Substitution or Purchase of Lease Contracts Sample Clauses

Substitution or Purchase of Lease Contracts. (a) The Servicer shall not allow termination of a Lease Contract prior to the scheduled expiration date or prepayment of any Lease Contract (except as may be specifically required under such Lease Contract in connection with a casualty to the related Equipment), unless the Transferor or the applicable Seller has (i) conveyed to the Trustee a Substitute Lease Contract, the Lease Receivables under such Substitute Lease Contract and the Transferor's or the applicable Seller's interest in the related Equipment and delivered to the Trustee the original executed counterpart of the Substitute Lease Contract or (ii) removed such prepaid Lease Contract and the related Equipment from the Trust Estate by remittance of the Removal Price to the Servicer for deposit in the Collection Account in accordance with Section 3.03 hereof; provided, however, that removals and substitutions of Lease Contracts pursuant to this subparagraph (a) shall comply with the requirements of Section 4.04 of the Trust and Security Agreement, the criteria set forth in Section 3.04 of the Lease Acquisition Agreement and the criteria set forth in Section 6 of the applicable Lease Sale Agreement.
Sample 1
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Substitution or Purchase of Lease Contracts. (a) The Servicer shall not allow termination of a Lease Contract prior to the scheduled expiration date or prepayment of any Lease Contract (except as may be specifically required under such Lease Contract in connection with a casualty to the related Equipment), unless the Transferor has (i) conveyed to the Trustee a Substitute Lease Contract, the Lease Receivables under such Substitute Lease Contract and the Transferor's interest in the related Equipment and delivered to the Trustee the original executed counterpart of the Substitute Lease Contract or (ii) removed such prepaid Lease Contract and the related Equipment from the Trust Estate by remittance of the Removal Price to the
Sample 1
Substitution or Purchase of Lease Contracts. (a) The Servicer shall not allow termination of a Lease Contract prior to the scheduled expiration date or prepayment of any Lease Contract, unless the Transferor has (i) pledged to the Trustee a Substitute Lease Contract and the related Equipment or related Leased Vehicle and Lease Receivables under such Substitute Lease Contract, and delivered to the Trustee the original executed counterpart of the Substitute Lease Contract and the original Certificate of Title or (ii) purchased such prepaid Lease Contract and the related Equipment or related Leased Vehicle from the Trustee by remittance of the Purchase Price to the Servicer for deposit in the Collection Account in accordance with Section 3.03(a) hereof; provided, further, that purchases and substitutions of Lease Contracts pursuant to this subparagraph (a) shall comply with the requirements of Section 4.04 of the Trust and Security Agreement and the criteria set forth in Section 3.04 of the Contribution Agreement.
Sample 1
Substitution or Purchase of Lease Contracts. (a) The Servicer shall not allow termination of a Lease Contract prior to the scheduled expiration date or prepayment of any Lease Contract (except from an Advance Payment or as may be specifically required under such Lease Contract in connection with a casualty to the related Equipment), unless the Issuer has (i) pledged to the Indenture Trustee a Substitute Lease Contract and the related Equipment and Lease Receivables under such Substitute Lease Contract, and delivered to the Indenture Trustee the original executed counterpart of the Substitute Lease Contract or (ii) purchased such prepaid Lease Contract and the related Equipment from the Indenture Trustee by remittance of the Purchase Price to the Servicer for deposit in the Collection Account in accordance with Section 3.03(a) hereof; provided, further, that purchases and substitutions of Lease Contracts pursuant to this subparagraph (a) shall comply with the requirements of Section 4.03 of the Indenture and the criteria set forth in Section 3.04 of the Contribution Agreement.
Sample 1
Substitution or Purchase of Lease Contracts. (a) The Servicer shall not allow termination of a Lease Contract prior to the scheduled expiration date or prepayment of any Lease Contract (except as may be specifically required under such Lease Contract in connection with a casualty to the related Equipment or under Section 3.01(b)(vi)), unless LFC VI or the Issuer has (i) pledged to the Indenture Trustee, a Substitute Lease Contract, the Substitute Lease Receivables related such Substitute Lease Contract and the Related Security and delivered to the Indenture Trustee the original executed counterpart of the Substitute Lease Contract or (ii) received a prepayment amount with respect to such prepaid Lease Asset that is at least equal to the Lease Receivable Repurchase Price, which prepayment amount has been deposited into the Collection Account in accordance with Section 3.03(c) hereof; provided, -------- however, that removals and substitutions of Lease Assets pursuant to this ------- subparagraph (a) shall comply with the requirements of Sections 4.04 and 4.05 of the Indenture and the criteria set forth in Section 3.04 of the Lease Acquisition Agreement and Section 3.04 of the Receivables Purchase Agreement, as applicable.
Sample 1

Related to Substitution or Purchase of Lease Contracts

  • Lease Supplement The Lease Supplement No. 1 (Federal Express Corporation Trust No. N676FE) to be dated the Delivery Date, substantially in the form of Exhibit A to the Lease. Lease Term. The period commencing on the Delivery Date and ending at the end of the Basic Term. Lessee. Federal Express Corporation, a Delaware corporation.

  • Notice of Lease Owner shall give to Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, a copy of any notice regarding a lease of the Aircraft required to be given to the Mortgagee pursuant to clause (w) of the first sentence of the penultimate paragraph of Section 4.02(b) of the Trust Indenture, at the time such notice is given to Mortgagee, if at such time Standard & Poor's is then rating the Pass Through Certificates.

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • EXECUTION OF LEASE; NO OPTION OR OFFER The submission of this Lease to Tenant shall be for examination purposes only, and shall not constitute an offer to or option for Tenant to lease the Premises. Execution of this Lease by Tenant and its return to Landlord shall not be binding upon Landlord, notwithstanding any time interval, until Landlord has in fact executed and delivered this Lease to Tenant, it being intended that this Lease shall only become effective upon execution by Landlord and delivery of a fully executed counterpart to Tenant.

  • Construction of Lease This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional advisors. Landlord, Tenant, and their advisors believe that this Lease is the product of all their efforts, that it expresses their agreement, and agree that it shall not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in preparing it.

  • Acceptance of Leased Premises Tenant acknowledges that: (a) it has been advised by Landlord, Landlord’s Broker and Tenant’s Broker, if any, to satisfy itself with respect to the condition of the Leased Premises (including, without limitation, the HVAC, electrical, plumbing and other mechanical installations, fire sprinkler systems, security, environmental aspects, and compliance with applicable laws, ordinances, rules and regulations) and the present and future suitability of the Leased Premises for Tenant’s intended use; (b) Tenant has made such inspection and investigation as it deems necessary with reference to such matters and assumes all responsibility therefor as the same relate to Xxxxxx’s occupancy of the Leased Premises and the Term of this Lease; and (c) neither Landlord nor Landlord’s Broker nor any of Landlord’s agents has made any oral or written representations or warranties with respect to the condition, suitability or fitness of the Leased Premises other than as may be specifically set forth in this Lease. Tenant accepts the Leased Premises in its AS IS condition existing on the date Tenant executes this Lease, subject to all matters of record and applicable laws, ordinances, rules and regulations. Tenant acknowledges that neither Landlord nor Landlord’s Broker nor any of Landlord’s agents has agreed to undertake any alterations or additions or to perform any maintenance or repair of the Leased Premises except for the routine maintenance and janitorial work specified herein and except as may be expressly set forth in Exhibit B. If Landlord, for any reason whatsoever, cannot deliver possession of the Leased Premises to Tenant on the estimated commencement date in the condition specified in this Section 2.2, Landlord shall neither be subject to any liability nor shall the validity of this Lease be affected; provided, the Term and the obligation to pay Gross Rent shall commence on the date possession is actually tendered to Tenant (which date shall become the Term Commencement Date) and the Term Expiration Date shall be extended commensurately. If the Term Commencement Date and/or the Term Expiration Date is other than the Term Commencement Date and Term Expiration Date specified in the Basic Lease Information or is not set forth in the Basic Lease Information, the parties shall execute that certain Confirmation of Term of Lease, substantially in the form of Exhibit C hereto specifying the actual Term Commencement Date, Term Expiration Date and the date on which Tenant is to commence paying Rent. Tenant shall execute and return such Confirmation of Term of Lease to Landlord within fifteen (15) days after Xxxxxx’s receipt thereof. If Xxxxxx fails to execute and return (or reasonably object in writing to) the Confirmation of Term of Lease within fifteen (15) days after receiving it, Tenant shall be deemed to have executed and returned it without exception.

  • The Assignment On or prior to the Purchase Date, World Omni will execute and deliver the RPA Assignment.

  • Lease Agreements 11 Section 3.15

  • Purchase of Equipment (a) Lessor is not obligated to purchase or lease Equipment, including the Software, unless before the Expiration Date on a Schedule: (i) Lessor receives from Lessee a fully signed and completed Agreement, Schedule and such other documents as Lessor may require: (ii) Lessor has confirmed to its satisfaction, either in writing or pursuant to a telephone audit, that the Equipment and any Software have been delivered and irrevocably accepted by Lessee; (iii) Lessor has received from Supplier clear and unencumbered title to the Equipment; and (iv) there is no Default (Section 13). So long as no Default has occurred, Lessor appoints Lessee its agent to inspect and accept the Equipment from Supplier simultaneously with acceptance of the Equipment for lease. For each Lease, Lessee irrevocably authorizes Lessor to adjust the Equipment Total Cost by no more than fifteen percent (15%) to account for change orders or returns, invoicing errors and similar matters, any adjustments required by commencement of any Lease after the applicable Expiration Date or to make any Leases continuous and agrees to any resulting adjustments in the TRANSACTION TERMS stated in the applicable Schedule. Lessor will send Lessee a written notice stating the final Equipment Total Cost and TRANSACTION TERMS, if different from those stated in the applicable Schedule.

  • Terms of Lease The primary term of this Lease shall be for twelve (12) months commencing on the 1st day of May, 2005, and ending on the 30th day of April, 2006, both dates inclusive, unless sooner terminated as herein provided. Thereafter, the Lease shall continue on a month to month basis on the same terms and conditions, except as provided in paragraph 4.

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