Common use of No Other Financing of Lease; Permitted Lease Clause in Contracts

No Other Financing of Lease; Permitted Lease. After giving effect to the transfers contemplated under the Operative Agreements, (i) the Leases being Conveyed to the Issuer on any applicable Delivery Date (as evidenced by the Riders or Schedules with respect thereto) are not subject to and do not cover railcars financed in, any financing or securitization transaction other than to the extent constituting a Permitted Encumbrance and other than the transactions contemplated by the Operative Agreements and (ii) such Leases conform to the definition of Permitted Lease (provided that up to 5% of the aggregate number of Portfolio Railcars may be subject to a Lease other than a Permitted Lease).