LPA Assignment definition
Examples of LPA Assignment in a sentence
All questions concerning the construction, validity and interpretation of this Agreement, the Initial LPA Assignment and any Subsequent LPA Assignment shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois, without giving effect to any choice of law or conflict provision or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois.
Harco Leasing has the power and authority to execute and deliver this Agreement, the Initial LPA Assignment and each Subsequent LPA Assignment and to perform its obligations hereunder and thereunder and the execution, delivery and performance of this Agreement and the other Basic Documents to which it is a party have been duly authorized by Harco Leasing by all necessary corporate action on the part of Harco Leasing.
Notwithstanding the foregoing, in the event a court of competent jurisdiction determines that such transfer and assignment did not constitute such a sale or that such beneficial interest is a part of Harco Leasing’s estate, then Harco Leasing shall be deemed to have granted to NFC a first priority perfected security interest in all of Harco Leasing’s right title and interest in, to and under the assets conveyed pursuant to this Initial LPA Assignment, and Harco Leasing hereby grants such security interest.
This Initial LPA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Lease Purchase Agreement and is to be governed by the Lease Purchase Agreement.
Such list is marked as Schedule A to this LPA Assignment and is hereby incorporated into and made a part of this LPA Assignment.
It is the intention of Harco Leasing and NFC that the transfers and assignments contemplated by this Subsequent LPA Assignment shall constitute a sale from Harco Leasing to NFC of the property described herein and in Section 2.02 of the Lease Purchase Agreement and the beneficial interest in title to such property shall not be part of Harco Leasing’s estate in the event of the filing of a bankruptcy petition by or against Harco Leasing under any bankruptcy law.
It is the intention of Harco Leasing and NFC that the transfers and assignments contemplated by this Initial LPA Assignment shall constitute a sale from Harco Leasing to NFC of the property described herein and in Section 2.01 of the Lease Purchase Agreement and the beneficial interest in title to such property shall not be part of Harco Leasing’s estate in the event of the filing of a bankruptcy petition by or against Harco Leasing under any bankruptcy law.
Harco Leasing shall have delivered to NFC, the General Interest Trustee and the Indenture Trustee the Initial LPA Assignment or Subsequent LPA Assignment, as applicable, and the related Schedule of Retail Leases.
For purposes of such grant, this Subsequent LPA Assignment Notice shall constitute a security agreement under the UCC.
For purposes of such grant, this Initial LPA Assignment Notice shall constitute a security agreement under the UCC.