Off-Lease definition
Off-Lease means, with respect to an Engine or item of Equipment, at the time of determination or for any specified period, not subject to a Lease (or, in respect of an Engine or item of Equipment subject to a Head Lease, not subject to a Lease with a sublessee).
Off-Lease means an Aircraft that is, as of any date of determination, not subject to an existing Lease. “Off-Lease Aircraft” has a correlative meaning.
Off-Lease means when Equipment is either (i) not subject to a valid Lease or (ii) is subject to a valid Lease but where a required rent or reserve payment due from Lessee is ninety (90) days past due or the Lessee is otherwise in default thereunder.
Examples of Off-Lease in a sentence
Following the termination of a Lease, the Borrower, Borrower Subsidiaries and the Service Providers shall be entitled to withdraw from the Maintenance Reserve Account any balances contained therein attributable to the related Aircraft for the payment of any expenses incurred in maintaining, repairing, remarketing, storing, insuring or getting the applicable Off-Lease Aircraft generally in a condition for Lease, to another Eligible Carrier.
More Definitions of Off-Lease
Off-Lease has the meaning given to such term in clause 20.20 (Off-Lease Aircraft) of the Facility Agreement;
Off-Lease means, at the time of determination, not subject to a Lease.
Off-Lease means, with respect to any Railcar, a Railcar that has not been subject to a Lease for sixty (60) days or more and is not subject to a binding lease proposal or letter of intent.
Off-Lease means, at the time of determination, an Engine not subject to a Lease.
Off-Lease has the meaning given in this Supplement.
Off-Lease means vehicles that have been returned to or “turned into” the dealer, manufacturer or financial institution, or purchased at auction and offered for sale to the consumer.
Off-Lease means any use of the surface estate of lands described in ah oil and gas lease for .purposes of exploration, production and/or