LEASE LIABILITY. Make or incur additional liability for payments of rent under leases of real property in excess of $500,000 or personal property in excess of $500,000 in any one fiscal year.
LEASE LIABILITY. Make or incur liability for rent under leases of real --------------- property in excess of $900,000 and personal property in excess of $400,000 in any one fiscal year.
LEASE LIABILITY. Make or incur additional liability for payments of rent under leases of real or personal property in excess of $500,000 in fiscal year ending December 31, 1996 and in any fiscal year thereafter.
LEASE LIABILITY. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Company: • where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; • uses a build-up approach that starts with a risk-free interest rate; and • makes adjustments specific to the lease, e.g. term, country, currency and security. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; and • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. The lease liability is presented as a line item in the statement of financial position. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
LEASE LIABILITY. The following table sets out a maturity analysis of the lease liability: 2021 2020 Maturity analysis – contractual undiscounted cash flowsLess than one year 190,118 - One to five years 560,905 - Total undiscounted lease liabilities at September 30, 2021 751,023 - Lease liabilities included in the statement of financial position at September 30, 2021 732,469 -
LEASE LIABILITY. The Company adopted IFRS 16 from 1 January 2019 for a plot of land on which the plant is built has been leased from the Government of the Sultanate of Oman (represented by the Ministry of Housing) for a period of 25 years from 11 February 2013. The lease term can be extended by an additional 25 years at the request of the Company. Lease rental is paid at the rate of RO 15,045 per annum. At 30 September 2021, future minimum lease commitments under non-cancellable operating leases are as follows: 30 September 31 December 2021 RO’000s 2020 RO’000s Gross lease liability related to right-of-use assets 515 280 Addition: change in life of land lease - 246 Future finance charges on finance leases (259) (268) Present value of lease liabilities 256 258 The maturity of finance lease liabilities is as follows: Not later than 1 year 3 3 Later than 1 year 253 255 256 258 16. End of service benefits 30 September 30 September 2021RO’000s 2020 RO’000s 1 January 4 26 Provided during the period 6 10 Closing provision 10 36 31 December 2020 4 - 17. Trade and other payables 30 September 31 December 2021 RO’000s 2020 RO’000s Trade payables 2,859 1,119 Other payables 1,086 1,093 3,945 2,212 Trade and other payables include an amount of RO 1,126,774 (31 December 2020: RO 894,329), due to Muscat City Desalination Operation and Maintenance Company LLC, a related party. 18. Revenue 30 September 30 September 2021 RO’000s 2020 RO’000s Water capacity charges 7,561 7,465 Electricity charges 4,016 3,193 Water Output O&M Charges 2,254 2,157 13,831 12,815 19. Operating costs 30 September 30 September 2021 RO’000s 2020 RO’000s Operation and maintenance cost 3,278 3,138 Electricity charges 4,016 3,193 Amortisation of right-of-use asset 6 8 Depreciation 1,852 1,850 9,152 8,189 20. Administrative and general expenses 30 September 30 September 2021 RO’000s 2020 RO’000s Employee costs 216 214 Insurance 139 143 Legal and professional expenses 84 97 Depreciation 18 2 Directors’ sitting fees 21 18 Others 83 84 561 558 21. Finance costs (net) 30 September 30 September 2021 RO’000s 2020 RO’000s Interest expense on term loans and interest swaps 1,859 2,010 Interest expense on Shareholders’ loan 127 128 Amortisation of deferred finance cost 58 57 Interest income on term deposits (2) (3) Other finance cost 53 47 2,095 2,239 22. Income tax The Company is liable to income tax at the rate of 15% (30 September 2020: 15%). No provision for income tax has been made for the nine months period ended 30 Septembe...
LEASE LIABILITY. Seller's liabilities and obligations pursuant to the lease of the Property (the "Lease"). (d) Balance Sheet Liabilities. Seller's liabilities listed on Schedule 13(f). Notwithstanding anything else in this Agreement to the contrary, Purchaser shall not assume, pay, perform, or discharge, and Seller shall solely retain, pay, perform and discharge any obligations under law, including but not limited to antitrust civil rights, health, safety, labor, discrimination and environmental laws relating to periods before the Closing Date. 1.8
LEASE LIABILITY. Make or incur liability for payments of rent under leases of real property in excess of $50,000 and personal property operating leases in excess of $100,000 in any one fiscal year. shall have thirty (30) days from notice from Bank of any such default to cure same and with respect to any monetary default, Borrower shall have ten (10) days from the date of such default to cure same.
LEASE LIABILITY. Make or incur consolidated liability for payments of rent under leases of real property in excess of $850,000 and personal property in excess of $700,000 in any one fiscal year.
LEASE LIABILITY. Make or incur liability for aggregate rent payments greater than $100,000 per year under leases of real property and/or personal property beyond Borrower's obligations as shown in the attached Schedule C-7. The occurrence of any of the following events of default shall, at your option, terminate your commitment to lend and make all sums of principal and interest then remaining unpaid on all Borrower's indebtedness to you immediately due and payable, all without demand, presentment or notice, all of which are hereby expressly waived: Failure to Pay. Failure to pay any installment of principal of or interest on any indebtedness of Borrower to you.
