TRAC Lease definition
Examples of TRAC Lease in a sentence
If the Servicer shall commence a legal proceeding, on behalf of the Issuer, to enforce a Receivable, the Issuer (in the case of a Receivable other than a Removed Receivable) shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Receivable or, in the case of a TRAC Lease, a beneficial interest in such TRAC Lease, to the Servicer.
All TRAC Lease Agreements to which any Loan Party or any Subsidiary is a party or is bound as of the date of this Agreement are listed on Schedule 3.26.
Non-Tax-Exempt Programs: Entities that do not qualify for tax-exempt leasing and do not have a sponsor can utilize NCL's Non-Tax-Exempt Programs, including the Fair Market Value Lease, TRAC Lease, or Equipment Finance Agreements.
TRAC Lease: Overview: Designed for titled vehicles, this lease shares the risks and rewards of the vehicle's residual value, making it ideal for fleet management.
Exhibit A-3 contains, and the Closing List as of the Closing Date will contain, a fair, complete and accurate list of all TRAC Lease Transportation Equipment and TRAC Leases and a fair, complete and accurate description of the information disclosed under the categories addressed therein.
Each Seller has valid and effective TRAC Leases relating to all of the TRAC Lease Transportation Equipment which it purports to lease as lessee as of the date hereof as set forth on Exhibit A-3 hereto and, as of the Closing Date, will have valid and effective leasehold interests pursuant to the relevant TRAC Leases to all of the TRAC Lease Transportation Equipment listed on the Closing List.
Except as specifically identified in Section 3.4.2 of the Sellers Disclosure Schedule, all units that are off-lease of the TRAC Lease Transportation Equipment are in roadworthy, cargoworthy condition without incurring in excess of $500 of repairs (excluding the cost of repairing and replacing tires associated with normal wear and tear).
By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇▇ Title: Chief Financial Officer Guarantor: TRAC Lease, Inc.
No Loan Party or any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any TRAC Lease Agreement to which it is a party, except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
To Seller's Knowledge, no Interpool Asset is subject to a Financing Lease, TRAC Lease or Installment Loan.