Casualty Payment definition

Casualty Payment means, with respect to any Equipment, any payment pursuant to a Contract on account of the loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto.

Casualty Payment means the Termination Value of a Vehicle which suffers a Casualty or becomes a Non-Eligible Vehicle, in each case, as of the date such Vehicle became a Casualty or a Non-Eligible Vehicle.

Casualty Payment is defined in Section 7 of the Master Lease.

Examples of Casualty Payment in a sentence

• Casualty Payment - any payment pursuant to a Lease on account of the loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto which results, in accordance with the terms of the Lease, in a reduction in the number or amount of any future Lease Payments due thereunder or in the termination of the Lessee's obligation to make future Lease Payments thereunder.

• Such report shall indicate the amount of all Lease Payments received by the Servicer and deposited in the Collection Account which are for any Due Period other than the Due Period for such Determination Date and shall identify each Lease with respect to which a Casualty Payment, Retainable Deposit, Termination Payment or Lease Purchase Amount was made during such time period.

• Casualty Payment - any payment pursuant to a Lease on account of the ---------------- loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto which results, in accordance with the terms of the Lease, in a reduction in the number or amount of any future Lease Payments due thereunder or in the termination of the Lessee's obligation to make future Lease Payments thereunder.

• Such report shall indicate the amount of all Lease Payments received by the Servicer and deposited in the Collection Account which are for any Lease Payment Period other than the Lease Payment Period for such Determination Date and shall identify each Lease with respect to which a Casualty Payment, Termination Payment or Non-Performing Lease Payment was made during such time period.

• Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such Lessee, (ii) such Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

More Definitions of Casualty Payment

Casualty Payment means any payment under a Lease in connection with a Casualty Loss.

Casualty Payment any payment pursuant to a Lease on account of the ---------------- loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto which results, in accordance with the terms of the Lease, in a reduction in the number or amount of any future Lease Payments due thereunder or in the termination of the Lessee's obligation to make future Lease Payments thereunder. Cede & Co.: the initial registered holder of the Notes, acting as ---------- nominee of The Depository Trust Company.

Casualty Payment has the meaning given to it in Section 7 of the Base Lease.

Casualty Payment has the meaning specified in Section 6.2 of the HVF Lease.

Casualty Payment means any payment pursuant to a Lease on account of the loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto which results, in accordance with the terms of the Lease, in a reduction in the number or amount of any future Lease Payments due thereunder or in the termination of the Lessee's obligation to make future Lease Payments thereunder. "Cede & Co." means the initial registered holder of the Class A Notes and the Class B Notes, acting as nominee of The Depository Trust.

Casualty Payment is defined in Section 6 of the Lease. ---------------- ---------

Casualty Payment any payment pursuant to a Lease on account of the loss, theft, condemnation, governmental taking, destruction, or damage beyond repair of any item of Equipment subject thereto which results, in accordance with the terms of the Lease, in a reduction in the number or amount of any future Lease Payments due thereunder or in the termination of the Lessee's obligation to make future Lease Payments thereunder. Cede & Co.: the initial registered holder of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class R-1 Notes and the Class R-2 Notes, acting as nominee of The Depository Trust Company.