LaSalle Leasing Clause Samples
The LaSalle Leasing clause establishes the terms and conditions under which a party may lease equipment, property, or assets from LaSalle or through a LaSalle-managed program. Typically, this clause outlines the responsibilities of both the lessor and lessee, including payment schedules, maintenance obligations, and procedures for returning or purchasing the leased items at the end of the lease term. Its core practical function is to clearly define the rights and duties of each party in the leasing arrangement, thereby minimizing disputes and ensuring smooth operation of the lease.
LaSalle Leasing. The Borrower shall for any reason cease to own, directly or indirectly, at least 99.9% of the equity interests in LaSalle Leasing;
LaSalle Leasing. Upon knowledge of a material default by LaSalle Leasing under an Approved Participating Lease, the Borrower will send, or will cause the Guarantor who is a party to such Approved Participating Lease to send, a notice of such default to LaSalle Leasing as provided in the document under which such default has occurred and provide a copy of such notice to the Administrative Agent. For purposes of this Section 5.10, a "material default" shall mean a monetary default and any default, which if not cured, would be a default under any applicable Approved Franchise Agreement and Approved Management Agreement allowing the Person party to such agreement to terminate such agreement.