. Subject to the Loan Parties’ compliance with Section 7.13 of this Agreement, the Lenders agree that, for so long as any real property asset of the Combined Parties is subject to a Tax Driven Lease Transaction, such property shall be treated as being owned in fee (despite that the ownership interest is a leasehold interest) by the applicable Combined Parties for all purposes under this Agreement; provided, however, that, in any calculations under this Agreement related to a Tax Driven Lease Transaction asset owned by a Combined Party that is not Wholly-Owned by the , such calculations shall only give credit for the share of such Tax Driven Lease Transaction asset owned by the , the or other Combined Parties. Furthermore, for so long as net cash received (whether in the form of interest on bonds or otherwise) in connection with any Tax Driven Lease Transaction equals the net cash paid (whether in the form of rent or otherwise) under the applicable Tax Driven Lease Transaction Documents, such amounts shall be disregarded for purposes of calculating the Consolidated Fixed Charge Coverage Ratio.
.Section # Tax Driven Lease Transactions. Subject to the Loan Parties’ compliance with Section[Section 7.1314] of this Agreement, the Lenders agree that, for so long as any real property asset of the Combined Parties is subject to a Tax Driven Lease Transaction, such property shall be treated as being owned in fee (despite that the ownership interest is a leasehold interest) by the applicable Combined Parties for all purposes under this Agreement; provided, however, that, in any calculations under this Agreement related to a Tax Driven Lease Transaction asset owned by a Combined Party that is not Wholly-Owned by the ,Parent, such calculations shall only give credit for the share of such Tax Driven Lease Transaction asset owned by the ,Parent, the Borrower or other Combined Parties. Furthermore, for so long as net cash received (whether in the form of interest on bonds or otherwise) in connection with any Tax Driven Lease Transaction equals the net cash paid (whether in the form of rent or otherwise) under the applicable Tax Driven Lease Transaction Documents, such amounts shall be disregarded for purposes of calculating the Consolidated Fixed Charge Coverage Ratio.
.1.18Tax Driven Lease Transactions. Subject to the Loan Parties’ compliance with Section[Section 7.1313] of this Agreement, the Lenders agree that, for so long as any real property asset of the Combined Parties is subject to a Tax Driven Lease Transaction, such property shall be treated as being owned in fee (despite that the ownership interest is a leasehold interest) by the applicable Combined Parties for all purposes under this Agreement; provided, however, that, in any calculations under this Agreement related to a Tax Driven Lease Transaction asset owned by a Combined Party that is not Wholly-Owned by the [[Parent:Consolidated Parties:Organization]], such calculations shall only give credit for the share of such Tax Driven Lease Transaction asset owned by the [[Parent:Consolidated Parties:Organization]], the [[Borrower:Consolidated Parties:Organization]] or other Combined Parties. Furthermore, for so long as net cash received (whether in the form of interest on bonds or otherwise) in connection with any Tax Driven Lease Transaction equals the net cash paid (whether in the form of rent or otherwise) under the applicable Tax Driven Lease Transaction Documents, such amounts shall be disregarded for purposes of calculating the Consolidated Fixed Charge Coverage Ratio.
. Subject to the Loan Parties’ compliance with Section 7.13 of this Agreement, the Lenders agree that, for so long asUntil any real property asset of the Combined Parties that is subject to a Tax Driven Lease Transaction, such property shall be treated as being owned in fee (despite that the ownership interest is a leasehold interest) by the applicable Combined Parties for all purposes under this Agreement; provided, however, that, in any calculations under this Agreement related to a Tax Driven Lease Transaction asset ownedhas been repurchased by a Combined Party that is not Wholly-Owned by the [[Parent:Organization]], such calculations shall only give credit for the share of such Tax Driven Lease Transaction asset owned by the , the [[Borrower:Loan Party:Organization]] or other Combined Parties. Furthermore, for so long as net cash received (whetherprovided in the form of interest on bonds or otherwise) in connection with any Tax Driven Lease Transaction equals the net cash paid (whether in the form of rent or otherwise) under the applicable Tax Driven Lease Transaction Documents, without the prior written consent of the Required Lenders, modify or amend any Tax Driven Lease Transaction Documents, or any other agreement related thereto, in any manner that would # cause a change in the accounting treatment of such amounts shall be disregardedTax Driven Lease Transaction under GAAP, # adversely affect the ability of any Combined Party to repurchase any property of the Combined Parties that is subject to a Tax Driven Lease Transaction for purposesnominal consideration or # otherwise cause such transaction to not meet the terms of calculating the Consolidated Fixed Charge Coverage Ratio.definition of Tax Driven Lease Transactions.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.