Common use of Non-Performing Leases Clause in Contracts

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. (b) The Servicer will use its best efforts to sell or lease any Equipment that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Termination, any Substitute Leases in respect thereof must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, monthly payments at least equal to those of the Early Termination Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 with respect to any Lease remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the IssuerCompany, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. The Servicer shall demand, on behalf of the Company, that the Seller immediately repay any Inter-Company Loan representing the advance pursuant to Section 12.01 hereof of any security deposit with respect to any Lease which becomes a Non-Performing Lease, and the Servicer shall apply such security deposit in accordance with Section 3.03(d) hereof. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Terminationearly lease termination, any Substitute Leases in respect thereof substitute Lease must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, terminated Lease and monthly payments at least equal to those of the Early Termination terminated Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination terminated Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 3.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 4.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d3.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. The Servicer shall demand, on behalf of the Issuer, that the Transferor immediately repay any Inter-Company Loan representing the advance pursuant to Section 13.01 hereof of any security deposit with respect to any Lease which becomes a Non-Performing Lease, and the Servicer shall apply such security deposit in accordance with Section 3.03(d) hereof. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Terminationearly lease termination, any Substitute Leases in respect thereof Lease must have a Discounted Present Value equal to or greater than that of the Early Termination Terminated Lease, monthly payments at least equal to those of the Early Termination Terminated Lease through the remaining term of such Early Termination Lease and Terminated Lease, a remaining term less than or equal to that of the Early Termination Terminated Lease and a Booked Residual Value at least equal to that of such Terminated Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 3.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 4.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d3.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. (b) The Servicer will use its best efforts to sell or lease any Equipment that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Termination, any Substitute Leases in respect thereof must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, monthly payments at least equal to those of the Early Termination Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 with respect to any Lease remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any -------- advances pursuant to Section 5.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Non- Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. (b) The Servicer will use its best efforts to sell or lease any Equipment that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Termination, any Substitute Leases in respect thereof must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, monthly payments at least equal to those of the Early Termination Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 with respect to any Lease remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any -------- advances pursuant to Section 5.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. The Servicer shall demand, on behalf of the Issuer, that the Transferor immediately repay any Inter-Company Loan representing the advance pursuant to Section 13.01 hereof of any security deposit with respect to any Lease which becomes a Non-Performing Lease, and the Servicer shall apply such security deposit in accordance with Section 3.03(d) hereof. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Terminationearly lease termination, any Substitute Leases in respect thereof Lease must have a Discounted Present Value equal to or greater than that of the Early Termination Terminated Lease, monthly payments at least equal to those of the Early Termination Terminated Lease through the remaining term of such Early Termination Lease and Terminated Lease, a remaining term less than or equal to that of the Early Termination Terminated Lease and a Booked Residual Value at least equal to that of such Terminated Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 3.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided PROVIDED that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 4.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d3.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the IssuerTrust, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. The Servicer shall demand, on behalf of the Trust, that the Originator immediately repay any Inter-Company Loan representing the advance pursuant to Section 15.01 hereof of any security deposit with respect to any Lease which becomes a Non-Performing Lease, and the Servicer shall apply such security deposit in accordance with Section 4.03(d) hereof. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Terminationearly lease termination, any Substitute Leases in respect thereof Lease must have a Discounted Present Value equal to or greater than that of the Early Termination Terminated Lease, monthly payments at least equal to those of the Early Termination Terminated Lease through the remaining term of such Early Termination Lease and Terminated Lease, a remaining term less than or equal to that of the Early Termination Terminated Lease and a Booked Residual Value at least equal to that of such Terminated Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the Credit and Collections Policy and the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. (b) The Servicer will use its best efforts to sell or lease any Equipment that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Termination, any Substitute Leases in respect thereof must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, monthly payments at least equal to those of the Early Termination Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 with respect to any Lease remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses to unaffiliated third parties reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the IssuerCompany, the Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industry, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. The Servicer shall demand, on behalf of the Company, that the Seller immediately repay any Inter-Company Loan representing the advance pursuant to Section 13.01 hereof of any security deposit with respect to any Lease which becomes a Non-Performing Lease, and the Servicer shall apply such security deposit in accordance with Section 3.03(d) hereof. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Terminationearly lease termination, any Substitute Leases in respect thereof substitute Lease must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, terminated Lease and monthly payments at least equal to those of the Early Termination terminated Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination terminated Lease. (c) In the event that the Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 3.03 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that (i) the Servicer has made any advances pursuant to Section 5.01 4.01 hereof with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or payments, the Servicer shall reimburse itself for such advances or payments from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d3.03(d). Any amounts properly retained by the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the Indenture.

Non-Performing Leases. (a) Upon receipt of notice from the Issuer, the Indenture Trustee or Trustee or any other Person, or if the Servicer otherwise learns that any Lease is a Non-Performing Lease, the Servicer will take such action as is appropriate, appropriate and as is consistent with the Servicer's administration of leases in its own portfolio and consistent with the customary practices of servicers in the office equipment leasing industryServicing Standard, including such action as may be necessary to cause, or attempt to cause, the Lessee thereunder to cure such non-performance (if the same may be cured) or to terminate or attempt to terminate such Lease and to recover, or attempt to recover, all damages resulting from such default. (b) The Servicer will use its best efforts to sell or lease any Equipment upon the expiration or early termination of a Lease or that is subject to a Non-Performing Lease in a timely manner and upon the most favorable terms and conditions available at the time. In the event of an Early Lease Termination, any Substitute Leases in respect thereof must have a Discounted Present Value equal to or greater than that of the Early Termination Lease, monthly payments at least equal to those of the Early Termination Lease through the remaining term of such Early Termination Lease and a remaining term less than or equal to that of the Early Termination Lease. (c) In the event that the If Servicer is required to sell or lease any item of Equipment pursuant to the provisions of this Section 4.03 4.5 at a time when the Servicer has other similar items of equipment available to it, the Servicer will not favor any such other item in its remarketing efforts. (d) All amounts realized by the Servicer in the performance of its duties under this Section 4.03 hereunder with respect to any Lease or Equipment remaining subject to the Lien of the Indenture and related Equipment (net of the Servicer's actual out-of-pocket expenses reasonably incurred in such realization), including amounts received by the Servicer pursuant to the provisions of Section 5.05, ) shall be held in trust by the Servicer, as agent for the benefit of Issuer and Indenture Trustee and deposited into the Collection Account for application in accordance with the provisions of the Indenture; provided that, to the extent that if (i) the Servicer has made any advances Servicer Advances pursuant to Section 5.01 hereof 5.1 with respect to any Lease which thereafter became a Non-Performing Lease, and (ii) the Servicer has not otherwise been fully reimbursed for such advances or paymentsServicer Advances, the Servicer shall reimburse itself for such advances or payments Servicer Advances from any amounts recovered with respect to such Non-Performing Lease before depositing any such amounts pursuant to this Section 4.03(d). Any amounts properly retained by into the Servicer pursuant to this Section are, without further action by the Trustee, released from the Lien of the IndentureCollection Account.