First Class Standard definition

First Class Standard means the standards in effect at First Class Buildings, to the extent the relevant matter applies or exists at such other buildings; provided, however, that with respect to any obligation of the Landlord for which this Lease provides a specific standard or specification, such specific standard or specification shall be deemed to be the First Class Standard for such obligation. “First Class Buildings” means first-class multi-tenanted office buildings located in midtown Manhattan (except if a more specific geographic area is specified in this Lease in a particular context) which are comparable to the Building. “Permitted Uses” are the uses permitted under this Section 3.1, in all cases subject to and in accordance with the term and conditions of this Section 3.1 and the other provisions of this Lease, including all Building Regulations and all Requirements, and in all cases if and to the extent conducted in a manner which is consistent with the First Class Standard.

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First Class Standard means (i) with respect to the Congregate Residential Facilities, a standard of quality of maintenance, construction, furnishing, finishing and equipping substantially commensurate with or better than the standard as of the Effective Date found in the Congregate Residential Facilities operated by any of the Classic Companies and offering to the residents thereof services comparable to the Congregate Residential Services and (ii) with respect to Congregate Residential Services and other operations of the Congregate Residential Facilities, a standard of quality commensurate with or better than the standard of operation and services as of the Effective Date found in the Congregate Residential Facilities operated by any of the Classic Companies, subject in the case of clauses (i) and (ii), during the Transition Period, to reasonable adjustments, approved as a policy matter by the Board of Directors of Licensee, designed to address market and economic conditions that impact the Business.

First Class Standard shall have the definition as set forth in Section 3.1. GAAP - generally accepted accounting principles in the United States which are in effect from time to time consistently applied. Any financial or accounting terms not otherwise defined herein shall be construed and applied according to United States Generally Accepted Accounting Principles.

Examples of First Class Standard in a sentence

• Subject to the First Class Standard set forth above, Tenant will during the entire Term conduct its business upon the Premises in accordance with its discretion as to the normal and customary operation of its business and prudent business judgment so as to maximize its profitability.

• Except for those items in Exhibit C-1 that are part of Landlord's Work, Tenant shall carry out all work of improvement necessary to construct within the Premises a fully fixturized, furnished and equipped Ground Floor Restaurant and the Roof Top Restaurant, which restaurants shall be constructed in compliance with the First Class Standard and in accordance with plans and specifications which have been reviewed and approved by Landlord ("Tenant's Work").

• Subject to the provisions of this Lease concerning Landlord's maintenance and repair obligations and concerning destruction and condemnation and any required approvals of Landlord, Tenant will make all necessary repairs and replacements to maintain the Premises in good order, condition, and repair, reasonable wear and tear excepted, and in accordance with the First Class Standard.

• Tenant shall, at its sole cost, maintain and repair all of its signs consistent with the First Class Standard.

• Licensee shall conduct the Business in a manner that is at least commensurate with the First Class Standard.

• Following the Transition Period, Licensor may, in its discretion, make reasonable modifications to the First Class Standard; provided, that any deviations from such First Class Standard (as so modified) as are being practiced by Licensee as of the date of such modification, but which were in compliance with the First Class Standard in effect immediately prior to such modification, shall be deemed approved.

• In the event of any termination of this Agreement, the First Class Standard shall continue to apply to the Property for all time notwithstanding any such termination of this Agreement.

• Hotel Company shall be responsible for making all capital improvements necessary to maintain the Hotel Property (including the Shared Facilities but excluding the Common Facilities) in accordance with the First Class Standard at its sole cost and expense except as provided in Section 4.2.

• The Shared Facilities shall be operated by or on behalf of the Hotel Company subject to the First Class Standard and shall be made available for use by Hotel Guests and Members on an equivalent basis provided, however, that Hotel Company may restrict the use of the Shared Facilities reasonably from time to time for use by groups and/or for special events and functions.

• Hotel Company shall have the exclusive right to determine (subject to the First Class Standard) the manner in which the Hotel Property, the Shared Facilities and Hotel Common Facilities are operated.

More Definitions of First Class Standard

First Class Standard means and refers to a level of quality, cleanliness and aesthetics that are expected in mixed-use developments containing residential apartments and/or condominium units of a quality with those contained in the Condominium from time to time in Palm Beach County, Florida.