Long-Term Rentals definition
Long-Term Rentals means and include all fixed rents (including as such all payments which the lessee is obligated to make to the lessor on termination of the lease or surrender of the property) payable by the Company or any Subsidiary, as lessee or sublessee under a lease of real or personal property having an initial term (exclusive of renewal terms which are at the option of the lessee) in excess of twelve months, but shall be exclusive of any amounts required to be paid by the Company or any Subsidiary (whether or not designated as rents or additional rents) on account of maintenance, repairs, insurance, taxes and similar charges, all computed for the Company and its Subsidiaries on a consolidated basis. For purposes of any prospective calculations, fixed rents under any so-called "PERCENTAGE LEASES" shall be computed solely on the basis of the minimum rents, if any, required to be paid by the lessee regardless of sales volume or gross revenues.
Long-Term Rentals means and include Rentals under a lease of real or personal property having an initial term (exclusive of renewal terms which are at the option of the lessee) in excess of twelve months.
Long-Term Rentals means the rental of a strata lot for a period of 30 days or greater; "Overnight Rentals" means the rental of a strata lot for a period of less than 7 days;