Substitution of Leases Clause Samples

Substitution of Leases. (a) Subject to the provisions of Section 5.1(b) through (d) hereof, the Seller, upon notice from the Servicer, may substitute a Lease and the related Equipment for and replace a Lease and the related Equipment that (i) becomes a Defaulted Lease or an Early Termination Lease or (ii) is the subject of a Warranty Event. (b) Each Substitute Lease shall be a Lease, with respect to which all of the representations and warranties set forth in subsections (i) through (xix) of Section 3.01(a) of the Contribution and Sale Agreement were true as of the related Substitution Cut-Off Date. No substitution pursuant to Section 5.1(a) hereof shall cause any of the Specified Portfolio Characteristics to be untrue as of such Substitution Cut-Off Date, or if any of the Specified Portfolio Characteristics is untrue as of immediately prior to such Substitution Cut-Off Date, increase the amount by which any Specified Portfolio Characteristic is untrue. (c) Prior to any substitution pursuant to Section 5.1(a) hereof, the Issuer shall have received a Substitute Lease Transfer Agreement providing for the unconditional sale and transfer of the Substitute Leases and related Equipment by the Seller to the Issuer and an amended List of Leases reflecting the substitution. (d) The Servicer shall not permit any substitution under Section 5.1(a) hereof on any Substitution Date if: (i) on a cumulative basis from the Closing Date, the sum of the Discounted Lease Balances (as of the related Substitution Cut-Off Date) of Leases substituted for Defaulted Leases would exceed six percent (6%) of the Aggregate Discounted Lease Balance as of the Closing Date; (ii) on a cumulative basis from the Closing Date, the sum of the Discounted Lease Balances (as of the related Substitution Cut-Off Date) of Leases substituted for Leases that are the subject of a Warranty Event would exceed five percent (5%) of the Aggregate Discounted Lease Balance as of the Closing Date; (iii) on a cumulative basis from the Closing Date, the sum of the Discounted Lease Balances (as of the related Substitution Cut-Off Date) of Leases substituted for Leases would exceed ten percent (10%) of the Aggregate Discounted Lease Balance as of the Closing Date; (iv) as of the related Substitution Cut-Off Date, each Substitute Lease and the related Equipment has a Discounted Lease Balance and Discounted Lease and Residual Balance not less than the Discounted Lease Balance and Discounted Lease and Residual Balance, respectively, of the L...
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Substitution of Leases. (a) Subject to the provisions of Sections 7.02(b) through (d) hereof, the Depositor, with the consent of the Certificate Insurer and upon notice from the Servicer, may substitute one or more Leases (each a "Substitute Lease") and the related Equipment for and replace Leases and the related Equipment that (i) becomes a Defaulted Lease or an Early Termination Lease or (ii) are the subject of a Prepayment, a Casualty Loss or a Warranty Event.
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Substitution of Leases. (a) The Seller will have the right (but not the obligation) at any time to substitute one or more Eligible Leases (each a "Substitute Lease") and the Equipment subject thereto (or, with respect to equipment notes, finance leases and conditional sales agreements, a security interest therein) for a Lease (each a "Predecessor Lease") and the Equipment subject thereto (or a security interest therein) if: (i) the Predecessor Lease is then subject to repurchase by the Seller pursuant to Section 3.03; or (ii) the Predecessor Lease has been a Defaulted Lease since the last day of the most recent Collection Period.
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Substitution of Leases 
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Related to Substitution of Leases

  • Execution of Lease This Lease may be executed in counterparts and, when all counterpart documents are executed, the counterparts shall constitute a single binding instrument. Landlord's delivery of this Lease to Tenant shall not be deemed to be an offer to lease and shall not be binding upon either party until executed and delivered by both parties.

  • 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.

  • Condition of Leased Property Tenant acknowledges receipt and delivery of possession of the Leased Property and Tenant accepts the Leased Property in its “as is” condition, subject to the rights of parties in possession, the existing state of title, including all covenants, conditions, restrictions, reservations, mineral leases, easements and other matters of record or that are visible or apparent on the Leased Property, all applicable Legal Requirements, the lien of any financing instruments, mortgages and deeds of trust existing prior to the Commencement Date or permitted by the terms of this Agreement, and such other matters which would be disclosed by an inspection of the Leased Property and the record title thereto or by an accurate survey thereof. TENANT REPRESENTS THAT IT HAS INSPECTED THE LEASED PROPERTY AND ALL OF THE FOREGOING AND HAS FOUND THE CONDITION THEREOF SATISFACTORY AND IS NOT RELYING ON ANY REPRESENTATION OR WARRANTY OF LANDLORD OR LANDLORD’S AGENTS OR EMPLOYEES WITH RESPECT THERETO AND TENANT WAIVES ANY CLAIM OR ACTION AGAINST LANDLORD IN RESPECT OF THE CONDITION OF THE LEASED PROPERTY. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY TENANT. To the maximum extent permitted by law, however, Landlord hereby assigns to Tenant all of Landlord’s rights to proceed against any predecessor in interest or insurer for breaches of warranties or representations or for latent defects in the Leased Property. Landlord shall fully cooperate with Tenant in the prosecution of any such claims, in Landlord’s or Tenant’s name, all at Tenant’s sole cost and expense. Tenant shall indemnify, defend, and hold harmless Landlord from and against any loss, cost, damage or liability (including reasonable attorneys’ fees) incurred by Landlord in connection with such cooperation.

  • Modification of Lease Should any current or prospective mortgagee or ground lessor for the Building or Project require a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request therefor. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within ten (10) business days following the request therefor.

  • Recordation of Lease Tenant shall not record or file this Lease (or any memorandum hereof) in the public records of any county or state.