LEASE FACILITY Clause Samples
The LEASE FACILITY clause defines the terms under which a property or asset is made available for use by a lessee in exchange for payment. It typically outlines the specific facilities or premises being leased, the duration of the lease, and any conditions or restrictions on use. For example, it may specify access rights, maintenance responsibilities, or permitted activities within the leased space. The core function of this clause is to clearly establish the rights and obligations of both parties regarding the use of the facility, thereby preventing disputes and ensuring both parties understand the scope of the lease arrangement.
LEASE FACILITY. Upon and subject to the terms and conditions hereof and of that certain Master Lease Agreement and related documents attached hereto as Exhibit No. 1 (the "Master Lease Agreement"), GE Capital will purchase and lease to Aladdin Gaming certain new furniture and equipment (other than Gaming Equipment) selected by Aladdin Gaming for use by Aladdin Gaming in connection with the Aladdin Hotel and Casino having an aggregate acquisition cost not in excess of $60,000,000 (the "Lease Facility").
LEASE FACILITY. 2 2.01. Acquisition, Lease, Amount Limitations, Etc. ..............2 2.02. Participation Agreement....................................4 2.03. Advance Requests...........................................5 2.04. Fees.......................................................7 2.05.
LEASE FACILITY. The Authority being a Landlord shall provide the Investor with facilities for Lease or other type of facility that may be built in future subject to the availability within the SRTI Park.
LEASE FACILITY. (a) Lessor's agreement to provide up to $5,000,000 in lease financing (the "Lease Facility") shall terminate on September 30, 1997 and shall be subject, with respect to each draw-down under such Lease Facility pursuant to a Lease Supplement (a "Closing"), to the conditions specified below in this Section 2A.
(b) The obligation of Lessor to make advances under the Lease Facility pursuant to a Lease Supplement at a Closing is subject to the satisfaction of all of the following conditions:
(i) Lessor shall have received (A) the Lease Supplement for the Set of Equipment to be leased at such Closing and (B) all of the other related Lease Documents (collectively, with the foregoing, the "Closing Documents"), duly executed and delivered by all parties thereto, and all actions contemplated by the foregoing documents shall have been accomplished to the satisfaction of Lessor and its counsel.
(ii) All warranties and representations of Lessee in the Closing Documents shall be true and accurate on the date of such Closing as if then given, and there shall be no Default or Event of Default under this Lease or any Closing Document.
(iii) Lessor shall have received certificates of Lessee, dated as of the Closing date, in form and content satisfactory to Lessor, stating the substance of the foregoing Section 2A(b)(ii) and attaching such organizational documents as Lessor may request.
(iv) Lessor shall be satisfied with the results of UCC and other lien searches against Lessee.
(v) Lessor shall have received and be satisfied with insurance binders or certificates of insurance coverage maintained by Lessee and naming Lessor as loss payee and/or additional insured.
(vi) There shall be no material adverse change, in the good faith judgment of Lessor, in Lessee's (i) financial condition as reflected in the then current financial statements required to be delivered by Lessee hereunder, relative to such statements as were delivered by Lessee in connection with any prior Closing or as of the date hereof or (ii) results of operations, business conditions, prospects or properties, relative to Lessee's results of operations, business conditions, prospects or properties as of the date of any prior Closing or as of the date hereof.
(vii) Lessor shall have received all other documents, financial statements and assurances required hereunder or that it may reasonably request in connection with the transactions contemplated for such Closing, and such documents shall be certified, when app...
LEASE FACILITY