Adjusted Lease Balance definition
Examples of Adjusted Lease Balance in a sentence
Unless, pursuant to the terms of the bid submitted, the Sale Proceeds shall exceed the aggregate outstanding Adjusted Lease Balance as of the Return Date, any Participant may submit a bid to the Lessor with a copy thereof to the Lessee not later than five (5) Business Days prior to the Return Date.
The Return Option shall be conditioned upon and subject to the fulfillment by the Lessee of each of the terms and conditions set forth in Article XXII and, thereafter, the Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance or Adjusted Lease Balance.
The Initial Adjustment Amortization accruing during each Interest Period will be deducted automatically from the Remaining Unamortized Initial Adjustment on the Payment Date upon which such Interest Period ends, and at the same time, a corresponding, equal credit (the “Basic Rent Credit”) against accrued interest and Yield on the Adjusted Lease Balance will be given as if Lessee had made an additional timely payment of Basic Rent equal to such Initial Adjustment Amortization.
The equity portion of the Adjusted Lease Balance (consisting of the Tranche C Balance) shall accrue equity yield (the "Yield") during each Interest Period at a rate equal to the Effective Rate plus the Applicable Margin.
The Adjusted Lease Balance at a given time is determined by adding to the initial Balance Subject to Rent Charges all Rent Charges accrued as of the month of calculation.
Quantum and Seller acknowledge and agree that the sole remaining condition precedent under the Existing Synthetic Lease is the payment by Quantum to Seller of the Adjusted Lease Balance and other amounts due thereunder, which amounts will be paid by application of the Purchase Price in accordance with Section 5 hereof.
Unless we agree to waive your liability upon a Total Loss of the Vehicle (see Section 25B), then you will be responsible for the difference between the Adjusted Lease Balance and the Vehicle's actual cash value as determined by the insurer.
In the case of any extension or shortening of the due date of any payment which will reduce the Adjusted Lease Balance pursuant to the preceding two sentences, interest or Yield thereon shall be payable at the then applicable rate during such extension or until such shortened due date, as the case may be.
Payments of Basic Rent will not reduce the Lease Balance or Adjusted Lease Balance.
Example #2: Assume that immediately following the application of insurance proceeds as described in the preceding example, Lessee purchases Lessor’s interest in the Property pursuant to the Lease and pays (in addition to any Basic Rent or other Supplemental Rent then due) a purchase price equal to the Adjusted Lease Balance, or $36,000,000.