Defaulted Lease Contract definition

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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);

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.

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.
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 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.
If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Transferor or Servicer request may, and upon the request of the Bond Insurer or the Certificateholders shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.
Servicer shall remit to the Investment Account all Liquidation Proceeds received in connection with the sale or disposition of a Defaulted Lease Contract.
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 ------------------------------------------ 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 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.

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.

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)

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.

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.

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.