Financed Equipment definition

Financed Equipment means an item of agricultural or construction equipment, together with all accessions thereto, which was purchased by an Obligor pursuant to the terms of the related Contract and securing such Obligor’s indebtedness under the respective Receivable.

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Financed Equipment is all present and future Eligible Equipment in which Borrower has any interest, the purchase of which is financed by an Equipment Advance.

Financed Equipment means property, including any agricultural, construction, forestry or other equipment, together with all accessions thereto, securing an Obligor’s indebtedness under a Retail Installment Contract, including any Substitute Equipment that has been substituted (in accordance with Section 4.14 of the Sale and Servicing Agreement) for a piece of equipment that originally secured such indebtedness under a Retail Installment Contract (“Replaced Equipment”). Following the substitution of the Substitute Equipment pursuant to Section 4.14 of the Sale and Servicing Agreement, the Replaced Equipment shall no longer be considered Financed Equipment for any purposes in the Basic Documents.

Examples of Financed Equipment in a sentence

The Seller, in accordance with its customary procedures, has determined that the Obligor has obtained physical damage insurance covering the Financed Equipment and under the terms of the Receivable, the Obligor is required to maintain such insurance.
As of the Cut-off Date, no Financed Equipment securing any Receivable is in repossession status.
Notwithstanding anything to the contrary contained herein, the foregoing in no way constitutes a waiver, release or termination of any of the rights of the Issuing Entity with respect to the Financed Equipment and the rights related to the Financed Equipment.
The Servicer shall, in accordance with its customary servicing procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Equipment as of the execution of the Receivable.
The foregoing shall be subject to the provision that, in any case in which the Financed Equipment shall have suffered damage, consistent with its customary servicing procedures, the Servicer may but shall not be required to expend funds in connection with the repair or the repossession of such Financed Equipment.

More Definitions of Financed Equipment

Financed Equipment is defined in the Loan Supplement.

Financed Equipment means, with respect to any Receivable, the related new or used trucking and transportation equipment, together with all accessions thereto, securing the related Obligor’s indebtedness under such Receivable; provided, that, with respect to each Receivable represented by a Dealer Loan, the related Financed Equipment shall consist of the trucking and transportation equipment financed with the proceeds advanced under such Receivable as set forth under the terms of such Dealer Loan and the underlying receivable under which such advance is made but shall not include other equipment or collateral pledged under the related Dealer Agreement notwithstanding that the Dealer Loan is cross-collateralized with other loans advanced under such Dealer Agreement.

Financed Equipment means Eligible Equipment purchased by Borrower with Advances pursuant to Section 2.1.

Financed Equipment means property, including any agricultural, construction, forestry or other equipment, together with all accessions thereto, securing an Obligor’s indebtedness

Financed Equipment means property, including any over-the-road trucks and trailers, agricultural, construction, forestry or other equipment, together with all accessions thereto, securing an Obligor's indebtedness under a Retail Installment Contract, or subject to a Lease.

Financed Equipment has the meaning given to that term in Exhibit A to any Loan Agreement Supplement, as amended or supplemented from time to time.