Permitted Equipment Leases means equipment leases or other similar instruments entered into with respect to the Personal Property; provided, that, in each case, such equipment leases or similar instruments (i) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to Personal Property which is (A) used in connection with the operation and maintenance of the Property in the ordinary course of Borrower’s business and (B) readily replaceable without material interference or interruption to the operation of the Property.
Permitted Equipment Leases shall have the meaning set forth in the Mortgage Loan Agreement.
Permitted Equipment Leases means financing leases and purchase money debt in connection with the financing or purchase of equipment and other personal property used on the Property, the removal of which would not materially damage any of the improvements thereon or materially impair the value of such improvements, in each case incurred in the ordinary course of operating the Property and not evidenced by a note or secured by property other than the item of equipment or personal property so financed.
Examples of Permitted Equipment Leases in a sentence
Any security interest arising from the Permitted Equipment Leases shall be limited solely to the collateral leased therein.
Mortgagor represents and warrants that, except for the Permitted Equipment Leases and any financing statement filed by Mortgagee, no presently effective financing statement covering the Personalty or Fixtures or any part thereof, has been filed with any filing officer, and no other security interest has attached or has been perfected in the Personalty or Fixtures or any part thereof.
Capital or operating leases of any items of Personal Property shall be deemed to be additional indebtedness for borrowed money and, except for Permitted Equipment Leases, shall require Lender's prior written consent.
Borrower shall not incur, create, assume, allow to exist, become or be liable in any manner with respect to any other Indebtedness or monetary obligations, except for the Debt, Permitted Trade Payables and Permitted Equipment Leases.
Other than FF&E and Equipment pursuant to Permitted Equipment Leases, Borrower is the owner of all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Security Instruments) located on or at the Properties and neither Borrower nor Operating Lessee shall lease any Equipment, Fixtures or Personal Property other than as permitted hereunder.
More Definitions of Permitted Equipment Leases
Permitted Equipment Leases means capital and/or operating lease obligations in respect of equipment used at the Leased Property with an aggregate annual rent obligation reasonable and customary for facilities such as the Leased Properties, as mutually agreed upon by Landlord and Tenant.
Permitted Equipment Leases means equipment leases or other similar instruments or agreements entered into with respect to the Personal Property; provided, that, in each case, such equipment leases or similar instruments or agreements (i) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to Personal Property which is (A) used in connection with the operation and maintenance of the applicable Individual Property in the ordinary course of Borrower’s business and(B) readily replaceable without material interference or interruption to the operation of such Individual Property.
Permitted Equipment Leases means equipment leases, equipment financings or other similar instruments entered into with respect to any Equipment and other personal property; provided, that, in each case, such equipment leases, equipment financings or similar instruments (i) are entered into (in Borrower’s good faith judgment) on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to Equipment and other personal property which is (A) used in connection with the operation, management, maintenance, repair or alteration of the Property in the ordinary course of Borrower’s business and (B) readily replaceable without material interference or interruption to the operation of the Property. For purposes of determining Indebtedness under Section 4.2.14 hereof with respect to Permitted Equipment Leases, Indebtedness shall refer to the outstanding principal balance of the Permitted Equipment Leases.
Permitted Equipment Leases shall have the meaning set forth in clause (xxiii) of the definition of “Special Purpose Entity” herein.
Permitted Equipment Leases means equipment leases or other similar instruments entered into with respect to the Equipment and/or the Personal Property provided, that, in each case, such equipment leases or similar instruments (a) are entered into on commercially reasonable terms and conditions in the ordinary course of Mortgage Borrower’s business and (b) relate to Equipment and/or Personal Property which is (i) used in connection with the operation and maintenance of the Property in the ordinary course of Mortgage Borrower’s business and (ii) readily replaceable without material interference or interruption to the operation of the Property.
Permitted Equipment Leases means equipment leases or other similar instruments entered into with respect to the Equipment and/or the Personal Property with respect to an Individual Property provided, that, in each case, such equipment leases or similar instruments (i) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s or Security Guarantor’s business, (ii) relate to Equipment and/or Personal Property which is (A) used in connection with the operation and maintenance of the Property in the ordinary course of Borrower’s or Security Guarantor’s business, and (B) readily replaceable without material interference or interruption to the operation of the Property, and (iii) have annual payments not exceeding $150,000 in the aggregate.
Permitted Equipment Leases means equipment leases or other similar instruments entered into with respect to the Personal Property; provided, that, in each case, such equipment leases or similar instruments (i) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (ii) relate to Personal Property which is (A) used in connection with the operation and maintenance of the applicable Individual Property in the ordinary course of Borrower’s business and (B) readily replaceable without material interference or interruption to the operation of the applicable Individual Property. “Permitted Investments” shall mean “permitted investments” as then defined and required by the Rating Agencies. “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, real estate investment trust, unincorporated association, any other