Defaulted Lease Contract definition

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. A Lease Contract shall become a Defaulted Lease Contract at the earlier of (i) the Calculation Date on which any Scheduled Payment with respect to such Lease Contract has not been received and remains unpaid for a period of 120 or more days from the date such Scheduled Payment is due or (ii) the day the Servicer determines in accordance with its customary practices that it shall not make a Servicer Advance because the Servicer has determined that any such Servicer Advance would be unrecoverable.
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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.
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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.

  • The required material can be processed on request and payment basis.

  • Servicer shall be entitled to be reimbursed for Servicer Advances by subsequent payments by or on behalf of the Lessee under such Lease Contract; provided, Servicer shall not be reimbursed for any Servicer Advance made in respect of a Defaulted Lease Contract after it becomes 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.

  • 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.

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  • 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 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 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.


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 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 as to which the Lessee thereunder is delinquent in any portion of the Scheduled Payments for a period of 91 days or more shall automatically be deemed a Defaulted Lease Contract.
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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 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 ------------------------ 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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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 2016-B Lease that is terminated and charged off by the Servicer prior to its Maturity Date following a default thereunder.

  • 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 the Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers and encumbrances 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.

  • Approved Lease means (a) each existing Lease as of the Closing Date as set forth in the Leasing Affidavit and (b) each Lease entered into after the Closing Date in accordance with the terms and conditions contained in Section 9.09 as such leases and related documents shall be Modified as permitted pursuant to the terms of this Agreement.

  • Defaulted Receivable means a Receivable:

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

  • Loan Contract means the evidence of indebtedness and all instruments used in the

  • 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, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which, in accordance with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP.

  • 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 of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more.

  • 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.