Facilities Lease Agreements shall mean those certain Lease Agreements by and between Sylvamo and IP dated of even date herewith pursuant to which Sylvamo leases to IP the real property constituting the Supporting Facilities and improvements thereon and personal property and equipment located thereon.
FSC shall have the meaning set forth in Section 12.1.
Governmental Authority shall mean any foreign, federal, state or local court, administrative agency, official board, bureau, governmental or quasi-governmental entities having competent jurisdiction over IP or Sylvamo and any other tribunal or commission or other governmental department, authority or instrumentality or any subdivision, agency, mediator, arbitrator, commission or authority of competent jurisdiction.
Inventory shall mean the inventory of Products maintained at the Transferred Mills and the Supporting Facilities for the benefit of Sylvamo.
IP shall have the meaning set forth in the preamble hereof.
IP Mills shall mean any pulp and paper mills and associated facilities owned or operated by IP and/or any of its Affiliates.
IP Procurement Services shall mean the procurement services for Products to be provided by IP to Sylvamo consistent with the services that were provided to the Transferred Mills under IP ownership.
Joint Contracts shall have the meaning set forth in Section 3.3.
Law shall mean any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation, judgment, order, injunction, decree, arbitration award, agency requirement, license, treaty or permit of any Governmental Authority.
Liability shall mean all debts, liabilities, obligations, Losses, interest and penalties of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising.
Losses shall mean any and all damages, judgments, awards, liabilities, losses (including to the extent reasonably foreseeable lost profits, lost revenue and diminution in value), obligations, claims of any kind or nature, fines and costs and expenses (including interest, penalties, reasonable fees and expenses of attorneys, auditors, consultants and other agents and all amounts paid in investigation, defense or settlement of any of the foregoing and the enforcement of any rights hereunder).