Charged-off Lease definition
Charged-off Lease means (a) any Pledged Lease for which any portion of a Scheduled Payment (without giving effect to any modifications of such Pledged Lease after the date such Pledged Lease was first pledged hereunder or under any other Loan Document) is delinquent more than ninety twenty (90) days, (b) with respect to which Servicer or Borrower shall have reasonably determined in good faith that the related Account Lessee will not resume making Scheduled Payments, (c) unless otherwise approved by Agent in writing in its sole discretion, the related Account Lessee shall have become the subject of a proceeding under a Debtor Relief Law and Servicer or Borrower shall have been notified thereof or (d) that has been specifically and separately reserved against by Borrower or deemed charged-off or non-collectible by Borrower or Servicer.
Charged-off Lease means a Closed-End Lease with respect to which (a) the related Closed-End Vehicle has been repossessed and sold or otherwise disposed of, or (b) the Closed-End Lease has been written off by the Closed-End Servicer in accordance with its normal policies for writing off lease contracts other than with respect to repossessions.
Charged-off Lease means a Lease or Consumer Lease that was or should have been charged off by the Servicer as uncollectible in accordance with the Policies or as to which a scheduled lease payment thereon is 270 or more days past due.
Examples of Charged-off Lease in a sentence
In the event that any Lease becomes a Charged-off Lease or, if earlier, the related Leased Vehicle is repossessed, then the related Security Deposit, to the extent permitted by such Lease and applicable law, shall thereby become Liquidation Proceeds.
More Definitions of Charged-off Lease
Charged-off Lease means a Lease which, in each case, consistent with the Underwriting Policies, has or should have been written off Company’s books as uncollectable.
Charged-off Lease means a Lease (i) with respect to which the related Vehicle has been repossessed and sold or otherwise disposed of or (ii) that has been written off by the Administrative Agent in accordance with its usual standards for writing off lease contracts for leased vehicles other than with respect to repossessions.
Charged-off Lease means a User Lease which has been written off by the Servicer in accordance with its Customary Servicing Practices for writing off lease contracts.
Charged-off Lease means a Lease which has been or should have been written off by the Servicer in accordance with the Policies.
Charged-off Lease means (a) any Pledged Lease for which any portion of a Scheduled Payment (without giving effect to any modifications of such Pledged Lease after the date such Pledged Lease was first pledged hereunder or under any other Loan Document) is delinquent more than ninety (90) days, (b) with respect to which Servicer or Borrower shall have reasonably determined in good faith that the related Account Lessee will not resume making Scheduled Payments, (c) unless otherwise approved by Agent in writing in its sole discretion, the related Account Lessee shall have become the subject of a proceeding under a Debtor Relief Law and Servicer or Borrower shall have been notified thereof or (d) that has been specifically and separately reserved against by Borrower or deemed charged-off or non-collectible by Borrower or Servicer.
Charged-off Lease means any Lease or any portion of such a Lease: (i) as to which the Lessee thereof has taken any action, or suffered any event to occur, of the type described in Section 6.1(d) (as if references to the Borrower therein refer to such Lessee); or (ii) which, consistent with the Credit and Collection Practices, should be written off as uncollectible.
Charged-off Lease means (a) any Pledged Lease for which any portion of a Scheduled Payment (without giving effect to any modifications of such Pledged Lease after the