Examples of Liquidated Lease in a sentence
As of the second Deposit Date following its discovery or its receipt of notice of any breach of the Representations and Warranties that materially and adversely affects the value of any Lease (including any Liquidated Lease), Vendor Services shall, unless such breach shall have been cured in all material respects, either (A) (i) repurchase such Lease from the Issuer and (ii) repurchase the related Equipment from the Contributor or (B) substitute a Substitute Lease for such Lease and the related Equipment.
To the extent permitted by Applicable Law and the related Lease, if a Lease becomes a Defaulted Lease or a Liquidated Lease, then the related security deposit shall become Liquidation Proceeds, which the Servicer shall apply (net of any Liquidation Expenses) to amounts owed by the related Lessee under such Lease.
As of the second Accounting Date following its discovery or its receipt of notice of any breach of the Representations and Warranties that materially and adversely affects the value of any Lease (including any Liquidated Lease), Vendor Services shall, unless such breach shall have been cured in all material respects, either (A) (i) purchase such Lease from the Issuer and (ii) purchase the related Equipment from the Contributor or (B) substitute a Substitute Lease for such Lease.
The parties acknowledge that the Collector is obligated, in accordance with this Agreement and the Credit and Collection Policies, to enforce a Designated Eligible Lease that is to become a Liquidated Lease, including, by taking possession of and/or re-leasing the Equipment to a third party or selling the Equipment forming the subject matter of such Lease and by enforcing the Related Rights.
If the Special Servicer has determined, in its good faith and reasonable judgment, that any Defaulted Lease will become a Liquidated Lease, the Special Servicer shall promptly so notify in writing the Issuer, the Indenture Trustee, the Grantor Trust Trustee, the Property Manager and the Certificate Insurer.