable Individual Property and (c) in the case of a financing, secured only by the financed equipment or Personal Property.
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Permitted Equipment Lease means any assignment, pledge, grant of a security interest in, conditional sale or other title retention agreement given by the Owner to a provider, lessor or supplier of equipment, materials or supplies for use in connection with the Premises (any such equipment, materials and supplies is hereinafter referred to as "Permitted Leased Equipment") which is given by the Owner to acquire the use of such Permitted Leased Equipment, provided (a) any Permitted Equipment Lease shall not cover the heating, ventilation, air conditioning, electrical, plumbing or other mechanical systems of the Improvements (unless the Permitted Equipment Lease specifically provides that the Permitted Leased Equipment covered thereby will not, in any circumstances, be removed from the Premises and will be available for use by the Grantee upon foreclosure, Grantee's exercise of its power of sale hereunder or acceptance of a deed in lieu thereof), and (b) with respect to all Permitted Equipment Leases in effect at any one time, the annual aggregate costs to be incurred by Owner in connection therewith (exclusive of maintenance charges) which are not passed through to Space Tenants shall not exceed Five Hundred Thousand Dollars ($500,000.00); provided, however, Permitted Equipment Leases may nevertheless be entered into by Owner when such annual aggregate costs of all Permitted Equipment Leases (exclusive of maintenance charges) in effect at any one time exceed $500,000 if, prior to the execution of each Permitted Equipment Lease entered into when the annual aggregate costs of all Permitted Equipment Leases (exclusive of maintenance charges) are, or upon execution of the proposed Permitted Equipment Lease will be, in excess of $500,000, the Owner and the Management Company delivers to the Grantee an Officers' Certificate certifying that (i) the terms of the Permitted Equipment Lease are commercially reasonable, (ii) the Permitted Equipment Lease is permitted under the terms of the Owner's partnership agreement, (iii) the Permitted Leased Equipment is reasonably necessary for the operation of a premier class convention hotel and (iv) if commercially available, the terms of the Permitted Equipment Lease provide the Grantee with notice of any default under the Permitted Equipment Lease and give the Grantee the opportunity to cure any such default.
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Examples of Permitted Equipment Lease in a sentence

  • In addition, any Net Available Cash received in respect of Permitted Equipment Lease Financings Incurred pursuant to Section 4.03(b)(11) shall not be applied pursuant to Section 4.06(a)(3)(B).

  • Borrower and/or Security Guarantor shall comply in all material respects with all terms and provisions of each Permitted Equipment Lease and shall keep all Permitted Equipment Leases in full force and effect (except for worn out or obsolete items replaced by Borrower and/or Security Guarantor or Equipment Leases that are terminated in the ordinary course of business or pursuant to their own term) so long as any portion of the Debt remains outstanding.

  • Borrower shall comply with all terms and provisions of each Permitted Equipment Lease in all material respects and shall keep all Permitted Equipment Leases in full force and effect (except for worn out or obsolete items replaced by Borrower) so long as any portion of the Debt remains outstanding.

Related to Permitted Equipment Lease

  • Equipment Lease means a Contract for the lease of Equipment or for the purchase of Equipment under a conditional sales or title retention agreement.

  • Equipment Leases has the meaning set forth in Section 2.1.9.

  • Leased Equipment means the computers, servers, machinery and equipment and other tangible personal property leased by Seller for use in the operation or conduct of the Business.

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Committed Equipment Line is a Credit Extension of up to Five Million Dollars ($5,000,000).

  • Designated Equipment means any equipment designated in the SLA, upon which the Licensed System may be used; Documentation means operating manuals and other printed materials which assist the Customer to use the Licensed System including any technical and user software material as published by Pentana Solutions; Escalation Request is as set out in the SLA;

  • Related Equipment Note means, as of any date, an “Equipment Note” as defined in each Related Indenture, but only if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture.

  • Purchased Equipment means any equipment, including any Software, sold by BT to the Customer.

  • Existing Equipment means any items of existing plant or equipment owned or controlled by either Pur- chaser or End-User upon which Supplier is required to perform Services.

  • Standard equipment means the basic configuration of a vehicle which is equipped with all the features that are required under the regulatory acts of the Contracting Party including all features that are fitted without giving rise to any further specifications on configuration or equipment level.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Landlord Personal Property Collateral Access Agreement means a Landlord Waiver and Consent Agreement substantially in the form of Exhibit S, with such amendments, modifications or supplements as may be approved by Collateral Agent.

  • Permitted Existing Liens means the Liens on assets of the Company and its Subsidiaries identified as such on Schedule 1.1.3 to this Agreement.

  • Permitted Facility means a facility authorized by the general permit to discharge total nitrogen or

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • BT Equipment means any equipment, including any Software, owned by or licensed to BT Group that is located at a Site for the provision of a Service.

  • Covered Equipment means, unless otherwise specified in a Schedule, Covered Property:

  • Additional Equipment means equipment that is not factory fitted in the Vehicle, including but not limited to navigation equipment (GPS), baby seat, bicycle rack etcetera;

  • Project Equipment means the items of machinery, equipment or other personal property used in connection with the construction and development of the Project pursuant to the provisions hereof, and all replacements thereof and substitutions therefor made pursuant to this Agreement.

  • Ground Leases Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord is a tenant and which leases have either been approved by Tenant or are in existence as of the date hereof and listed on Schedule A hereto.

  • Farm equipment means equipment used directly for farming

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Rental Equipment means the equipment identified on the Service Agreement and Order Schedule or otherwise notified to you in writing that we will rent to you as part of our provision of the Services and which you will return to us after expiry or termination of the Agreement, subject to the provisions of this Agreement.

  • Contractor-acquired property means property acquired, fabricated, or otherwise provided by the Contractor for performing a contract, and to which the Government has title.

  • Accessory equipment means any equipment associated with the installation of a wireless telecommunications facility, including but not limited to cabling, generators, fans, air conditioning units, electrical panels, equipment shelters, equipment cabinets, equipment buildings, pedestals, meters, vaults, splice boxes, and surface location markers.

  • Permitted Lease means a lease permitted under Section 4.02(b) of the Trust Indenture.