Novated Lease definition

Novated Lease means the Lease as novated and amended by the Lease Novation;

Novated Lease means, for any Lease subject to a Lease Novation, such Lease as novated to the Purchaser or New Lessor (as appropriate) of the Aircraft the subject of such Lease, and as amended by the applicable Lease Novation.

Novated Lease means an Employee's lease of a motor vehicle from a finance company novated by the finance company to the Employer for the

Examples of Novated Lease in a sentence

• As regards this Novation Agreement, the Master Agreement is further modified as follows ("N/A" denotes non-applicability): Part III – Appendix Appendix A hereto sets out the amendments to the Novated Lease which shall take effect as of the Effective Time.

• Utilities Management reserves the right to withdraw salary sacrifice arrangements for any or all (except for any Novated Lease arrangements in place at the time of the tax change) of the identified areas listed in this Clause should changes to the relevant act(s) or ATO rulings result in additional costs to Utilities Management, unless relevant employees agree to cover such additional costs.

• Employees may avail themselves of Novated Lease arrangements in accordance with company policy.

• No party may assign or transfer any of its rights or obligations under this Agreement (and any purported assignment or transfer in breach of this Clause 6.4.2 shall be void ab initio), except the New Lessor may, without the consent of the other parties, assign or transfer its rights and obligations under this Agreement in connection with an assignment or transfer of its rights or obligations under the Novated Lease which is permitted in accordance with the terms thereof.

• It is agreed that employees may salary sacrifice part of their wage detailed in clause 7) rates of pay, of this agreement for the purpose of entering into a novated motor vehicle lease, the terms of which are contained in the Hawker Pacific Motor Vehicle Novated Lease Policy and Company Administrative documents related to novated motor vehicle leases.

More Definitions of Novated Lease

Novated Lease means an arrangement entered into between an employee, employer and a financier whereby the employee and the financier enter into a lease of an asset, such lease which is then novated from the employee to the employer and this novation remains in force while the employee remains employed by the employer. During that period, the employer is liable to make the lease payments under the lease (generally as part of salary sacrifice arrangements with the employee). If the employee ceases to be employed by the employer, the obligations under the lease revert to the employee.

Novated Lease means the Lease Agreement as novated and amended by this Agreement. Capitalized terms used, but not defined, in this Agreement shall have the respective meanings assigned to them in the Lease Agreement. The provisions of Part II of Schedule 1 to the Lease Agreement shall apply to this Agreement as if set out herein in full and as if references therein to “this Agreement” were references to this Agreement.

Novated Lease means, for any Aircraft, the Lease in respect of such Aircraft as novated and amended by the applicable Lease Novation;

Novated Lease means the Lease as novated, amended and supplemented by this Agreement; ‘‘Previous Parties’’ means ***;

Novated Lease means an agreement between New Lessor and Lessee on the same terms as the Lease, subject to the amendments specified in this Agreement.

Novated Lease means the Existing Lease, as further novated, amended and supplemented by this Novation Agreement. “Novated Lease Facility” means the Existing Lease Facility, as further novated, amended and supplemented by this Novation Agreement. “Novation Agreement” means this Aircraft Lease Novation and Amendment Agreement (MSN 15055). “Off-wing Engine No.1” means the General Electric Company model CF34-8C5 (generic model CF34-8C5) engine bearing manufacturer’s serial number GE-E194345 which is currently installed on the airframe bearing manufacturer’s serial number 15036, with Lessee’s FIN number 701. “Off-wing Engine No.1 Effective Time” means the effective time as set forth in the Effective Time Acknowledgement delivered pursuant to Section 9.1 below with respect to Off-wing Engine No.1. - 3 - Novation [MSN 15055] 22456303.9

Novated Lease means an Employee’s lease of a motor vehicle from a finance company novated by the finance company to the Employer for the Employer to provide as a Benefit Item to the Employee, including arrangements associated with that lease, such as fully maintained novated lease arrangements.