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Definition of First amendment lease. A lease which contains a first amendment clause. Used for lessees who may opt to purchase equipment early. Typically- includes a penalty for non-purchase or requires the lessee to renew for a fixed number of months. Used to shorten term and get operating lease treatment. Also called a Stretch Lease in Canada.
B. Tenant desires to exercise the first of its two (2) options to extend the Lease Term pursuant to Section 2.2.1 of the Lease and, in connection therewith, Landlord and Tenant desire to provide for such extension and the modification and amendment of the Lease as more fully set forth herein. 1. Capitalized Terms. All capitalized terms when used herein shall have the same respective meanings as are given such terms in the Lease unless expressly provided otherwise in this First Amendment.