TRAC Lease definition

TRAC Lease means a Lease which contains a “terminal rental adjustment clause”.
Sample 1Sample 2Sample 3
TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701(h)(3) of Title 26 of the United States Code.
Sample 1Sample 2Sample 3
TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701 (h)
Sample 1Sample 2Sample 3

Examples of TRAC Lease in a sentence

  • Type of the Qualified Loan (e.g., line of credit, term loan, TRAC Lease).

  • Any loan or portion of a loan which is a Refinance of an existing loan, except for the assumption of a TRAC Lease for a loan already enrolled in the Program.

  • 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.

  • Any loan or portion of a loan which is a Refinance of an existing loan , except for the assumption of a TRAC Lease for a loan already enrolled in the Program.

  • J has several initial belief sets including groups of alternatives relating to core beliefs about payment, i.e. about whether she will or will not have to pay.

  • In addition, qualification of the Master Lease Agreement (and related MVLAs) of each new TRAC Lease as a lease for Federal income tax purposes will be determined without regard to the TRAC provision of the Master Lease Agreement.

  • Accordingly, based on the foregoing facts, representations, and law, the Master Lease Agreement (and related MVLAs) of each new TRAC Lease will be a qualified motor vehicle operating agreement under § 7701(h)(2)).

  • TRAC Lease RESCINDEDA terminal rental adjustment clause (TRAC) lease generally is used for “over-the-road” vehicles such as trucks, tractors, and trailers.

  • Hagerty, on the brief).PER CURIAMThird-party defendant Darwin National Assurance Company (Darwin) appeals from an August 23, 2022 order entering summary judgment after finding Darwin had a duty to defend and indemnify third-party plaintiff TRAC Lease, Inc.

  • Much of this is envisaged to be achieved by 'imbuing the Web itself with meaning' (Matthews, 2005, page 1) through semantic description.


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.
Sample 1Sample 2Sample 3
TRAC Lease means a contract or other agreement between a
Sample 1Sample 2Sample 3
TRAC Lease means “Terminal Rental Adjustment Clause” as defined in Section 7701(h)(3) ofTitle 26 of the United States Code.
Sample 1
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.
Sample 1
TRAC Lease. A Lease Contract that meets the requirements of Section 7701(h) of the Code.
Sample 1

Related to TRAC Lease

  • Sale and Lease-Back Transaction shall have the meaning assigned to such term in Section 6.03.

  • 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.

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

  • Synthetic Lease means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

  • 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 a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease.

  • Sale/Leaseback Transaction means an arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted Subsidiary of the Company or between Restricted Subsidiaries of the Company.

  • 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.

  • the Lease means the lease of the said land to be granted by the Lessor to the Lessee pursuant to clause 2.1;

  • Sale and Leaseback Transaction means any direct or indirect arrangement with any Person or to which any such Person is a party, providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such Property.

  • Sale and Leaseback Transactions means with respect to any Person an arrangement with any bank, insurance company or other lender or investor or to which such lender or investor is a party, providing for the leasing by such Person of any asset of such Person which has been or is being sold or transferred by such Person to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such asset.

  • 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.

  • Synthetic Leases means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness for borrowed money for purposes of U.S. federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of the Property subject to such operating lease upon expiration or early termination of such lease.