Defaulted Operating Lease Clause Samples
Defaulted Operating Lease. As of any date of determination, any Lease (other than a Direct Finance Lease) for which (A) any regularly scheduled rental payment or other material payment (or portion thereof) owing pursuant to the terms of such Lease is more than one hundred twenty (120) days delinquent (measured from its contractual due date) or (B) the Manager has repossessed all or a portion of the Containers that are subject to such Lease, or (C) the Manager has otherwise determined that all or any regularly scheduled rental payments or end of term payments owing pursuant to the terms of such Lease are wholly or partially uncollectible, or (D) the related Lessee is the subject of a Bankruptcy Event. Depreciation Policy. One of the following: (i) the following depreciation methods: (a) all Eligible Containers that are refrigerated Containers are to be depreciated over a fifteen year useful life on a straight-line basis to a residual value of no more than 10% of Original Cost of such Container, (b) all Eligible Generator Sets are to be depreciated over a twelve year useful life on a straight-line basis to a residual value of no more than 10% of Original Cost of such generator set, (c) all Eligible Containers that are not refrigerated Containers are to be depreciated over a twelve and a half year useful life on a straight line basis to a residual value of no more than 37% of Original Cost of such Container, or (ii) such other subsequent depreciation policy that conforms with GAAP that is utilized by the Borrower, or if the context so requires, the Seller subsequent to the Closing Date, provided that, any such depreciation policy shall be at least as conservative as the depreciation policy set forth in clause (i) above (e.g., use of depreciation policy would result in (a) a higher annual amount of depreciation or (b) a lower estimated residual value).
Defaulted Operating Lease. As of any date of determination, any Lease (other than a Direct Finance Lease) for which (A) any regularly scheduled rental payment or other material payment (or portion thereof) owing pursuant to the terms of such Lease is more than one hundred twenty (120) days delinquent (measured from its contractual due date), (B) the Manager has repossessed all or a portion of the Containers that are subject to such Lease or is otherwise exercising remedies with respect to such Lease, (C) the Manager has determined in accordance with the terms of the Management Agreement that all or any material regularly scheduled rental payments or end of term payments owing pursuant to the terms of such Lease are wholly or partially uncollectible, or (D) the related Lessee is the subject of a Bankruptcy Event.
Defaulted Operating Lease. Any Lease (other than a Direct Finance Lease) for which (A) any regularly scheduled rental payment or other material payment (or portion thereof) owing pursuant to the terms of such Lease is more than one hundred twenty (120) days delinquent (measured from its contractual due date), provided that a Lease shall not be deemed to be a Defaulted Operating Lease pursuant to this clause (A) if all of the following apply: (i) no regularly scheduled rental payment or other material payment (or potion thereof) owing pursuant to the terms of such Lease is more than one hundred fifty (150) days delinquent, and (ii) the Manager has a commercially reasonable expectation that the delinquent amounts shall be paid under the insurance policy covering lessee defaults held by the Manager, and (iii) the sum of the Net Book Values of all Eligible Containers then subject to the terms of such, together with the sum of (x) the Net Book Values of all Eligible Containers that are then subject to all other Leases which comply with the terms of this proviso, and (y) the Net Present Value of Direct Finance Lease Receivables of all other Direct Finance Leases which comply with the terms of the equivalent proviso in the definition of Defaulted Finance Lease, shall not exceed two percent (2%) of the then NBV or (B) the Manager has repossessed the Container that is subject to such Lease or is otherwise exercising remedies pursuant to the terms of such Lease, or (C) the Manager has otherwise determined that all or any regularly scheduled rental payments or end of term payments owing pursuant to the terms of such Lease are wholly or partially uncollectible, or (D) both of the following shall have occurred with respect to such Lease: (i) the lessee under such Lease is the subject of a bankruptcy or insolvency proceeding under applicable law, and (ii) such lessee is not current in the payment of rental or other payments owing by the lessee thereunder within ninety (90) days subsequent to the commencement of such bankruptcy or insolvency proceedings. Depreciation Policy. One of the following: (i) the depreciation policy that conforms with GAAP utilized by the Borrower, or if the context so requires, the Seller, on the Closing Date, or (ii) such other subsequent depreciation policy that conforms with GAAP that is utilized by the Borrower, or if the context so requires, the Seller subsequent to the Closing Date, provided that, any such depreciation policy shall be at least as conservative as the...