Common use of Defaulted Lease Clause in Contracts

Defaulted Lease. Any lease in which the Agent, for the benefit of the Lenders, has a security interest and for which (A) a rental or other payment (or a portion thereof) owing thereunder is more than 120 days delinquent (measured from its contractual due date), or (B) the related Lessee is in default under any other provision of such lease not dealt with in clause (A) and any applicable grace and/or cure period set forth in such lease has expired and the Servicer has in accordance with its normal procedures declared such lease to be in default, or (C) the Servicer has otherwise determined that the remaining amounts owing by the Lessee under such lease are expected to be uncollectible. Derivatives Obligations. All obligations of any Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity swap or equity index swap, equity option or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions.