Purchased Lease definition
Examples of Purchased Lease in a sentence
Neither Seller nor any affiliate of Seller has any obligation under any Purchased Lease that has not been performed in full as of the related Purchase Date, and no Purchased Lease requires Seller or any affiliate of Seller to comply with any covenant or other agreement (it being understood that the Servicing Rights do not constitute obligations, covenants or other agreements).
Buyer shall have the right, but shall not be obligated, to perform any Seller obligation under any Purchased Lease.
Seller has delivered to Buyer the executed original of the related Purchased Lease (including, if such Purchased Lease consists of a schedule or supplement to a master lease agreement, the executed original of such master lease agreement) and the originals of all related agreements and other documents (collectively with respect to each Purchased Lease, the “Lease File”).
All information set forth on Schedule 1 to any Assignment (including, without limitation, the vehicle identification number for each item of Equipment leased under any related Purchased Lease) is true and correct.
Seller has transferred a perfected, first-priority security interest in the related Equipment to Buyer, which security interest is subject only to the interests of the related Obligor under the related Purchased Lease.
Each Purchased Lease complies with all applicable laws, rules and regulations.
All descriptions in each Purchased Lease, including, without limitation, the description of the related Equipment and the description of the number and amount of Scheduled Payments due or to become due under such Purchased Lease, are complete and accurate.
Seller hereby irrevocably authorizes Buyer to deliver to the related Obligor each notice of assignment delivered by Seller to Buyer pursuant to Section 2.3.5. Seller shall have no right or obligation to exercise the Servicing Rights and shall not take any action with respect to any Purchased Lease that would reasonably be expected to have a Material Adverse Effect.
Buyer shall ▇▇▇▇ and collect all payments due or to become due under the Purchased Leases and otherwise administer the Purchased Leases in its own name and in accordance with its standard servicing procedures as in effect from time to time (it being understood that the Buyer may, without limitation, instruct any Obligor under a Purchased Lease to make payments under such Purchased Lease to any account designated by Buyer).
No default or other event (other than a failure to pay any amount due under any Purchased Lease) that with the passage of time or giving of notice or both would become a default has occurred under any Purchased Lease, nor has Seller waived any such default or other event, in each case except as disclosed on Schedule 2 to the related Assignment.