Finance Leases. These are similar to hire purchase agreements. The lessee (the person who leases the equipment from someone else) is responsible not just for maintaining the equipment but also for insurance, repairs and so on. At the end of the lease the equipment becomes the property of the lessee. The costs of leasing equipment under a finance lease are not eligible. Rather, the item leased should be treated as a fixed asset and depreciated (the loss in its value) in line with the organisation’s accounting policy.
Finance Leases. For purposes of the calculations above for any leased theatre which lease is characterized as a finance lease, the rent expense otherwise treated as principal and interest under GAAP shall be treated as a rent payment; provided, for the purposes of the foregoing calculations:
(i) “TLCF” = A – B, in each case, for the most recently ended twelve full consecutive months of operation for which information is available as of the date of the related mortgage;
(ii) “UTLCF” = First Run UTLCF = TLCF – (A x 0.04) Discount UTLCF = TLCF – (A x 0.02);
Finance Leases. The Company is not a lessee under a lease to which the provisions of Schedule 12 to the FA 1997 apply or could apply.
Finance Leases. The Company is not a lessee under a lease to which the provisions of Schedule 12 F.A. 1997 apply or could apply.
Finance Leases. (1) The Seller has made available to the Buyer copies of all forms of leases currently used by the Seller for leases originated by the Seller.
(2) The Contract Trial Balance attached hereto as Schedule 1.1 includes all the Finance Leases as of February 28, 2005.
(3) Title to each Finance Lease is vested in the Seller and each Finance Lease is free of liens, claims or encumbrances created by, through or under the Seller; and Seller’s assignment of the Finance Leases to the Buyer pursuant to this Agreement and to the Finance Lease Assignment transfers the Finance Leases to Buyer free of liens, claims or encumbrances created by, through or under the Seller;
(4) All Finance Lease Equipment is owned by the Seller free and clear of all liens, claims or encumbrances (except for the rights of the lessee pursuant to the applicable Finance Lease) or Seller has perfected security interests in all such Finance Lease Equipment; all such rights will be validly assigned and transferred by the Seller to the Buyer pursuant to this Agreement and the Finance Lease Assignment; the Seller has filed a financing statement with the appropriate governmental entity or entities in each jurisdiction where such filing is required;
(5) The Seller has not executed any other currently effective document, other than this Agreement, assigning or otherwise transferring to any other Person any interest in and to the Finance Leases or any rights thereunder or amounts due thereunder, or in and to any item of the Finance Lease Equipment or any other collateral for the Finance Leases;
(6) The lease payments due under the Finance Leases represent obligations properly owing to the Seller at the time and in the amounts set forth in the Contract Trial Balance as of February 28, 2005, and are free of any dispute, set off, right of rescission, counterclaim or defense;
(7) The Buyer will be provided at the Closing with the sole executed original chattel paper of the actual lease or financing agreement forming part of each of the Finance Leases; no duplicate or multiple originals of any lease, master lease, master lease schedule or financing agreement constituting part of the Finance Leases have been executed by the Seller or other lessor or secured party, the lessee having been provided with a photocopy only of such documents;
(8) The Seller has made available or will make available to the Buyer the executed originals (to the extent available) of all other documents forming part of each Finance Lease, ...
Finance Leases. (a) The Company is not and has not been the lessee under any leases of plant or machinery save for the leases specified in the Disclosure Letter (the "Leases").
(b) No assets subject to the Leases have at any time been leased by the Company or its lessees to a person who is not resident in the UK and does not use the machinery or plant for the purposes of a trade carried on there.
(c) The Warrantor, after making due and reasonable enquiry, is not aware of any revenue investigation, revenue enquiry or other circumstance which indicates that any person who is or was a lessor or owner of equipment subject to any of the Leases will or may be denied the first year allowances and/or writing-down allowances by reference to which the initial rental under that Lease was calculated. ANTI-AVOIDANCE PROVISIONS
Finance Leases. The Debtor will, at its own expense, with respect to any Lessee that leases an Eligible Container pursuant to a Finance Lease, take the following actions by not later than ninety (90) days following the later of (a) the Closing Date and (b) the date such Finance Lease was entered into (if after the Closing Date):
(i) if the Lessee’s Location is within the United States of America, then file in the appropriate filing office a UCC financing statement naming the Lessee as debtor/lessee, the Debtor as lessor/secured party, and the related Eligible Containers as the collateral; or
(ii) if the Lessee’s Location is not within the United State of America, then the Debtor shall file with the Recorder of Deeds of the District of Columbia a UCC financing statement naming the Lessee as debtor/lessee, the Debtor as lessor/secured party, and the related Eligible Containers as the collateral.
Finance Leases. The Company is not and has not been the lessee under any leases of plant or machinery except for the Leases.
Finance Leases. The Assignor will, with respect to any Lessee that leases a Pledged Container or a Pledged Chassis pursuant to a Finance Lease, take the following actions by not later than thirty (30) days following the related Funding Date:
(A) if the Lessee's Location is within the United States of America, then file in the appropriate filing office a UCC financing statement naming the Lessee, as debtor/lessee, the applicable Assignor, as lessor/secured party, and leased Containers and/or Chassis as the collateral; or
(B) if the Lessee's Location is not within the United States of America, then the applicable Assignor shall file with the Recorder of Deeds of the District of Columbia a UCC financing statement naming the Lessee, as debtor/lessee, the applicable Assignor, as lessor/secured party, and the leased Containers and/or Chassis as the collateral.
Finance Leases. The Company is not, and has not since 3 December 2003 been, the lessor or the lessee under any finance lease of an asset other than the Headleases and the Subleases. For the purposes of this paragraph “finance lease” means any arrangements for the leasing of an asset which fall for the purposes of the accounts of the Company to be treated in accordance with normal accountancy practice as a finance lease or loan.
