Common use of Lease Modifications Clause in Contracts

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST pursuant to Section 7.06 of the Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST pursuant to Section 7.06(a)(ii) of the Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees or other amounts due thereunder.

Appears in 6 contracts

Sources: Servicing Agreement (Willis Lease Finance Corp), Servicing Agreement (Willis Lease Finance Corp), Servicing Agreement

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, provided however, that such amendment or modification shall require the approval of WEST AerCo pursuant to Section 7.06 7.05 of the this Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST AerCo pursuant to Section 7.06(a)(ii7.05(a) of the this Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive waive, in its absolute discretion, overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees Maintenance Reserves or other amounts due thereunderamount thereunder if any such default is cured within seven days of the date on which such payment was due.

Appears in 3 contracts

Sources: Servicing Agreement (Aerco LTD), Servicing Agreement (Aerco LTD), Servicing Agreement (Aerco LTD)

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST pursuant to Section 7.06 of the Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST pursuant to Section 7.06(a)(ii) of the Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees Maintenance Reserve Payment or other amounts due thereunder.

Appears in 2 contracts

Sources: Servicing Agreement, Servicing Agreement (Willis Lease Finance Corp)

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, provided however, that such amendment or modification shall require the approval of WEST AerCo pursuant to Section 7.06 7.05 of the this Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST AerCo pursuant to Section 7.06(a)(ii7.05(a)(ii) of the this Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive waive, in its absolute discretion, overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees or other amounts due thereunder.,

Appears in 1 contract

Sources: Servicing Agreement (Aerco LTD)

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST AFT pursuant to Section 7.06 7.04(a) of the Servicing Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause cause (a) 8 85 the entering into of such new Lease to require the approval of WEST AFT pursuant to Section 7.06(a)(ii7.04(a)(ii) of the Servicing Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive waive, in its absolute discretion, overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees maintenance reserves or other amounts due thereunderamount thereunder if any such default is cured within seven (7) days of the date on which such payment was due.

Appears in 1 contract

Sources: Servicing Agreement (Aircraft Finance Trust)

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST pursuant to Section 7.06 of the Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST pursuant to Section 7.06(a)(ii) of the Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (ba) The Servicer may waive overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees or other amounts due thereunder.

Appears in 1 contract

Sources: Servicing Agreement (Willis Lease Finance Corp)

Lease Modifications. (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST GFL pursuant to Section 7.06 7.04(a) of the Servicing Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST GFL pursuant to Section 7.06(a)(ii7.04(a)(ii) of the Servicing Agreement. Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease. (b) The Servicer may waive waive, in good faith but sole discretion, overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees Utilization Rent or other amounts due amount thereunder.

Appears in 1 contract

Sources: Servicing Agreement (Genesis Lease LTD)