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. Also called 60/66 for a 60 month lease with a purchase option at 60 or a forced renewal for another 6 months.