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.
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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.
After the Administrative Agent has made a Sales Proceeds Advance with respect to an Expired Vehicle, the Issuer shall have no claim against or interest in such Expired Vehicle or any Sales Proceeds resulting from the sale or other disposition thereof, except with respect to any related Residual Value Surplus.
If the Servicer has not sold a Matured Vehicle within six calendar months after it has made a Sales Proceeds Advance, it shall be reimbursed for such Sales Proceeds Advance from the 2016-A SUBI Collection Account.
If the Net Auction Proceeds are less than the Securitization Value of the related 2016-A Lease, the Servicer may deduct the difference from SUBI Collections in respect of one or more future Collection Periods and retain such amount as reimbursement for the outstanding portion of the related Sales Proceeds Advance.