Defaulted Lease Contract definition

Defaulted Lease Contract. A Lease Contract shall become a Defaulted Lease Contract at the earlier of (a) the Calculation Date on which such Lease Contract becomes delinquent for a period of 151 or more days, or (b) the day on which the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance with respect to such Lease Contract, that a prior Servicer Advance with respect to such Lease Contract is unrecoverable, or that the remaining Scheduled Payments under the related Lease Contract are uncollectible.
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Defaulted Lease Contract means a Lease Contract: (i) which has been terminated for breach of contract (inadempimento) or bankruptcy (fallimento); or (ii) under which there are six or more Delinquent Instalments (in the case of Lease Contracts providing for monthly payments); or (iii) under which there are two or more Delinquent Instalments (in the case of Lease Contracts providing for quarterly payments);
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Defaulted Lease Contract means a Lease Contract as to which Servicer has reasonably determined, in accordance with its customary servicing procedures, that it shall not make a Servicer Advance or that a prior Servicer Advance is unrecoverable; provided, each Lease Contract as to which the Lessee thereunder is delinquent in any portion of the Scheduled Payments for a period of 120 days or more shall automatically be deemed a Defaulted Lease Contract.
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Examples of Defaulted Lease Contract in a sentence

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Transferor or Servicer request may, and upon the request of MBIA or if an MBIA Default or Termination has occurred and is continuing, the Controlling Holders shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any Lease Contract related to a Lease Receivable becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of the Majority Noteholders shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any lease Contract becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of MBIA or the Holders of a majority in Outstanding Principal Amount of all Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of the Bond Insurer or the Holders of a majority in principal amount of the Outstanding Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Issuer or Servicer request may, and upon the request or the Holders of a majority in principal amount of the Outstanding Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Transferor or Servicer request may, and upon the request of the Bond Insurer or the Certificateholders shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • Servicer shall remit to the Investment Account all Liquidation Proceeds received in connection with the sale or disposition of a Defaulted Lease Contract.

  • Servicer shall use commercially reasonable best efforts to repossess or otherwise comparably convert the ownership of any Equipment that it has reasonably determined should be repossessed or otherwise converted following a Lease Contract being classified as a Defaulted Lease Contract.

  • Servicer shall ------------------------------------------ use commercially reasonable best efforts to repossess or otherwise comparably convert the ownership of any Equipment that it has reasonably determined should be repossessed or otherwise converted following a Lease Contract being classified as a Defaulted Lease Contract.

  • Servicer shall be entitled to be reimbursed for Servicer Advances by subsequent payments by or on behalf of the Lessee under such Lease Contract; provided, Servicer shall not be reimbursed for any Servicer Advance made in respect of a Defaulted Lease Contract after it becomes a Defaulted Lease Contract.


More Definitions of Defaulted Lease Contract

Defaulted Lease Contract. Any Lease Contract upon the earliest to occur of any of the following: (a) the Calculation Date on which such Lease Contract becomes delinquent for a period of 90 or more days; (b) the date that the Obligor under such Lease Contract becomes the subject of a Bankruptcy Filing; and (c) the date that the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance with respect to a Delinquent Lease Contract, that a prior Servicer Advance with respect to a Delinquent Lease Contract is unrecoverable or that any part of the remaining Scheduled Payments under a Delinquent Lease Contract is uncollectible.
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Defaulted Lease Contract. A Lease Contract shall become a Defaulted Lease Contract at the earlier of (a) the Calculation Date on which such Lease Contract becomes delinquent for a period of 180 or more days, or (b) the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance with respect to such Lease Contract, that a prior Servicer Advance with respect to such Lease Contract is unrecoverable, or that the remaining Scheduled Payments under the related Lease Contract are uncollectible. "Delinquency Rate": For any Monthly Period, the sum of the Implicit Principal Balance as of the Calculation Date occurring in such Monthly Period of all Lease Contracts that are more than 60 days and less than 91 days delinquent, as of such Calculation Date (including any such Lease Contracts that have been repurchased, removed or substituted during such Monthly Period), divided by the Aggregate IPB on such Calculation Date (including any such Lease Contracts that have been repurchased, removed or substituted during such Monthly Period). "Delinquent Lease Contract": For any Monthly Period, any Lease Contract (a) as to which a full Scheduled Payment was not received when due by the Servicer and remains unpaid as of the Calculation Date at the end of such Monthly Period and (b) which is not a Defaulted Lease Contract. "Determination Date": The fourth Business Day preceding each Payment Date. "Discount Rate": The rate equal to the sum of the Trustee Fee Rate, the Back-up Servicer Fee Rate, the MBIA Premium Rate and the Class A Interest Rate. "Dollar(s)": Lawful money of the United States of America. "Due Date": With respect to each Lease Contract, each date on which payment is due thereunder. "Electronic Ledgers": The electronic master records of all lease contracts of the Company or the Servicer similar to and including the Lease Contracts. "Eligible Investments": Any and all of the following: (a) direct obligations of, and obligations fully guaranteed by, the United States of America, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Home Loan Banks or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America; (b)
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Defaulted Lease Contract means a Lease Contract ------------------------ then constituting part of the Trust Assets as to which Servicer has reasonably determined, in accordance with its customary servicing procedures, that it shall not make a Servicer Advance or that a prior Servicer Advance is unrecoverable; provided, -------- however, that each Lease Contract then constituting part of the ------- Trust Assets as to which the Lessee thereunder is delinquent in any portion of the Scheduled Payments for a period of 121 days or more shall automatically be deemed a Defaulted Lease Contract; and provided, further, however, that any Lease -------- ------- ------- Contract that becomes a Defaulted Lease Contract while it was a part of the Trust Assets shall at all times remain a Defaulted Lease Contract for purposes of this Agreement, notwithstanding that such Lease Contract is subsequently repurchased by the Seller for any reason whatsoever.
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Defaulted Lease Contract means a Lease Contract with respect to which there is at least one Defaulted Instalment and a number of Delinquent Instalments equal to or higher than 6 in relation to Lease Contracts which provide for monthly payments and 2 in relation to Lease Contracts which provide for quarterly payments.
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Defaulted Lease Contract means a Lease Contract with respect to which there is at least one Defaulted Instalment and a number of Delinquent Instalments equal to or higher than (i) 6 (six) in relation to Lease Contracts which provide for monthly payments; (ii) 3 (three) in relation to Lease Contracts which provide for two-month payments; (iii) 2 (two) in relation to Lease Contracts which provide quarterly payments; or (iv) 1 (one) in relation to Lease Contracts which provide for semi-annual payments.
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Related to Defaulted Lease Contract

  • Defaulted Lease means any Lease that (a) by its terms, is delinquent more than 120 days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii) repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely or properly perform any obligation under the Lease, or any other act by the Lessee constituting a default under applicable law), or (c) the Servicer has received notification that the related Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

  • Defaulted Contract means a Contract with respect to which the Servicer commenced repossession or foreclosure procedures, made a sale of such Contract to a third party for repossession, foreclosure or other enforcement, or as to which there was a payment delinquent 180 or more days (excluding any Contract deemed delinquent solely because the Obligor's required monthly payment was reduced as a result of bankruptcy or similar proceedings).

  • Lease contract means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract.

  • Installment lease contract means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent.

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.