Defaulted Contract Clause Samples
A Defaulted Contract clause defines the circumstances under which a contract is considered to be in default, typically due to a party's failure to fulfill its obligations. This clause outlines specific events or conditions—such as missed payments, insolvency, or breach of key terms—that trigger a default status. Once a contract is deemed defaulted, the non-defaulting party may have the right to terminate the agreement, seek damages, or pursue other remedies. The core function of this clause is to provide a clear framework for identifying and addressing breaches, thereby protecting parties from ongoing non-performance and allocating risk in the event of default.
Defaulted Contract. A Contract shall be deemed a Defaulted Contract no later than the earlier of (x) the day it becomes 90 days delinquent, based on the date the last payment thereon was received by the Servicer and (y) the day on which an auction check is posted to the relevant account.
Defaulted Contract. A Contract shall be deemed a Defaulted Contract no later than the earlier of (x) the day it becomes 90 days delinquent, based on the date the last payment thereon was received by the Servicer and (y) the day on which an auction check is posted to the relevant account. Derivatives: Any exchange-traded or over-the-counter (i) forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination thereof, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) any similar transaction, contract, instrument, undertaking or security, or (iii) any transaction, contract, instrument, undertaking or security containing any of the foregoing.
Defaulted Contract. A Contract in the Asset Pool as to which the Servicer has determined or should have determined in accordance with its Credit and Collection Policy that such Contract is not collectible or is subject to repossession, or (ii) a Contract in the Asset Pool as to which all or a portion of any one or more Scheduled Payments is more than 120 days past due in an aggregate amount equal to the higher of (A) ten dollars or more or (B) ten percent or more of any Scheduled Payment.
Defaulted Contract. Any Contract (a)(i) that is a Delinquent Contract with respect to which a User is contractually delinquent for 121 days or more (without regard to any Servicer Advances or the application of any Security Deposit) or (ii) as to which the Servicer has determined in accordance with its customary servicing practices that eventual payment of the remaining Scheduled Payments thereunder is unlikely or (iii) that has been rejected by or on behalf of the User in a bankruptcy proceeding.
Defaulted Contract. A Contract as to which all or any portion of any one or more Scheduled Payments remains unpaid for at least ninety (90) days from the original due date for such payment, (b) a Contract as to which the Lessee thereof or any Person obligated thereon is subject to an Insolvency Event, (c) a Contract as to which the Servicer has determined or should have determined in accordance with its Credit and Collection Policy that (i) it will not make a Servicer Advance because it believes such Servicer Advance would not be recoverable, (ii) a prior Servicer Advance is unrecoverable or (iii) such Contract is not collectible or is subject to repossession, (d) a Contract with respect to which the Servicer has entered into a waiver, modification or amendment in violation of Section 6.4(a), (e) a Non-Compliant Lease Discounting Obligation or (f) a Non‑Compliant Aircraft Lease. In addition, Deemed Defaulted Underlying Leases shall be deemed to be Defaulted Contracts.
Defaulted Contract. (a) A Contract as to which all or any portion of any one or more Scheduled Payments remains unpaid for at least ninety (90) days from the original due date for such payment, (b) a Contract as to which the Lessee thereof or any Person obligated thereon is subject to an Insolvency Event, (c) a Contract as to which the Servicer has determined or should have determined in accordance with its Credit and Collection Policy that (i) it will not make a Servicer Advance because it believes such Servicer Advance would not be recoverable, (ii) a prior Servicer Advance is unrecoverable or (iii) such Contract is not collectible or is subject to repossession, (d) a Contract with respect to which the Servicer has entered into a waiver, modification or amendment in violation of Section 6.4(a), or (e) a Non-Compliant Lease Discounting Obligation. In addition, Deemed Defaulted Underlying Leases shall be deemed to be Defaulted Contracts.
Defaulted Contract. A Buyer Contract as to which any payment, or part thereof, remains unpaid for 121 days or more from the original due date for such payment.
Defaulted Contract. A Contract shall be deemed a Defaulted Contract no later than the earlier of (i) the day all or any portion of any scheduled payment thereof becomes 90 days delinquent, based on the date the last payment thereon was received by the Servicer, (ii) the day on which an auction check is posted to the relevant account, (iii) the day that such Contract has been identified by the Servicer or the applicable Originator as uncollectible, and (iv) the day that such Contract, consistent with the Credit Guidelines and/or the Collection Guidelines, should be written off as uncollectible. Derivatives: Any exchange-traded or over-the-counter (i) forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination thereof, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) any similar transaction, contract, instrument, undertaking or security, or (iii) any transaction, contract, instrument, undertaking or security containing any of the foregoing.
Defaulted Contract. A Contract (i) as to which the Servicer (a) has reasonably determined, in accordance with its customary servicing procedures, that eventual payment of amounts owing on such Contract is unlikely or (b) has repossessed the Financed Vehicle or all Financed Vehicles securing the Contract, (ii) as to which any related Scheduled Payment is at least 120 days overdue, or (iii) as to which the related Portfolio Obligor with respect to the related Contract has experienced an Insolvency Event.