Owned Car Lease Contract definition

Owned Car Lease Contract means any lease agreement or rental agreement and any master lease or master rental agreement with respect to Owned Cars (together will all schedules, supplements, and addenda relative to any of the foregoing) that evidences the payment obligations of an Obligor to any of Sellers or their Affiliates as the owner or lessor of the Owned Cars, in each case as specifically set forth on Schedule 1.9 hereto.
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Examples of Owned Car Lease Contract in a sentence

  • No Seller is in material breach or material default under any Owned Car Lease Contract, no other party is in material breach or material default thereunder and no other event has occurred that, with written notice or lapse of time, would constitute a material breach or a material default by Sellers or, to Sellers’ Knowledge, any other party thereunder.

  • Without limiting the generality of the foregoing, Sellers are not required under the terms of any Owned Car Lease Contract to obtain consent from any Obligor to assign any of the Owned Car Lease Contracts to Purchaser at Closing.

  • Sellers have made available to Purchaser true, correct and complete copies of each Owned Car Lease Contract and all amendments or modifications thereto.

  • Schedule 1.8 sets forth the location of each Owned Car, other than Owned Cars that are subject to an Owned Car Lease Contract as of the date hereof.

  • Except as set forth on Schedule 1.9 hereto, the periodic rents under each Owned Car Lease Contract do not decrease during the current rental term thereof.

  • No Owned Car Lease Contract is subject to any debt subordination agreement, participation agreement, intercreditor agreement, owner trust agreement, purchase agreement, collateral sharing agreement, residual sharing agreement, remarketing agreement or vendor recourse agreement.

  • Each Owned Car that is subject to an Owned Car Lease Contract is suitable for interchange on the lines of Class I railroads.

  • Each Owned Car Lease Contract (i) is in full force and effect, free and clear of Encumbrances and is not subject to any defense, offset, claim, right of rescission or counterclaim by any party thereto, and (ii) is valid, binding and enforceable in accordance with its terms, except as may be limited by the Bankruptcy Exception.

  • Each Owned Car Lease Contract is a "true lease" or an "operating lease" and not a financing lease, conditional sale or security agreement.

  • Sellers hold the original chattel paper of or for each Owned Car Lease Contract.