Definition of Sales Proceeds Advance


Sales Proceeds Advance means the amount advanced by the Servicer to the Issuer on a Deposit Date equal to the Securitization Value of a 20[__]-[__] Lease that was terminated during the related Collection Period and for which the related 20[__]-[__] Vehicle was not sold by the Servicer.

Examples of Sales Proceeds Advance in a sentence

Advance means a Sales Proceeds Advance or a Monthly Payment Advance, as the context may require.
After the Servicer has made a Sales Proceeds Advance with respect to a Matured Vehicle, the Issuing Entity shall have no claim against or interest in such Matured Vehicle or any Net Auction Proceeds resulting from the sale or other disposition thereof, except with respect to any related Residual Value Surplus.
If the Servicer shall sell or otherwise dispose of a Matured Vehicle after having made a Sales Proceeds Advance, the Issuing Entity may retain all of such Sales Proceeds Advance, and the Servicer shall retain the related Net Auction Proceeds up to the Securitization Value of the related 2015-B Lease, and shall deposit the Residual Value Surplus, if any, into the 2015-B SUBI Collection Account.
If the Administrative Agent shall sell or otherwise dispose of an Expired Vehicle after having made a Sales Proceeds Advance, the Issuer may retain all of such Sales Proceeds Advance, and the Administrative Agent shall retain the related Sales Proceeds up to the Securitization Value of the related 1999-A Lease, and shall deposit the Residual Value Surplus, if any, into the 1999-A SUBI Collection Account.
If the Servicer shall sell or otherwise dispose of a Matured Vehicle after having made a Sales Proceeds Advance, the Issuing Entity may retain all of such Sales Proceeds Advance, and the Servicer shall retain the related Net Auction Proceeds up to the Securitization Value of the related 2014-A Lease, and shall deposit the Residual Value Surplus, if any, into the 2014-A SUBI Collection Account.