Disposition Upon Termination of Contract. Upon the termination of a Contract included in the Contracts Pool as a result of a default by the Obligor thereunder, and upon any such Contract becoming a Defaulted Contract, the Servicer will use commercially reasonable efforts to dispose of any related Equipment. Without limiting the generality of the foregoing, the Servicer may dispose of any such Equipment by purchasing such Equipment or by selling such Equipment to any of its Affiliates for a purchase price equal to the fair market value thereof as reasonably determined by the Servicer. The Servicer will deposit any Prepayments of any such disposition in accordance with Section 7.01.
Appears in 7 contracts
Samples: Transfer and Servicing Agreement (Greatamerica Leasing Receivables 2000-1 LLC), Transfer and Servicing Agreement (Orix Credit Alliance Receivables Trust 2000 B), Transfer and Servicing Agreement (Greatamerica Leasing Receivables 2000-1 LLC)
Disposition Upon Termination of Contract. Upon the termination of a Contract included in the Contracts Pool as a result of a default by the Obligor thereunder, and upon any such Contract becoming a Defaulted Contract, the Servicer will use commercially reasonable efforts to dispose of any related Equipment. Without limiting the generality of the foregoing, the Servicer may dispose of any such Equipment by purchasing such Equipment or by selling such Equipment to any of its Affiliates for a purchase price equal to the fair market value thereof as reasonably determined by the Servicerthereof. The Servicer will deposit any Prepayments and any Expired Lease Proceeds of any such disposition in accordance with Section 7.01.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Newcourt Receivables Corp Ii), Pooling and Servicing Agreement (Newcourt Receivables Corp Ii)
Disposition Upon Termination of Contract. Upon the termination of a Contract included in the Contracts Pool as a result of a default by the Obligor thereunder, and upon any such Contract becoming a Defaulted Contract, the Servicer will use commercially reasonable efforts to dispose of any related Equipment. Without limiting the generality of the foregoing, the Servicer may dispose of any such Equipment by purchasing such Equipment or by selling such Equipment to any of its Affiliates for a purchase price equal to the fair market value thereof as reasonably determined by the Servicerthereof. The Servicer will deposit any Prepayments of any such disposition in accordance with Section 7.01.
Appears in 1 contract
