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British Columbia Vehicle Lease Agreement Sample


British Columbia Vehicle Lease Agreement Sample
British Columbia Vehicle Lease Agreement Sample
SAMPLE
VEHICLE LEASE AGREEMENT
THIS VEHICLE LEASE AGREEMENT dated the _____ day of __________, 19__BETWEEN:
BRITISH COLUMBIA TRANSIT, a corporation incorporated pursuant to the British Columbia
Transit Act,
(hereinafter called "BC Transit")
OF THE FIRST PART
AND:
OPERATING COMPANY
(hereinafter called "Operating Company")
OF THE SECOND PART
A. WHEREAS the Operating Company is desirous of leasing and/or sub-leasing from BC Transit
the vehicle (s) and equipment described in the list attached hereto as Schedule "A" (hereinafter
collectively called the "equipment").
B. AND WHEREAS BC Transit either owns the equipment or is itself leasing the equipment (or
part thereof as the case may be) from a third party pursuant to the Head Lease Agreement (hereinafter
called the "Head Lease Agreement").
THIS AGREEMENT WITNESSETH that for good and valuable consideration, the parties hereto agree and
covenant as follows:
1. DEFINITIONS In this indenture, the words "Lease" and "Lease Agreement" shall be deemed to
mean, refer to and include the words "Sub-Lease" and "Sub-Lease Agreement", if applicable and as the
context of this Lease Agreement so requires, as between BC Transit (Sub-Lessor) and the Operating
Company (Sub-Lessee).
2. LEASE BC Transit hereby agrees to lease to the Operating Company and the Operating
Company hereby agrees to lease from BC Transit the equipment, together with all accessories,
additions, repairs and replacement parts affixed thereto, now or in the future.
3. RENT The Operating Company agrees to pay to BC Transit the sum of One Dollar ($1.00)
forthwith and such payment shall be the rental charges payable by the Operating Company to BC
Transit in respect of the equipment.
4A. TERM The term of this Lease Agreement shall commence on the date hereof and shall be
terminated on that date of the following events first to occur:
British Columbia Vehicle Lease Agreement Sample
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