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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.
The Lease Commencement Date is the date in which the lease goes into effect legally binding the parties the parties to the terms of the lease. The Rent Commencement Date is the date in which the Lessee begins to pay rent to the Lessor. In many cases these dates may be the same and as a Lessee you will pay your first lease payment at the time in which you sign the lease. However, these two dates can be different.