Notice of Disclaimer - Lease: Canada Debt .ca defines Notice of Disclaimer - Lease

Bankruptcy Term Notice of Disclaimer - Lease

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Canada Debt has the definition to the bankruptcy and debt term Notice of Disclaimer - Lease. Finding answers to terms such as Notice of Disclaimer - Lease can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Notice of Disclaimer - Lease in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Notice of Disclaimer - Lease' is used as follows:

In a proposal, the company may disclaim a lease or, in other words, state that it does not require that lease and is cancelling it. The proposal must indicate one of the options that is given to the landlord for him to file a claim as follows actual losses resulting from the disclaimer or the lesser of

(i) three years rent, or
(ii) the aggregate of the rent provided for in the lease for the first year of the lease following the date on which the disclaimer becomes effective and 15% of the rent for the remainder of the term of the lease after that year.