Lease Novation as defined in the definition of “Lease”.
Lease Novation means, for any Independent Aircraft, a lease novation or assignment and amendment agreement therefor in the Agreed Form, to be entered into between the Purchaser thereof and/or the New Lessor, the Existing Lessor thereof as lessor and the relevant Lessee, under which the relevant Lease will be novated or assigned 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, 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.
Examples of Lease Novation in a sentence
It refers to and incorporates the terms of the Master Aircraft Lease Novation Agreement, 2011 ("Master Agreement").
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).
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 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;
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 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 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 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.
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.