The Master Equipment Lease Agreement serves as a foundational document in U.S. equipment leasing transactions, designed to streamline the process of multiple equipment leases between the same parties. Rather than negotiating separate agreements for each lease, this master agreement establishes standardized terms and conditions that apply to all subsequent equipment leases, with specific details provided through individual schedules. It is particularly useful for businesses engaged in ongoing equipment leasing relationships and is structured to comply with UCC Article 2A and relevant state laws. The agreement typically covers everything from delivery and acceptance procedures to maintenance requirements and end-of-lease options.
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1. Parties: Identification of lessor and lessee with full legal names and addresses
2. Background: Context of the agreement and general purpose of the lease arrangement
3. Definitions: Key terms used throughout the agreement
4. Equipment Description: Detailed description of equipment being leased
5. Lease Term and Payments: Duration of lease and payment terms including amounts and schedules
6. Delivery and Acceptance: Terms regarding equipment delivery and acceptance procedures
7. Maintenance and Use: Requirements for equipment maintenance and permitted use
8. Insurance: Required insurance coverage and terms
9. Default and Remedies: Events of default and available remedies
10. Return of Equipment: Conditions and procedures for equipment return
1. Purchase Option: Terms for purchasing equipment at lease end - include when offering purchase options to lessee
2. Sublease and Assignment: Terms regarding subleasing and assignment rights - include when allowing transfer of rights
3. Software License: Terms for associated software use - include when equipment includes software components
4. Environmental Compliance: Specific environmental requirements - include for equipment with environmental impact
1. Equipment Schedule: Detailed list and specifications of leased equipment
2. Payment Schedule: Detailed payment terms including dates and amounts
3. Acceptance Certificate: Form for acknowledging delivery and acceptance
4. Insurance Requirements: Detailed insurance specifications
5. Maintenance Schedule: Required maintenance procedures and schedules
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