Defaulted Lease a. Review the data tape and confirm the Lease is not more than 30 days past due as of the Cut-Off Date.
b. Review the data tape and confirm that, if the related Vehicle has been repossessed, it has been charged off.
c. Review the data tape and confirm that the Lease has not been charged off.
Defaulted Lease. Any lease in which the Agent, for the benefit of the Lenders, has a security interest and for which (A) a rental or other payment (or a portion thereof) owing thereunder is more than 120 days delinquent (measured from its contractual due date), or (B) the related Lessee is in default under any other provision of such lease not dealt with in clause (A) and any applicable grace and/or cure period set forth in such lease has expired and the Servicer has in accordance with its normal procedures declared such lease to be in default, or (C) the Servicer has otherwise determined that the remaining amounts owing by the Lessee under such lease are expected to be uncollectible. Derivatives Obligations. All obligations of any Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity swap or equity index swap, equity option or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions.
Defaulted Lease. Such Finance Lease is not a Defaulted Lease;
Defaulted Lease. Any Lease where the Lease or Leased Property associated therewith fails, at any time, to comply with all of the representations and warranties set forth in Section 5.17 below. Defaulting Lender - Section 2.2(b)(iii)(C). Default Rate - Section 2.5(b).
Defaulted Lease. Any Defaulted Finance Lease or Defaulted Operating Lease.
Defaulted Lease. Any Lease as to which any of the following events or conditions apply:
Defaulted Lease. Any Lease of a Container as to which either of the following events or conditions apply:
Defaulted Lease. If such Managed Container is subject to a Lease on its Transfer Date, such Lease is not a Defaulted Lease on such Transfer Date;
Defaulted Lease. To the knowledge of the Borrower, such Owner Container (s) is not then subject to a Defaulted Lease (or Defaulted Leases) with a Lessee that currently leases Owner Containers having an aggregate Net Book Value representing more than two and one half of one percent (2.5%) of the then Aggregate Net Book Value; provided, however, that if the sum of the Net Book Values of all Owner Containers then subject to a Defaulted Lease exceeds Ten Million Dollars ($10,000,000) as of such date of determination, then any incremental Owner Container subject to a Defaulted Lease shall not be an Eligible Owner Container;
Defaulted Lease. Any Lease where the Lease fails, at any time, to be --------------- an Eligible Lease, provided however, that any new criteria established pursuant to clause (12) of the definition of Eligible Lease shall only be applicable on a prospective basis and shall not, in and of itself, convert an existing Eligible Lease into a Defaulted Lease. De Minimis Delinquency - The greater of (i) Ten Dollars ($10) or (ii) ---------------------- ten percent (10%) of one month=s Lease payment. Distribution - ------------
