Direct Finance Leases definition

Direct Finance Leases. A lease that satisfies the criteria for classification as a capital lease pursuant to GAAP, including under Financial Accounting Standards Board Statement No. 13, as amended.
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Direct Finance Leases means leases pursuant to which Company leases containers to a lessee and (a) the terms of such lease provide that title to such containers will pass to such lessee at the end of the lease term automatically or at the option of the lessee for no additional consideration or for nominal additional consideration, or upon terms with substantially similar economic effect and (b) the interest component of the proceeds of such lease are booked on Company's financial statements as "Income from Direct Finance Leases."
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Direct Finance Leases means, with respect to any Person at any time, any lease which in accordance with GAAP is required to be capitalized on a balance sheet of such Person at such time.
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Examples of Direct Finance Leases in a sentence

  • All rights of the Borrower to contractual rental payments owing by a Lessee in respect of a Direct Finance Leases.

  • All rights of the Borrower to payment in respect of Direct Finance Leases that are not in default and all sums of money or other proceeds due the Borrower pursuant to such Direct Finance Leases, except for that portion of the sum of money or other proceeds due thereon that relate to sales, use or property taxes in conjunction with such transactions, recorded on the Borrower’s books of account in accordance with generally accepted accounting principles.

  • All rights of the Borrower and the Restricted Subsidiaries to payment in respect of Eligible Direct Finance Leases.

  • As of any date of determination, the sum of the then Net Present Value of Direct Finance Lease Receivables of all Eligible Direct Finance Leases in the Borrower Fleet.

  • As of any date of determination, an amount equal to the then Finance Lease Values of all Eligible Direct Finance Leases.

  • With respect to the extension of any Credit Loan for which one or more Direct Finance Leases will be pledged as Collateral, the Borrower shall have delivered to the Administrative Agent (A) a copy of each such Direct Finance Lease and (B) evidence satisfactory to the Administrative Agent that all of the requirements set forth in Section 7.08(c) of the Management Agreement have been satisfied with respect to each such Direct Finance Lease.

  • Any sale, transfer or other disposition, or any series of related sales, transfers or other dispositions (including any sale and leaseback transaction), by the Borrower of (i) any Eligible Containers (to the extent not subject to Direct Finance Leases), or (ii) any Container subject to Direct Finance Leases, with or without recourse.

  • As of any date of determination, an amount equal to the excess of (x) the sum of the then Net Book Values or Finance Lease Values, as the case may be, of all Eligible Direct Finance Leases and all Eligible Railcars that are then subject to a lease agreement, for which the lessee is a Permitted Mexican Lessee, over (y) an amount equal to the product of (A) ten percent (10%) and (B) an amount equal to the then Aggregate Asset Value.

  • The sum of the Net Book Values and the Net Present Value of Direct Finance Lease Receivables, as the case may be, of all Eligible Containers, Eligible Generator Sets and Eligible Direct Finance Leases that are subject to a sale-leaseback transaction with the related Lessee shall not exceed the product of (A) twenty-five percent (25%) and (B) an amount equal to the sum of (x) the Aggregate Net Book Value and (y) the Aggregate Net Present Value of Direct Finance Lease Receivables.

  • The Administrative Agent shall have received from the Borrower a list of the Eligible Containers and/or Direct Finance Leases to be pledged as Collateral for the Term Loan, and copies of all UCC financing statements, similar security filings in any applicable jurisdiction and any other necessary documentation required to evidence (A) the pledge to the Collateral Agent of, and (B) the release of any existing Liens on, any such assets.