Transition rule.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) The bank entered into the Section 24(Seventh) Lease in good faith; (2) The expiring lease contains a binding agreement requiring that the bank renew the lease at the lessee's option, and the bank cannot reasonably avoid its commitment to do so; and (3) The bank determines in good faith, and demonstrates by appropriate documentation, that renewal of the lease is necessary to avoid financial loss and to recover its investment in, and its cost of financing, the leased property.

official document · source cfr-2024 · id 12:§ 23.22