Lease Amendments and Modifications Clause Samples

Lease Amendments and Modifications. In performing its obligations hereunder, the Servicer may, acting in the name of the Company and without the necessity of obtaining the prior consent of the Company or the Trustee, enter into and grant modifications, waivers and amendments to the terms of any Lease except for modifications, waivers or amendments that (a) are inconsistent with the servicing standards set forth in Section 3.01 above, (b) would reduce the amount or extend the time for payment of any Lease Payment, Casualty Payment or Termination Payment to be made under a Lease (other than to permit termination of a Lease which does not otherwise provide for termination by requiring the payment, in lieu of all future Lease Payments with respect to the Lease or Equipment subject thereto, an amount which equals or exceeds the Lease Repurchase Amount for such Lease as of such date) or the Lessee's absolute and unconditional obligation to make payment of the same, (c) would reduce or adversely affect the Lessee's obligation to maintain, service, insure and care for the Equipment or would permit the alteration of any item of Equipment in any way which could adversely affect its present or future value or (d) otherwise could adversely affect the interests of any of the Company, the Trustee or the holders of the Notes. In addition, following the transfer of any Lease to the Company in accordance herewith, the Servicer may make adjustments to such Lease which modify one or more terms of such Lease, such as payment amount or payment date. Such administrative adjustments may result in a re-booking of such Lease and the assignment of a new Lease number, but will not be considered to be a substitution or prepayment of such Lease. Except to the extent the Seller substitutes a Substitute Lease therefor in accordance with Section 9 hereof, the Servicer may permit such adjustments so long as the following conditions precedent have been satisfied: (i) after giving effect to such adjustments and any additions and substitutions pursuant to Section 9, the aggregate Booked Residual Value of such Leases will not be less than [90%] of the aggregate Booked Residual Value of the Leases adjusted, replaced or substituted since the Issuance Date. (ii) after giving effect to such adjustment, either the final payment on such Lease must be on or prior to _________ or, to the extent the final payment on such Lease is due subsequent to _________, only scheduled payments due on or prior to such date may be included in the Dis...