This Assignment of Equipment Lease is for use when a party leasing equipment (the “assignor”) assigns the responsibilities and rights under that lease to another (the “assignee”). There are various reasons why an equipment lease may be assigned including financial concerns or a change in business or personal circumstances. Many Equipment Leases contain a provision that the equipment owner must consent to any assignment; therefore, it is imperative that the master lease be reviewed and the owner’s consent be obtained if so required. A transaction such as this should always be clearly set forth in writing. A written Assignment of Equipment Lease will prove helpful in the event of disagreements or misunderstandings between the parties.

This Assignment of Equipment Lease for use in India contains the following provisions:

• Parties: Identifies the assignor/lessee (the person originally leasing the equipment), the assignee (the person to whom the lease is being assigned) and the owner of the equipment;
• Equipment: Sets out a complete description of the equipment leased from the owner and being assigned;
• Assignment: Sets forth that all of assignee’s rights and obligations under the equipment lease are assigned to the assignee;
• Security Deposit: Sets forth the amount of security deposit assignee will pay to assignor and if the assignor transfers all rights in any previously paid security deposit to the assignee;
• Assignor’s Representations: Assignor warrants that the master lease is in full force and effect and is assignable with the owner’s consent (if required);
• Additional Terms and Conditions: Sets out any additional terms and conditions which become a part of this equipment lease assignment;
• Signatures: Both assignor and assignee must sign this document;
• Owner’s Consent: Specifically sets out if the owner’s consent is required and if so, the owner must sign giving consent to the equipment lease assignment.

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This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Assignment of Equipment Lease for use in India

Law Compliance: This form complies with the laws of the states and territories of India