Principal Operating Lease definition
Principal Operating Lease means a lease (other than a capital lease) of the Borrower or any of its Subsidiaries in respect of which lease the aggregate of the present values (discounted in accordance with sound financial practice at a rate of 10% per annum) of the net amount of all rental and other minimum lease payments that the Borrower or any of its Subsidiaries is obligated to pay during the remaining term of such lease (including any period for which any such lease has been extended or may, at the option of the lessor, be extended) is equal to or greater than five percent of the net worth of the Borrower and its Subsidiaries on a consolidated basis at the time such determination is made. The net amount of rental and other minimum lease payments required to be paid under any Principal Operating Lease for any such term shall be the amount of rent payable by the lessee with respect to such period, after excluding amounts required to be paid on account of maintenance and repairs, insurance, Taxes, assessments, water rates and similar charges and contingent rents such as those based on sales; provided, that, in no event shall the Borrower's lease of office space for its principal place of business be considered a Principal Operating Lease.
Principal Operating Lease means a lease (other than a capital lease) of the Borrower or any of its Subsidiaries in respect of which lease the aggregate of the present values (discounted in accordance with sound financial practice at a rate of 10% per annum) of the net amount of all rental and other minimum lease payments that the Borrower or any of its Subsidiaries is obligated to pay during the remaining term of such lease (including any period for which any such lease has been extended or may, at the option of the lessor, be extended) is equal to or greater than five percent of the net worth of the Borrower and its Subsidiaries on a consolidated basis at the time such determination is made. The net amount of rental and other minimum lease payments required to be