Defaulted Lease Contract definition

Defaulted Lease Contract shall be defined in the Trust and Security Agreement as follows: A Lease Contract shall become a Defaulted Lease Contract at the earlier of the day (i) when any portion of such Lease Contract is 180 days delinquent or (ii) the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance or that a prior Servicer Advance is unrecoverable.
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Defaulted Lease Contract means a Lease Contract: (i) which has been terminated for breach of contract (inadempimento) or bankruptcy (fallimento); or (ii) under which there are six or more Delinquent Instalments (in the case of Lease Contracts providing for monthly payments); or (iii) under which there are two or more Delinquent Instalments (in the case of Lease Contracts providing for quarterly payments);
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Defaulted Lease Contract means a Lease Contract as to which Servicer has reasonably determined, in accordance with its customary servicing procedures, that it shall not make a Servicer Advance or that a prior Servicer Advance is unrecoverable; provided, each Lease Contract as to which the Lessee thereunder is delinquent in any portion of the Scheduled Payments for a period of 120 days or more shall automatically be deemed a Defaulted Lease Contract.
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Examples of Defaulted Lease Contract in a sentence

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Transferor or Servicer request may, and upon the request of MBIA or if an MBIA Default or Termination has occurred and is continuing, the Controlling Holders shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If any Lease Contract related to a Lease Receivable becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of the Majority Noteholders shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • In addition, in the event that (i) the Lessee under any Lease Contract constituting part of the Trust Assets fails to pay the first billed Scheduled Payment within 30 days after it is due under such Lease Contract and (ii) such Lease Contract subsequently becomes a Defaulted Lease Contract, Seller shall repurchase such Lease Contract and the security interest in the Equipment covered by such Lease Contract on the immediately succeeding Payment Date.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Issuer or Servicer request may, and upon the request or the Holders of a majority in principal amount of the Outstanding Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • Servicer shall ------------------------------------------ use commercially reasonable best efforts to repossess or otherwise comparably convert the ownership of any Equipment that it has reasonably determined should be repossessed or otherwise converted following a Lease Contract being classified as a Defaulted Lease Contract.

  • Servicer shall remit to the Investment Account all Liquidation Proceeds received in connection with the sale or disposition of a Defaulted Lease Contract.

  • If any lease Contract becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of MBIA or the Holders of a majority in Outstanding Principal Amount of all Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • Servicer shall use commercially reasonable best efforts to repossess or otherwise comparably convert the ownership of any Equipment that it has reasonably determined should be repossessed or otherwise converted following a Lease Contract being classified as a Defaulted Lease Contract.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Indenture Trustee, upon Issuer or Servicer request may, and upon the request of the Bond Insurer or the Holders of a majority in principal amount of the Outstanding Notes shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • If Servicer determines not to make a Servicer Advance pursuant to the preceding sentence, the related Lease Contract shall be deemed to be a Defaulted Lease Contract.


More Definitions of Defaulted Lease Contract

Defaulted Lease Contract. Any Lease Contract upon the earliest to occur of any of the following: (a) the Calculation Date on which such Lease Contract becomes delinquent for a period of 90 or more days; (b) the date that the Obligor under such Lease Contract becomes the subject of a Bankruptcy Filing; and (c) the date that the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance with respect to a Delinquent Lease Contract, that a prior Servicer Advance with respect to a Delinquent Lease Contract is unrecoverable or that any part of the remaining Scheduled Payments under a Delinquent Lease Contract is uncollectible.
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Defaulted Lease Contract means a Lease Contract ------------------------ then constituting part of the Trust Assets as to which Servicer has reasonably determined, in accordance with its customary servicing procedures, that it shall not make a Servicer Advance or that a prior Servicer Advance is unrecoverable; provided, -------- however, that each Lease Contract then constituting part of the ------- Trust Assets as to which the Lessee thereunder is delinquent in any portion of the Scheduled Payments for a period of 121 days or more shall automatically be deemed a Defaulted Lease Contract; and provided, further, however, that any Lease -------- ------- ------- Contract that becomes a Defaulted Lease Contract while it was a part of the Trust Assets shall at all times remain a Defaulted Lease Contract for purposes of this Agreement, notwithstanding that such Lease Contract is subsequently repurchased by the Seller for any reason whatsoever.
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Defaulted Lease Contract means a Lease Contract with respect to which there is at least one Defaulted Instalment and a number of Delinquent Instalments equal to or higher than 6 in relation to Lease Contracts which provide for monthly payments and 2 in relation to Lease Contracts which provide for quarterly payments.
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Defaulted Lease Contract means a Lease Contract with respect to which there is at least one Defaulted Instalment and a number of Delinquent Instalments equal to or higher than (i) 6 (six) in relation to Lease Contracts which provide for monthly payments; (ii) 3 (three) in relation to Lease Contracts which provide for two-month payments; (iii) 2 (two) in relation to Lease Contracts which provide quarterly payments; or (iv) 1 (one) in relation to Lease Contracts which provide for semi-annual payments.
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Defaulted Lease Contract. A Lease Contract shall become a Defaulted Lease Contract at the earlier of (a) the Calculation Date on which such Lease Contract becomes delinquent for a period of 180 or more days, or (b) the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance with respect to such Lease Contract, that a prior Servicer Advance with respect to such Lease Contract is unrecoverable, or that the remaining Scheduled Payments under the related Lease Contract are uncollectible. "Delinquency Rate": For any Monthly Period, the sum of the Implicit Principal Balance as of the Calculation Date occurring in such Monthly Period of all Lease Contracts that are more than 60 days and less than 91 days delinquent, as of such Calculation Date (including any such Lease Contracts that have been repurchased, removed or substituted during such Monthly Period), divided by the Aggregate IPB on such Calculation Date (including any such Lease Contracts that have been repurchased, removed or substituted during such Monthly Period). "Delinquent Lease Contract": For any Monthly Period, any Lease Contract (a) as to which a full Scheduled Payment was not received when due by the Servicer and remains unpaid as of the Calculation Date at the end of such Monthly Period and (b) which is not a Defaulted Lease Contract. "Determination Date": The fourth Business Day preceding each Payment Date. "Discount Rate": The rate equal to the sum of the Trustee Fee Rate, the Back-up Servicer Fee Rate, the MBIA Premium Rate and the Class A Interest Rate. "Dollar(s)": Lawful money of the United States of America. "Due Date": With respect to each Lease Contract, each date on which payment is due thereunder. "Electronic Ledgers": The electronic master records of all lease contracts of the Company or the Servicer similar to and including the Lease Contracts. "Eligible Investments": Any and all of the following: (a) direct obligations of, and obligations fully guaranteed by, the United States of America, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Home Loan Banks or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America; (b)
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Related to Defaulted Lease Contract

  • Defaulted Lease means any Lease that (a) by its terms, is delinquent more than 120 days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii) repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely or properly perform any obligation under the Lease, or any other act by the Lessee constituting a default under applicable law), or (c) the Servicer has received notification that the related Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

  • Defaulted Contract means a Contract with respect to which the Servicer commenced repossession or foreclosure procedures, made a sale of such Contract to a third party for repossession, foreclosure or other enforcement, or as to which there was a payment delinquent 180 or more days (excluding any Contract deemed delinquent solely because the Obligor's required monthly payment was reduced as a result of bankruptcy or similar proceedings).

  • Lease contract means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract.

  • Installment lease contract means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent.

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.

  • Defaulter means any person who owes arrears to the Municipality;

  • Defaulted Lender means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed to make any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing Document.

  • Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement

  • Liquidated Lease means a Defaulted Lease that is terminated and charged off by the Servicer prior to its Maturity Date.

  • Defaulted Mortgage Loan means the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.

  • Recorded Leasehold Interest means a Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers and encumbrancers of the affected real property.

  • Defaulted Swap Termination Payment Any Swap Termination Payment required to be paid by the Trust to the Swap Provider pursuant to the Interest Rate Swap Agreement as a result of an Event of Default (as defined in the Interest Rate Swap Agreement) with respect to which the Swap Provider is the defaulting party or a Termination Event (as defined in the Interest Rate Swap Agreement) (other than Illegality or a Tax Event that is not a Tax Event Upon Merger (each as defined in the Interest Rate Swap Agreement )) with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement).

  • Defaulted Asset Any Asset, Purchased Asset or Mortgage Loan, as applicable, (a) that is thirty (30) or more days (or, in the case of payments due at maturity, one (1) day) delinquent in the payment of principal, interest, fees, distributions or any other amounts payable under the related Mortgage Loan Documents, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, unless consented to by Buyer in accordance with the terms of this Agreement, (b) for which there is a Representation Breach with respect to such Asset or Purchased Asset, other than an Approved Representation Exception, (c) for which there is a non-monetary default under the related Mortgage Loan Documents beyond any applicable notice or cure period in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, (d) as to whose Underlying Obligor an Insolvency Event has occurred, (e) with respect to which there has been an extension, amendment, waiver or other modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any material right or remedy of a holder (including all lending, corporate and voting rights, remedies, consents, approvals and waivers) of any related loan or participation document that has a material adverse effect on the value in such asset, as determined by Buyer, or (f) for which Seller or a Servicer has received notice of the foreclosure or proposed foreclosure of any Lien on the related Mortgaged Property; provided that with respect to any Senior Interest, in addition to the foregoing such Senior Interest will also be considered a Defaulted Asset to the extent that the Mortgage Loan would be considered a Defaulted Asset as described in this definition provided, however, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents.

  • Defaulted Mortgage Loan Purchase Price means the sum, without duplication, of (a) the aggregate Principal Balance of the Senior Notes, (b) accrued and unpaid interest thereon at the Note A Rate, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date of purchase, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer, and earned and unpaid special servicing fees), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f) (x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the Mortgage Loan is purchased after ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Securitization Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered Costs not reimbursed previously to a Senior Note pursuant to this Agreement. Notwithstanding the foregoing, if the Note B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on each Senior Note at the Note A Rate as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder under this Agreement.

  • Approved Lease has the meaning set forth in Section 6.11(a).

  • Defaulted Receivable means a Receivable:

  • Leasehold interest means the interest of the lessor or the lessee under a lease contract.

  • Loan Contract , subject to section 15, means a contract under which a person in the course of a business carried on by him provides or agrees to provide, whether on one or more occasions, credit to another person, not being a body corporate, in one or more of the following ways —

  • Defaulted Note Purchase Date shall have the meaning assigned to such term in Section 12.

  • Lease Supplement means a Lease Supplement, substantially in the form of Schedule 2 hereto, to be entered into between Lessor and Lessee on the Delivery Date for the purpose of leasing the Aircraft under and pursuant to the terms of this Agreement, and any subsequent Lease Supplement entered into in accordance with the terms of this Agreement.

  • Defaulted Payment has the meaning specified in the definition of “Defaulting Lender”.

  • Capital Lease means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person.

  • Unexpired Lease means a lease to which one or more of the Debtors is a party that is subject to assumption or rejection under section 365 of the Bankruptcy Code.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Hedge Contract means any exchange, swap, forward, cap, floor, collar, option or other similar agreement or arrangement entered into for the purpose of reducing the exposure of a Group Member to fluctuations in interest rates, the price of hydrocarbons, basis differentials or currency exchange rates in their operations or financing activities and not for speculative purposes.

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.