Common use of Disposition Upon Termination of Contract Clause in Contracts

Disposition Upon Termination of Contract. Upon the termination of a Contract included in the Contracts Pool as a result of a default by the Obligor thereunder, and upon any such Contract becoming a Defaulted Contract, the Servicer will use commercially reasonable efforts to dispose of any related Equipment. Without limiting the generality of the foregoing, the Servicer may dispose of any such Equipment by purchasing such Equipment or by selling such Equipment to any of its Affiliates for a purchase price equal to the fair market value thereof. The Servicer will deposit any Prepayments of any such disposition in accordance with Section 7.01.

Disposition Upon Termination of Contract. Upon the termination of a Contract included in the Contracts Contract Pool as a result of a default by the Obligor obligor thereunder, and upon any such Contract becoming a Defaulted Contract, the Servicer will use commercially reasonable efforts to dispose of any related Equipment. Without limiting the generality of the foregoing, the Servicer may dispose of any such Equipment by purchasing such Equipment or by selling 31 such Equipment to any of its Affiliates for a purchase price equal to the fair market value thereof. The Servicer will deposit any Prepayments and any Expired Lease Proceeds of any such disposition in accordance with Section 7.01.