Liquidated Lease definition

Liquidated Lease means a 2016-B Lease that is terminated and charged off by the Servicer prior to its Maturity Date following a default thereunder.

Liquidated Lease means, with respect to any Collection Period, a Lease (i) in respect of which the related Leased Vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such Lease or (ii) that terminated more than 120 days prior to the end of such Collection Period and the related Leased Vehicle has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period.

Liquidated Lease means a 2014-1 Lease for which any of the following has occurred during a Collection Period (or, with respect to clause (d) below, on the Deposit Date immediately following such Collection Period):

Examples of Liquidated Lease in a sentence

• As of the second Deposit Date following its discovery or its receipt of notice of any breach of the Representations and Warranties that materially and adversely affects the value of any Lease (including any Liquidated Lease), Vendor Services shall, unless such breach shall have been cured in all material respects, either (A) (i) repurchase such Lease from the Issuer and (ii) repurchase the related Equipment from the Contributor or (B) substitute a Substitute Lease for such Lease and the related Equipment.

• To the extent permitted by Applicable Law and the related Lease, if a Lease becomes a Defaulted Lease or a Liquidated Lease, then the related security deposit shall become Liquidation Proceeds, which the Servicer shall apply (net of any Liquidation Expenses) to amounts owed by the related Lessee under such Lease.

• As of the second Accounting Date following its discovery or its receipt of notice of any breach of the Representations and Warranties that materially and adversely affects the value of any Lease (including any Liquidated Lease), Vendor Services shall, unless such breach shall have been cured in all material respects, either (A) (i) purchase such Lease from the Issuer and (ii) purchase the related Equipment from the Contributor or (B) substitute a Substitute Lease for such Lease.

• The parties acknowledge that the Collector is obligated, in accordance with this Agreement and the Credit and Collection Policies, to enforce a Designated Eligible Lease that is to become a Liquidated Lease, including, by taking possession of and/or re-leasing the Equipment to a third party or selling the Equipment forming the subject matter of such Lease and by enforcing the Related Rights.

• If the Special Servicer has determined, in its good faith and reasonable judgment, that any Defaulted Lease will become a Liquidated Lease, the Special Servicer shall promptly so notify in writing the Issuer, the Indenture Trustee, the Grantor Trust Trustee, the Property Manager and the Certificate Insurer.

More Definitions of Liquidated Lease

Liquidated Lease means with respect to any Collection Period, a 2015-2 Lease Agreement: (i) in respect of which the related 2015-2 Leased Vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such 2015-2 Lease Agreement, (ii) that terminated or became a Matured Lease more than one hundred and eighty (180) days prior to the end of such Collection Period and the related 2015-2 Leased Vehicle has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period, or (iii) in respect of which the Servicer’s records, in accordance with the Customary Servicing Procedures, indicate that all Insurance Proceeds expected to be received have been received following a casualty or other loss with respect to the related 2015-2 Leased Vehicle.

Liquidated Lease means a Defaulted Lease that is terminated and charged off by the Servicer prior to its Maturity Date.

Liquidated Lease means, with respect to any Collection Period, a Lease Agreement: (i) in respect of which each of the related Leased Vehicles was sold or otherwise disposed of by the Servicer following the scheduled or early termination of such Lease Agreement, (ii) that terminated more than sixty (60) days prior to the end of such Collection Period and each of the related Leased Vehicles has not been sold or otherwise disposed of by the Servicer as of the end of such Collection Period or (iii) in respect of which the Servicer’s records, in accordance with the Customary Servicing Procedures, indicate that all Insurance Proceeds expected to be received have been received following a casualty or other loss with respect to the related Leased Vehicles.

Liquidated Lease. A Defaulted Asset that is a Lease with respect to which the related Property has been either re-leased or sold, or any Lease related to a Property purchased from the applicable Issuer or disposed of by such Issuer pursuant to an exchange, whether or not terminated because of a default by the Tenant.

Liquidated Lease means a Lease (i) which is terminated by the Servicer prior to its Maturity Date following a default thereunder or (ii) with respect to which the related Lessee is no longer obligated to make Monthly Payments.

Liquidated Lease means a 20[__]-[__] Lease for which any of the following has occurred during a Collection Period (or, with respect to clause (d) below, on the Deposit Date immediately following such Collection Period):

Liquidated Lease. As defined in the Property Management Agreement.