Primary Lease Period definition

Primary Lease Period means the initial lease contract period(s) entered into with successful Bidders under this tender, expected to be a minimum of 5 years from the “Lease Commencement Date”.
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Examples of Primary Lease Period in a sentence

  • To the extent that the equivalent US$ Swap Rate and one month LIBOR on the Delivery Date are greater or lower than this, Lessor will adjust the Lease Factor accordingly and the Rent shall be calculated by reference to such adjusted Lease Factor and the Rent so calculated shall be fixed for the duration of the Primary Lease Period.

  • Improvements to Leasehold/Licensed Premises are depreciated on a straight-line method over the Primary Lease Period or over a period of 5 years whichever is less starting from the date when the Leasehold/Licensed Premises are put to use.

  • Improvements to Leasehold/Licensed Premises are depreciated on a straight-line method over the Primary Lease Period or over a period of 3 years whichever is less starting from the date when the Leasehold/Licensed premises are put to use.

  • Post completion of lease period, the asset will be transferred to MoR. Under this lease structure there are two parts: (1) Primary Lease Period: Wherein the recovery of the principal component and interest is undertaken during the first 15 years; and (2) Secondary Lease Period: Wherein a nominal lease amount is charged by IRFC from MoR for the remaining 15 years. MoR‗s role is to utilise and maintain the rolling stock throughout the useful life of the asset.

  • The Buyer shall during the [Primary] Lease Period [and any Secondary Lease Period (as applicable)] whilst the Equipment is in its possession, maintain the Equipment as detailed in the Equipment Order Form in a good and safe state of repair at all times.

  • If the Buyer wants to [extend the Lease Period] or enter into a Secondary Lease Period] any piece of Equipment after the expiry of the [Primary] Lease Period then the Buyer must give no less than one (1) months written notice to the Supplier prior to the end of the [Primary] Lease Period and the Supplier must confirm its agreement (which the Supplier cannot unreasonably refuse).

  • Improvements to Leasehold/Licensed Premises are depreciated on a straight-line method over the Primary Lease Period or over a period of 3 years whichever is less starting from the date when the Leasehold/Licensed Premises are put to use.

Related to Primary Lease Period

  • Lease Term means the term of this Lease which shall commence on the Commencement Date and continue for the period specified in Section J of the Summary.

  • Covered Building Service Contract means a contract or subcontract to provide Building Services to the City of Cambridge or any of its departments or subdivisions.

  • Operating Lease of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.