At AFG, almost 100% of our first lease-modification contracts will be integrated into the purchase of devices or machines by the taker after the conclusion of a full term, which implies the transparency and customer orientation of our team of experts. The first amending lease also allows the underwriter to benefit from tax advantages and the lender to benefit from amortization benefits. If the option to purchase is not exercised, the lease is automatically renewed for a fixed term (usually 12 or 24 months) for a fixed rent corresponding to fair value, which will further reduce the residual end-of-contract position of the lessor. The tenant is not allowed to return the device on the day of the option. In the event of an automatic renewal of the lease, the purchaser generally has the right to return the device with impunity or to renew or purchase it at its fair value at the end of this initial extension period. The first amendment to the agreement extends the agreement for a third five-year period and sets it for expiry on May 16, 2025. It is necessary for the tenant to continue or renew the lease The tenant has the opportunity to acquire the equipment at the end of the rental period with the first lease of the Alliance Funding Groups at fair value (or at a specified price). It is not possible to return the equipment for the duration of the lease of a first modification lease. If the option to purchase is not used during the tenancy period: the first amending lease gives the purchaser an option to purchase at one or more defined points, provided that the tenant is obliged to renew or continue the lease if the option to purchase is not exercised. The option price is generally either a fixed price that must match fair value or is defined as a fair market value determined by the appraisal of the lessor and subject to a soil, to ensure that the residual position of the lessor is covered in the exercise of the purchase option. The lessor and tenant also entered into a First Amendment Lease Agreement in May 2009, which extended the lease from August 27, 2009 to August 31, 2010. At the end of the lease by the tenant, the tenant will clear the extension area as required by section 15 of the lessor and the tenant will be released from his obligations under that First Amendment Lease, with the exception of those incurred before the early termination date, or those who obtain the termination of that first amendment on its terms or by law.
For the purposes of this first amendment, “lease year” means any 12-month period during the term of the lease for additional premises beginning on the date of the beginning of the lease or from the anniversary of the beginning of the lease. These include: Non-Air Carrier Terminal Floor Space Service CountersVIP Lounge Office Space terminal rental rates for airlines are set for January 1, 2008 as “Airport-Airline Lease,” in accordance with the First Amendment Lease Extension.