Direct Finance Lease definition

Direct Finance Lease. A lease that satisfies the criteria for classification as a capital lease pursuant to GAAP, including under Financing Accounting Standards Board Statement No. 13, as amended. Director Services Agreement: The Services and Indemnity Agreement, dated as of October 26, 2001, among the Manager, the Issuer, the Director Services Provider and all amendments and supplements thereto. Director Services Provider: Global Securitization Services, LLC and its permitted successors and assigns.

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Direct Finance Lease means a lease of equipment pursuant to which any Person leases equipment to a lessee and (a) the terms of such lease provide that title to such equipment will pass to such lessee at the end of the lease term automatically or at the option of the lessee for no additional consideration or for consideration so nominal that the lessee would be economically compelled to exercise such option and (b) the interest component of the proceeds of such lease are booked on such Person’s financial statements as “Income from Direct Finance Leases” in accordance with GAAP.

Examples of Direct Finance Lease in a sentence

At the relevant time of reference thereto, and as the context may require, the discounted present value of Direct Finance Lease Receivables, discounted at the Direct Finance Lease Rate per annum of the remaining term of the applicable Direct Finance Lease.
With respect to any Direct Finance Lease, the interest rate applicable to such Direct Finance Lease.
At the relevant time of reference thereto, the discounted present value of the Direct Finance Lease Receivables, discounted with respect to each Direct Finance Lease, at the Direct Finance Lease Rate per annum of the remaining term of the applicable Direct Finance Lease.
The Administrative Agent shall hold a valid and perfected first priority security interest in any Direct Finance Lease Receivables included in the Borrowing Base.
The marine and intermodal cargo containers to which the Borrower or any Restricted Subsidiary (i) has good title, or (ii) is the lessor under a Direct Finance Lease and, in either such case, is held for sale or re-sale by the Borrower or such Restricted Subsidiary in the conduct of its business, including, without limitation, refrigerated containers.
As of any date of determination, the sum of the then Net Present Value of Direct Finance Lease Receivables of all Eligible Direct Finance Leases in the Borrower Fleet.
With respect to any Direct Finance Lease, the implicit interest rate applicable to such Direct Finance Lease, as such interest rate is determined by the Borrower or the relevant Guarantor, as the case may be, in accordance with GAAP applied on a consistent basis.
The marine and intermodal cargo containers to which the Borrower (i) has good title, or (ii) is the lessor under a Direct Finance Lease and, in either such case, is held for lease or sale by, or on behalf of, the Borrower in the conduct of its business.
For the avoidance of doubt, Collateral shall include, without limitation, all Eligible Containers, Direct Finance Lease Receivables and all products and proceeds of the foregoing.
Net Present Value2/ of Direct Finance Lease Receivables (other than Direct Finance Lease Receivables included in the calculation of A above): $ 2/ The discounted present value of Direct Finance Lease Receivables, discounted at the Direct Finance Lease Rate per annum of the remaining term of the applicable Direct Finance Lease.

More Definitions of Direct Finance Lease

Direct Finance Lease means a lease classified as a direct finance or direct financing lease in accordance with GAAP. “Dollar(s)” and the sign “$” shall mean lawful money of the United States.

Direct Finance Lease means any lease (other than the Mexico Head Lease) of Rental Fleet Assets which provides the lessee with the right or option to purchase such Rental Fleet Assets at the expiration of the term of the lease for a nominal price or which otherwise satisfies the criteria for classifications as a “direct financing lease”, as determined in accordance with GAAP, on the books and records of the applicable Loan Party.

Direct Finance Lease means a lease classified as a direct finance or direct financing lease in accordance with GAAP.

Direct Finance Lease means any lease (but in no event a sublease) of Container Equipment which provides revenue to a Borrower, and with respect to which the related Container Equipment is not included as an asset on the books of such Borrower in accordance with GAAP. “Disqualified Person” means, on any date, (a) any marine container or chassis leasing company or their respective subsidiaries, any other Person 30% or more of the issued and outstanding equity securities of which are owned by a Disqualified Person, or any other Person that is a competitor of the Borrower or any of its Subsidiaries and has been designated by the Borrower as a “Disqualified Person” by written notice to the Administrative Agent and the Lenders and (b) any Affiliate of any Person described in clause (a) above; provided that “Disqualified Person” shall exclude any Person that the Borrower has designated as no longer being a “Disqualified Person” by written notice delivered to the Administrative Agent from time to time. “Dollars” and the sign “$” means lawful money of the United States. “DQ List” has the meaning set forth in Section 14.8(b)(iv). “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member