Defaulted Vehicle definition
Examples of Defaulted Vehicle in a sentence
Upon receipt of an amount equal to Sales Proceeds with respect to each such Matured Vehicle, Defaulted Vehicle or 20[__]-[__] Vehicle related to an Early Termination Lease, the 20[__]-[__] SUBI shall have no claim against or interest in such Matured Vehicle, Defaulted Vehicle or 20[__]-[__] Vehicle related to an Early Termination Lease.
With respect to any Defaulted Vehicle that is a Fleet Vehicle, if the Realizable Proceeds are not in excess of the Collective Payout, then Servicer shall sell the Defaulted Vehicle and, irrespective of actual amounts received for the sale of such Defaulted Vehicle, shall pay to Element the Current NBV with respect to such Vehicle.
Immediately prior to the sale or disposition of a Matured Leased Vehicle or a Defaulted Vehicle, the Servicer (so long as TMCC is the Servicer) may reallocate such Matured Leased Vehicle or Defaulted Vehicle from the 20[__]-[__] SUBI to the UTI for purposes of implementing the Servicer’s Like-Kind Exchange Program.
Upon receipt of an amount equal to Sales Proceeds with respect to each such Matured Vehicle, Defaulted Vehicle or 2015-1 Vehicle related to an Early Termination Lease, the 2015-1 SUBI shall have no claim against or interest in such Matured Vehicle, Defaulted Vehicle or 2015-1 Vehicle related to an Early Termination Lease.
Upon receipt of the Reallocation Payments, the 2016-A SUBI shall have no claim against or interest in such Matured or Defaulted Vehicle.
Upon receipt of the Reallocation Payments, the 2013-A SUBI shall have no claim against or interest in such Matured or Defaulted Vehicle.
Upon receipt of the Reallocation Payments, the 2018-A SUBI shall have no claim against or interest in such Matured or Defaulted Vehicle.
Upon receipt of the Reallocation Payments, the 2004-A SUBI shall have no claim against or interest in such Matured or Defaulted Vehicle.
Upon receipt of an amount equal to Sales Proceeds with respect to each such Matured Vehicle, Defaulted Vehicle or 2012-1 Vehicle related to an Early Termination Lease, the 2012-1 SUBI shall have no claim against or interest in such Matured Vehicle, Defaulted Vehicle or 2012-1 Vehicle related to an Early Termination Lease.
Upon receipt of an amount equal to Sales Proceeds with respect to each such Matured Leased Vehicle or Defaulted Vehicle, the 20[__]-[__] SUBI shall have no claim against or interest in such Matured Leased Vehicle or Defaulted Vehicle.