Lease Novation as defined in the definition of “Lease”.
Lease Novation means, for any Aircraft, a lease novation and amendment agreement therefor in the Agreed Form, to be entered into between the Purchaser thereof and/or New Lessor, the Existing Lessor thereof as lessor and the relevant Lessee, under which the relevant Lease will be novated and amended so that such Purchaser or New Lessor (as appropriate) will be substituted as lessor of such Aircraft in place of such Existing Lessor.
Lease Novation means the Aircraft Lease Amendment and Novation Agreement to be entered into on or prior to the Delivery Date between the Lessor, the Purchaser, the Lessee and the Lease Guarantor in respect of the Lease and the Lessee Certificate of Acceptance;
Examples of Lease Novation in a sentence
Aircraft Lease Novation and Amendment Agreement, dated as of December 31, 2004, among ***, as Existing Lessee, ***, as New Lessee, ILFC Ireland Limited, as Lessor, and ***.
If, after Delivery in respect of an Aircraft, the Seller of such Aircraft receives from the Lessee in respect of such Aircraft any amount of Rent or Supplemental Rent payable by such Lessee pursuant to the relevant Lease (notwithstanding the relevant Lease Novation), such Seller shall procure that such Rent or Supplemental Rent is promptly and, in any case, within two (2) Business Days, paid to the Purchaser of such Aircraft (and pending such payment shall hold the same on trust for such Purchaser).
This User's Guide and Commentary (User’s Guide) has been jointly prepared by AWG – IATA for use in conjunction with the Master Aircraft Lease Novation Agreement, 2012 (MALNA) and the Master Aircraft Lease Assignment, Assumption and Amendment Agreement, 2012 (MALAAAA).
This Deed of Lease Novation may be executed in any number of counterparts and each counterpart shall constitute an original.
Simultaneously with physical delivery of any Independent Aircraft or delivery to the Purchaser of the Xxxx of Sale (as the case may be), title to the Aircraft Documents therefor shall pass as provided in the Lease Novation or the Assignment of Lease, as applicable, the Lease related thereto shall be novated or assigned (as the case may be) upon the Delivery of such Independent Aircraft.
More Definitions of Lease Novation
Lease Novation means a novation agreement in respect of the relevant Lease applicable to the relevant Aircraft between the Seller of such Aircraft, the New Lessor in respect of such Aircraft and relevant Lessee;
Lease Novation means, with respect to an Aircraft Lease, a novation agreement or deed or a lease assignment and assumption agreement or deed, which shall, among other things, provide for (x) the novation of such Aircraft Lease from the relevant Seller Party to Buyer or the applicable Buyer Nominee or (y) as applicable, the assignment by the relevant Seller Party of its rights as “Lessor” (or equivalent term) under such Aircraft Lease to Buyer or the applicable Buyer Nominee and the assumption by Buyer or the applicable Buyer Nominee of the obligations of the relevant Seller Party under such Aircraft Lease.
Lease Novation means the agreement for the assignment, transfer and/or novation, as the case may be, of the Lease Documents in respect of an item of Equipment entered into or to be entered into between ACY, the Buyer (or the nominee thereof) and the Lessee.
Lease Novation means, with respect to each Aircraft, a lease novation agreement, assignment agreement and lessee acknowledgment, assignment and amendment agreement, or any other agreement or instrument reasonably satisfactory in form and substance to the applicable Buyer and Seller to be entered into between Seller (or the applicable lessor), the applicable Buyer (or its nominee) and the applicable Lessee on or prior to the Delivery Date of such Aircraft and to be effective upon such Delivery Date pursuant to which such Aircraft will be leased by the applicable Buyer (or its nominee) directly or indirectly to the applicable Lessee and the applicable Lease Documents will be novated with the applicable Buyer or its nominee as the new lessor thereunder, subject to the rights of the Lessee with respect to Seller (or the applicable lessor) for the period prior to the Delivery Date.
Lease Novation means a novation agreement in respect of the relevant Lease applicable to the relevant Aircraft between the Seller of such Aircraft, the New Lessor in respect of such Aircraft and relevant Lessee; “Lease Security Deposit” means in respect of each Aircraft the amount specified in Schedule 1 opposite such Aircraft in the form of cash or a letter of credit held (or to be held) by the Seller of such Aircraft in respect of the security deposit paid by the relevant Lessee under the relevant Lease: “Lessee” means, for any Aircraft, the person specified as the lessee of such Aircraft opposite such Aircraft in Schedule 1; “Lessor” means, for any Aircraft, the person (if not the relevant Seller) named as the “lessor” in the Lease relating to such Aircraft immediately prior to its novation pursuant to the relevant Lease Novation; “Lex Situs Opinion” means, for any Aircraft, an opinion of counsel acceptable to each of the relevant Purchaser and the relevant Seller in respect of such Aircraft in the jurisdiction in which such Aircraft is located at Delivery in respect of such Aircraft, in form and substance satisfactory to both such Purchaser and such Seller; “LIBOR” means the London Interbank Offer Rate in respect of Dollar borrowings for a [*] month period as shown on the Bloomberg BBAM1 page on the date that interest starts to accrue on the Deposit pursuant to Clause 5.22. “Losses” means losses, liabilities, claims, proceedings, penalties, judgments, damages, costs and expenses; “Manufacturer” means The Boeing Company; “Net Purchase Price”, for any Aircraft, is defined in Clause 5.4; “New Lessor” means for any Aircraft, the person (if not the relevant Purchaser) named as the “new lessor” in the Lease relating to such Aircraft immediately after its novation pursuant to the relevant Lease Novation; “Novated Lease” means, for any Aircraft, the Lease in respect of such Aircraft as novated and amended by the applicable Lease Novation; “Other Agreement” means any sale agreement, or related agreement, entered into between Celestial Aviation Trading 71 Limited seller and ALC B378 35217 LLC as purchaser in relation to the Other Aircraft; * Confidential material omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.
Lease Novation means, with respect to each Aircraft, a lease novation agreement, assignment agreement and lessee acknowledgment, assignment and amendment agreement, or any other agreement or instrument reasonably satisfactory in form and substance to Buyer and Seller to be entered into between Seller (or the applicable lessor), Buyer (or its nominee) and the applicable Lessee on or prior to the Delivery Date of such Aircraft and to be effective upon such Delivery Date pursuant to which such Aircraft will be leased by Buyer (or its nominee) directly or indirectly to the applicable Lessee and the applicable Lease Documents will be novated with Buyer or its nominee as the new lessor thereunder, subject to the rights of the Lessee with respect to Seller (or the applicable lessor) for the period prior to the Delivery Date.
Lease Novation means, with respect to an Aircraft Lease of a Seller Aircraft, a novation agreement or deed or a lease assignment and assumption agreement or deed, which shall, among other things, provide for (x) the novation of such Aircraft Lease from Seller to Buyer or (y) as applicable, the assignment by Seller of its rights as “Lessor” (or equivalent term) under such Aircraft Lease to Buyer and the assumption by Buyer of the obligations of Seller under such Aircraft Lease.