Financed Equipment definition

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 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.

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

• On or prior to the Cutoff Date, no Financed Equipment has been repossessed.

• Each Receivable requires the related Obligor to obtain physical damage insurance covering the related Financed Equipment and to maintain such insurance.

• No Liens or claims have been filed, including Liens for work, labor or materials or for unpaid local, State or United States federal taxes relating to any Financed Equipment that shall be prior to, or equal or coordinate with, the security interest in such Financed Equipment granted by the related Receivable.

• No Receivable shall have been satisfied, subordinated or rescinded, nor shall any Financed Equipment have been released in whole or in part from the Lien granted by the related Receivable.

• Immediately prior to the transfer of the Receivables by the Seller to the Depositor, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Equipment or all necessary action with respect to such Receivable has been taken to perfect a first priority security interest in the related Financed Equipment in favor of the Seller, which security interest has been validly assigned by the Seller to the Depositor.

More Definitions of Financed Equipment

Financed Equipment is defined in the Loan Supplement.

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

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