Synthetic Lease Transaction definition

Synthetic Lease Transaction means any transaction involving a synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP, and in respect of which transaction any Synthetic Lease Indebtedness is issued or incurred.
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Synthetic Lease Transaction means the transaction pursuant to the Synthetic Lease Participation Agreement and the Synthetic Lease Basic Documents whereby Midwest sells the Synthetic Lease Assets to the Synthetic Lease Trust and the Synthetic Lease Trust leases the Synthetic Lease Assets to Midwest under the Synthetic Lease.
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Synthetic Lease Transaction means the synthetic lease transaction --------------------------- described in the Master Agreement dated as of April 24, 1998, among SuperRite Foods, Inc., the Borrower, Atlantic Financial Group, Ltd., the financial institutions parties thereto and SunTrust Bank, Atlanta.
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Examples of Synthetic Lease Transaction in a sentence

  • In the case of a Synthetic Lease Transaction, such assignment may be made through and in connection with an assignment to the Agent of the Note Collateral.

  • The Borrowers may from time to time with the consent of the Lenders designate a Facility owned by a Borrower or a Synthetic Lease Transaction as an Eligible Project to be included in the Borrowing Base pursuant to the terms hereof.

  • If either the Management Agreement or the Development Agreement terminates prior to Manager entering into a Synthetic Lease Transaction pursuant to Section 10.33 above, all of the rights, obligations and duties of Manager under this Loan Agreement and all other Loan Documents shall belong solely to and be the responsibility of Borrower.

  • The Parties acknowledge and agree that Seller's representations and warranties in this Agreement with respect to the Purchased Assets that are the subject of the Synthetic Lease Transaction contemplate, and are cast as of the time period commencing immediately following, the transfer to Seller of all right, title and interest in, to and under the Purchased Assets that are the subject of the Synthetic Lease Transaction, which transfer shall in any event be effective no later than the Closing.

  • The Synthetic Lease Transaction subjects the Purchased Assets to various Liens and leases.

  • Distribution of Cash, Lender Notes, and New MPAN Common Stock to individual MPAN Senior Credit Facility Claim Holders (including, without limitation, the payment in full with accrued interest at the non-default rate of the Tranche B and Tranche C obligations under the Synthetic Lease Transaction Documents) shall be made in accordance with their respective rights inter se and any election and allocation procedures that may be agreed upon by the MPAN Senior Credit Facility Claim Holders.

  • In connection with a Synthetic Lease Transaction the collateral described in (b) and (c) above may be assigned through and in connection with the assignment to the Agent of the Note Collateral.

  • Any Management Agreement and any other applicable synthetic lease documents in connection with a Synthetic Lease Transaction shall provide that the Management Company cannot be changed without the prior written consent of the Agent.

  • As of the Petition Date, the MPAN Debtors owed approximately $1,010,401,359 under the MPAN Senior Credit Facility, including Synthetic Lease Transaction obligations, outstanding letters of credit, and the Deficiency Note.

  • The closing of the Synthetic Lease Transaction and the Credit Facility shall occur contemporaneously with the purchase by the U.S. Underwriters of the Initial U.S. Securities under this Agreement.


More Definitions of Synthetic Lease Transaction

Synthetic Lease Transaction has the meaning given to it in SECTION 6.15.
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Synthetic Lease Transaction means each of (a) the Participation Agreement dated as of May 12, 1995 among NatWest Leasing Corporation, Media Play Trust, Yasuda Bank and Trust Company, National Westminster Bank Plc, various other lenders and Media Play, Inc., and the Master Lease and other documents referred to therein and (b) the Participation Agreement dated as of March 31, 1994 among Musicland Retail, Inc., Shawmut Bank Connecticut, National Association, Kleinwort Xxxxxx Limited, The Long-Term Credit Bank of Japan, Ltd., Chicago Branch, Credit Lyonnais Cayman Island Branch and The Fuji Bank, Limited, and the Master Lease and other documents referred to therein.
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Synthetic Lease Transaction means, collectively, the loan and lease transactions arising under the Participation Agreement, dated as of April 21, 1995, as amended, from time to time, among the Borrower, , and and the other Operative Documents described therein.
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Synthetic Lease Transaction has the meaning given to it in Section 6.15.
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Synthetic Lease Transaction means a transaction whereby Optionee conveys or causes the conveyance of the PG&E Option Property (or any portion thereof) to a Synthetic Lease Lessor from which Optionee (or its affiliate) leases back the PG&E Option Property (or such portion thereof) from such Synthetic Lease Lessor pursuant to a lease which would be categorized under Generally Accepted Accounting Principles as an operating lease and which has the following characteristics: (i) the initial term of such lease is less than ten (10) years; and, (ii) at the expiration of the term of such lease, subject to any rights of the tenant to extend the term of the lease, the tenant would be required, at its sole election made not more than two (2) years prior to the expiration of the term of the lease, either to repurchase the property so leased and the improvements thereon for the Synthetic Lease Lessor's then outstanding loan balance or, acting as the Synthetic Lease Lessor's agent, to sell the property which is the subject of the lease to a third party and to guarantee to the Synthetic Lease Lessor any deficiency between the proceeds of such sale and the Synthetic Lease Lessor's then outstanding loan balance, up to a stipulated amount of deficiency.
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Related to Synthetic Lease Transaction

  • Synthetic Lease means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing arrangement whereby the arrangement is considered borrowed money indebtedness for tax purposes but is classified as an operating lease or does not otherwise appear on a balance sheet under GAAP.

  • Synthetic Leases means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness for borrowed money for purposes of U.S. federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of the Property subject to such operating lease upon expiration or early termination of such lease.

  • Synthetic Lease Obligation means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

  • Synthetic Lease Obligations means, with respect to any Person, the sum of (i) all remaining rental obligations of such Person as lessee under Synthetic Leases which are attributable to principal and, without duplication, (ii) all rental and purchase price payment obligations of such Person under such Synthetic Leases assuming such Person exercises the option to purchase the lease property at the end of the lease term.

  • Financing Lease Obligation means, as applied to any Person, an obligation that is required to be accounted for as a financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP.

  • Capital Lease Obligations of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

  • Capital Lease Obligation means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP.

  • Operating Lease Obligations means all obligations for the payment of rent for any real or personal property under leases or agreements to lease, other than Capitalized Lease Obligations.

  • Non-Financing Lease Obligation means a lease obligation that is not required to be accounted for as a financing or capital lease in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall be considered a Non-Financing Lease Obligation.

  • Finance Lease Obligations of any Person means the obligations of such person under any lease that meets the criteria of a finance lease (as defined by ASC 842) and would be capitalized on a balance sheet of such person prepared in accordance with GAAP, and the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

  • Capitalized Lease Obligations means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance with GAAP.

  • Finance Lease Obligation means, at the time any determination thereof is to be made, the amount of the liability in respect of a Finance Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP.

  • Capitalized Lease Obligation means an obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with generally accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with such principles.

  • Lease Obligations of the Company and its Subsidiaries, as of the date of any determination thereof, the rental commitments of the Company and its Subsidiaries determined on a consolidated basis, if any, under leases for real and/or personal property (net of rental commitments from sub-leases thereof), excluding however, obligations under Financing Leases.

  • Capital Lease means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person.

  • Receivables Transaction Attributed Indebtedness means the amount of obligations outstanding under the legal documents entered into as part of any Qualified Receivables Transaction on any date of determination that would be characterized as principal if such Qualified Receivables Transaction were structured as a secured lending transaction rather than as a purchase.

  • Synthetic Debt means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

  • Receivables Facility Attributed Indebtedness means the amount of obligations outstanding under a receivables purchase facility on any date of determination that would be characterized as principal if such facility were structured as a secured lending transaction rather than as a purchase.

  • Sale and Lease-Back Transaction means any arrangement providing for the leasing by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of such leasing.

  • Permitted Acquisition Indebtedness means Indebtedness (including Disqualified Stock) of the Company or any of the Restricted Subsidiaries to the extent such Indebtedness was Indebtedness:

  • Permitted Sale-Leaseback Transactions means any sale or transfer by the Company or any of its Restricted Subsidiaries of any Principal Property owned by the Company or any of its Restricted Subsidiaries with the intention of taking back a lease thereof; provided, however, that “Permitted Sale-Leaseback Transactions” shall not include any such transaction involving machinery and/or equipment (excluding any lease for a temporary period of not more than thirty-six months with the intent that the use of the subject machinery and/or equipment will be discontinued at or before the expiration of such period) relating to facilities (a) in full operation for more than 180 days as of the date of this Supplemental Indenture and (b) that are material to the business of the Company and its Subsidiaries, taken as a whole, to the extent that the aggregate Attributable Value of the machinery and/or equipment from time to time involved in such transactions (giving effect to payment in full under any such transaction and excluding the Applied Amounts, as defined in the following sentence), plus the amount of obligations and Indebtedness from time to time secured by Liens incurred under Section 6.1(18), exceeds the greater of (i) $1,000 million and (ii) 15.0% of Net Worth as determined at the time of, and immediately after giving effect to, the incurrence of such transactions based on the balance sheet for the end of the most recent quarter for which financial statements are available (such greater amount, the “Applicable Threshold”). For purposes of this definition, “Applied Amounts” means an amount (which may be conclusively determined by the Board of Directors of the Company) equal to the greater of (i) capitalized rent with respect to the applicable machinery and/or equipment and (ii) the fair value of the applicable machinery and/or equipment, that is applied within 180 days of the applicable transaction or transactions to repayment of the Notes or to the repayment of any indebtedness for borrowed money which, in accordance with GAAP, is classified as long-term debt and that is on parity with the Notes.

  • Permitted Sale and Leaseback Transaction has the meaning provided in Section 3.02(b).

  • Securitization Repurchase Obligation means any obligation of a seller of Securitization Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

  • Permitted Sale-Leaseback Transaction means a transaction pursuant to which a Credit Party sells an item of equipment to a financial institution and concurrently with such sale (i) leases such item of equipment back from such financial institution and (ii) subleases such item of equipment to a customer of the Credit Party pursuant to a sublease agreement under which such customer obtains an option to purchase such item of equipment at or before the end of such sublease.

  • Capital Leases means, as applied to any Person, any lease of (or any agreement conveying the right to use) any property (whether real, personal or mixed) by such Person as lessee which in accordance with GAAP, is required to be reflected as a liability on the balance sheet of such Person.

  • Sale and Leaseback Transactions means with respect to any Person an arrangement with any bank, insurance company or other lender or investor or to which such lender or investor is a party, providing for the leasing by such Person of any asset of such Person which has been or is being sold or transferred by such Person to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such asset.