TRAC Lease definition

TRAC Lease means a Lease which contains a “terminal rental adjustment clause”.
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TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701(h)(3) of Title 26 of the United States Code.
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TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701 (h)
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Examples of TRAC Lease in a sentence

  • A Qualified Loan may be made in the form of a TRAC Lease when the Loan Loss Reserve Account is funded from an Independent Contributor.

  • If the Servicer shall commence a legal proceeding, on behalf of the Issuer, to enforce a Receivable, the Issuer (in the case of a Receivable other than a Removed Receivable) shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Receivable or, in the case of a TRAC Lease, a beneficial interest in such TRAC Lease, to the Servicer.

  • Pursuant to the TRAC Lease facility, U-Haul receives funding from the owner/lessor.

  • TRAC Lease (Terminated Rental - Adjustment Clause)➢A lease for new and used commercial trucks, tractors, vans and trailers that let you borrow the entire purchase price, including some soft costs, and get lower monthly payments with a guaranteed purchase option at the end of the term.

  • Orler, CFO Re: TRAC Lease Commitment of Fleet Capital Corporation Dear Mr. Orler: We are pleased to inform you that your application for a TRAC Lease ("Lease") with Fleet Capital Corporation has been approved under the following terms and conditions: LESSEE USA Truck, Inc.

  • See Chrysler Capital TRAC Lease Funding Checklist and TRAC Rate Sheet for a complete list of required documents.

  • Generally speaking, U-Haul purchases the vehicles from Ford or General Motors Corporation ("GM") and then transfers ownership of the vehicles to an owner/lessor under a TRAC Lease facility.

  • Land is therefore as explained earlier from the onset, a platform of all human activities-economic, social, spiritual or recreation.

  • END OF LEASE OPTIONS Lessee will have the following options: 1)Purchase the Equipment for the TRAC amount which shall be equal to forty percent (40%) of the original Acquisition Cost for any TRAC Lease Schedule.

  • Please pay special attention to section 17, outlining the termination of the Chrysler Capital Commercial TRAC Lease if the vehicle is returned and disposed by Chrysler Capital.


More Definitions of TRAC Lease

TRAC Lease. A Retail Lease that provides for a TRAC Payment by the lessee at the expiration of the lease term pursuant to a provision in the lease that provides in substance that, at the end of the term of the lease, after the application of the proceeds of the sale of the Financed Vehicle (whether such sale is to the lessee, an Affiliate of the lessor or another Person) the lessee will be obligated to pay the lessor the excess of the TRAC Payment over the sale proceeds or the lessor will be obligated to pay the lessee the excess of the sale proceeds over the TRAC Payment.
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TRAC Lease means a contract or other agreement between a
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TRAC Lease means a contract or other agreement between a lessor and a lessee which contains a “terminal rental adjustment clause,” as that provision is defined in subsection (h) of 26 U.S.C. s.7701.
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TRAC Lease. A Lease Contract that meets the requirements of Section 7701(h) of the Code.
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TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701(h)(3) ofTitle 26 of the United States Code.
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Related to TRAC Lease

  • Consolidated Lease Expense means, for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower and its Subsidiaries with respect to leases of real and personal property (excluding Capital Lease Obligations) determined on a consolidated basis in accordance with GAAP for such period.

  • Capital Lease means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

  • Lease means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to the use or occupancy of any real property for any period of time.

  • Finance Lease Obligation means, at the time any determination thereof is to be made, the amount of the liability in respect of a Finance Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP.

  • Capitalized Lease of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.

  • Sale and Leaseback Transaction means any arrangement providing for the leasing by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of such leasing.

  • Finance Lease means any lease or hire purchase contract which would, in accordance with the Accounting Principles, be treated as a finance or capital lease.

  • 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.