Common use of Initial Lease Clause in Contracts

Initial Lease. In connection with the lease of any Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof), to evidence the refinancing of any Refinanced Vehicles and the acquisition and financing of any other Financed Vehicles by each Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee shall deliver to the Lessor on or prior to the Lease Commencement Date (or the date of such initial Vehicle Order or Refinancing Schedule) the following: (i) a Refinancing Schedule concerning any Refinanced Vehicles refinanced on such date, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such Additional Lessee, as applicable); (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles are located and the county and state in which such Lessee’s principal office is located, which shall show no liens or other security interests (other than Permitted Liens) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced Vehicle, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted Liens) in favor of any Person with respect to any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 2 contracts

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc), Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

AutoNDA by SimpleDocs

Initial Lease. In connection with the lease of any Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof), to evidence the refinancing of any Refinanced Vehicles and the acquisition and financing of any other Financed Vehicles by each Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee shall deliver to the Lessor on or prior to the Lease Commencement Date (or the date of such initial Vehicle Order or Refinancing Schedule) the following: (i) a Refinancing Schedule concerning any Refinanced Vehicles refinanced on such date, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such Additional Lessee, as applicable); (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles are located and the county and state in which such Lessee’s principal office is located, which shall show no liens or other security interests (other than Permitted Liens) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced Vehicle, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted Liens) in favor of any Person with respect to each Vehicle in the Existing Fleet identified in such schedule and any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

Initial Lease. In connection with the lease of any Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof), to evidence the refinancing of any Refinanced Vehicles and the acquisition and financing of any other Financed Vehicles by each Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee shall deliver to the Lessor on or prior to the Lease Commencement Date (or the date of such initial Vehicle Order or Refinancing Schedule) the following: (i) a Refinancing Schedule concerning any Vehicles any Refinanced Vehicles refinanced on such date, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such Additional Lessee, as applicable); (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles are located and the county and state in which such Lessee’s 's principal office is located, which shall show no liens or other security interests (other than Permitted Liens) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced Vehicle, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted Liens) in favor of any Person with respect to any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s 's Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

Initial Lease. In connection with the lease Lease of the Existing Fleet and any other Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof)Date, to evidence the refinancing of any Refinanced the Vehicles in the Existing Fleet and the acquisition and financing of any such other Financed Vehicles by each such Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee the Lessees shall deliver to the Lessor on or prior to the Lease Commencement Date (or in respect of the date of such initial Vehicle Order or Refinancing Schedule) of each Additional Lessee the following: (i) a Refinancing Schedule schedule concerning any Refinanced the Existing Fleet as specified in Section 2.1 of the Base Lease, in the case of all Vehicles refinanced on such datein the Existing Fleet, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such an Additional Lessee, as applicable); (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles Existing Fleet are located and the county and state in which such Lessee’s 's principal office is located, which shall show no liens or other security interests (other than Permitted LiensLiens and the lien of Chrysler Financial Corporation or such other party as has delivered a Payoff Letter in the Existing Fleet) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle in the Existing Fleet stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced VehicleExisting Fleet, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted LiensLiens and the lien of Chrysler Financial Corporation in the Existing Fleet) in favor of any Person with respect to each Vehicle in the Existing Fleet identified in such schedule and any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Vehicle in the Existing Fleet and each other Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s 's Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

AutoNDA by SimpleDocs

Initial Lease. In connection with the lease of any Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof), to evidence the refinancing of any Refinanced Vehicles and the acquisition and financing of any other Financed Vehicles by each Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee shall deliver to the Lessor on or prior to the Lease Commencement Date (or the date of such initial Vehicle Order or Refinancing Schedule) the following: (i) a Refinancing Schedule concerning any Vehicles any Refinanced Vehicles refinanced on such date, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such Additional Lessee, as applicable); (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles are located and the county and state in which such Lessee’s principal office is located, which shall show no liens or other security interests (other than Permitted Liens) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced Vehicle, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted Liens) in favor of any Person with respect to any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

Initial Lease. In connection with the lease of any Financed Vehicles to be leased on the Lease Commencement Date (or, in the case of an Additional Lessee, the date of the initial Vehicle Order or Refinancing Schedule thereof), to evidence the refinancing of Vehicles in the Existing Fleet and any other Refinanced Vehicles and the acquisition and financing of any other Financed Vehicles by each Lessee on the Lease Commencement Date (or the date of such initial Vehicle Order) and the conveyance on such date of a security interest in such Financed Vehicles to the Master Collateral Agent, such Lessee shall deliver to the Lessor on or prior to the Lease Commencement Date (or the date of such initial Vehicle Order or Refinancing Schedule) the following: (i) a Refinancing Schedule concerning any Vehicles in the Existing Fleet and any other Refinanced Vehicles refinanced on such date, or a Vehicle Order (including a Vehicle Acquisition Schedule) with respect to all other Financed Vehicles to be leased by such Lessee on the Lease Commencement Date (or date of the initial Vehicle Order of such Additional Lessee, as applicable);Financed (ii) a report of the results of a search of the appropriate records of the county and state in which the Refinanced Vehicles are located and the county and state in which such Lessee’s 's principal office is located, which shall show no liens or other security interests (other than Permitted LiensLiens and the lien of Chrysler Financial Corporation in the Existing Fleet) with respect to such Vehicles or, in the event that such search reveals any such non-permitted Lien or security interest, there shall be delivered to the Trustee a termination of such Lien or security interest as provided below; (iii) confirmation from any lender holding a security interest in any Refinanced Vehicle stating unconditionally (A) that, if any sums are to be paid to such lender in connection with the lease of the Refinanced Vehicle, such lender has been paid the full amount due to it in connection with such refinancing and (B) that any lien or security interest of such lender in such Vehicle has been released; (iv) UCC termination statements terminating, or UCC partial releases releasing, any security interests and other liens (other than Permitted LiensLiens and the lien of Chrysler Financial Corporation in the Existing Fleet) in favor of any Person with respect to each Vehicle in the Existing Fleet identified in such schedule and any related Vehicle Disposition Programs; (v) fully executed Assignment Agreements from such Lessee covering, as applicable, each Vehicle in the Existing Fleet and each other Financed Vehicle leased by such Lessee on the Lease Commencement Date or leased on any date thereafter under the Lease, the related Vehicle Disposition Programs, and any other Master Collateral relating to such Vehicles; and (vi) an Officer’s 's Certificate for such Lessee stating that all the conditions precedent under the Lease to the leasing by such Lessee of such Vehicles on the Lease Commencement Date have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Lease and Servicing Agreement (Dollar Thrifty Automotive Group Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!