Common use of MANUFACTURER EVENTS OF DEFAULT Clause in Contracts

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "Defaulting Manufacturer"), each Lessee, on behalf of the Lessor (i) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect to which a VIN has not been assigned as of the date such Manufacturer Event of Default occurs. (b) Upon the occurrence of a Manufacturer Event of Default, each Lessee agrees to (i) act at the direction of the Lessor, the Lender or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof and subject to the limitations set forth therein. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no Lessee shall be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 19 shall be construed to modify, terminate or otherwise affect the Lessees' obligations under this Agreement.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "“Defaulting Manufacturer"”), each Lessee, on behalf of the Lessor (i) shall no longer place Vehicle Orders for additional purchase Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect pursuant to which a VIN has not been assigned as of the date such Manufacturer Event of Default occursPurchase Agreement. (b) Upon the occurrence of a Manufacturer Event of Default, each Lessee the Servicer agrees to (i) act at the direction of the Lessor, the Lender Lessor or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof 2.6 and subject to the limitations set forth therein. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no the Lessee shall not be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 19 18 shall be construed to modify, terminate or otherwise affect the Lessees' Lessee’s obligations under this Agreement.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "Defaulting Manufacturer"), each Lessee, on behalf of the Lessor (i) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect to which a VIN has not been assigned as of the date such Manufacturer Event of Default occurs. (b) Upon the occurrence of a Manufacturer Event of Default, each Lessee agrees to (i) act at the direction of the Lessor, the Lender or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof and subject to the limitations set forth thereinoccurred. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no Lessee Lessees shall be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 19 shall be construed to modify, terminate or otherwise affect the Lessees' obligations under this Agreement.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "Defaulting Manufacturer"), each the Lessee, on behalf of the Lessor (i) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect to which a VIN has not been assigned as of the date such Manufacturer Event of Default occurs. (b) Upon the occurrence of a Manufacturer Event of Default, each the Lessee agrees to (i) act at the direction of the Lessor, the Lender or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof and subject to the limitations set forth therein. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no the Lessee shall be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting ManufacturerManufacturer or any Non-Program Vehicle returned to a Defaulting Manufacturer under a Manufacturer Program pursuant to Section 2.6(b). The Lessee may satisfy its obligation hereunder by purchasing the Program Vehicles of the Defaulting Manufacturer pursuant to Section 2.5 or by selling such Program Vehicles to a third party; provided, however, that nothing in this Section 19 the funds received by the Lessor with respect to such Vehicle shall be construed equal the Termination Value for such Vehicle, together with all Monthly Base Rent and Supplemental Rent with respect to modify, terminate or otherwise affect the Lessees' obligations under this Agreementsuch Vehicle.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "“Defaulting Manufacturer"”), each no Lessee, on behalf of the Lessor Lessor, (i) shall no any longer place Vehicle Orders for additional Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect to which a VIN has not been assigned as of the date such Manufacturer Event of Default occurs. (b) Upon the occurrence of a Manufacturer Event of Default, each Lessee agrees to (i) act at the direction of the Lessor, the Lender or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof and subject to the limitations set forth therein. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no each Lessee shall be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles leased by it subject to the Manufacturer Program of the Defaulting ManufacturerManufacturer or any Non-Program Vehicle returned to a Defaulting Manufacturer under a Manufacturer Program pursuant to Section 2.6(b). Any Lessee may satisfy its obligation hereunder by purchasing the Program Vehicles of the Defaulting Manufacturer pursuant to Section 2.5 or by selling such Program Vehicles to a third party; provided, however, that nothing in this Section 19 the funds received by the Lessor with respect to such Vehicle shall be construed equal the Termination Value for such Vehicle, together with all Monthly Base Rent and Supplemental Rent with respect to modify, terminate or otherwise affect the Lessees' obligations under this Agreementsuch Vehicle.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon the occurrence of a Manufacturer Event of Default with respect to any Manufacturer (a "“Defaulting Manufacturer"”), each the Lessee, on behalf of the Lessor Lessor, (i) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect to which a VIN has not been assigned as of the date such Manufacturer Event of Default occurs. (b) Upon the occurrence of a Manufacturer Event of Default, each the Lessee agrees to (i) act at the direction of the Lessor, the Lender or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer Event of Default has occurred or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof and subject to the limitations set forth therein. (c) Upon the occurrence of a Manufacturer Event of Default, except as provided in Section 13.3, no the Lessee shall not be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 19 shall be construed to modify, terminate or otherwise affect the Lessees' Lessee’s obligations under this Agreement.

MANUFACTURER EVENTS OF DEFAULT. (a) Upon During the occurrence continuance of a Manufacturer Event of Default with respect to any Manufacturer (a "“Defaulting Manufacturer"”), each Lessee, on behalf of the Lessor (i) shall no longer place Vehicle Orders for additional not purchase Program Vehicles from such Manufacturer and (ii) shall cancel any Vehicle Order with such Defaulting Manufacturer for any Program Vehicle with respect pursuant to which a VIN has not been assigned as of the date such Manufacturer Event of Default occursPurchase Agreement. (b) Upon the occurrence of a Manufacturer Event of Default, each Lessee Default the Servicer agrees to (i) act at the direction of the Lessor, the Lender Lessor or the Trustee to take commercially reasonable action to liquidate the Program Vehicles subject to a Manufacturer Program with respect to which such Manufacturer (provided that if such Manufacturer Event of Default has occurred is cured and is no longer continuing at any time when the Servicer is liquidating such Program Vehicles, the Servicer may cease liquidating such Program Vehicles) or (ii) convert such Program Vehicles to Non-Program Vehicles in accordance with Section 2.7 hereof 2.6 and subject to the limitations set forth therein. (c) Upon the occurrence of For so long as a Manufacturer Event of DefaultDefault is continuing with respect to a Defaulting Manufacturer, except as provided in Section 13.3, no the Lessee shall not be liable for any failure by the Lessor to recover all or any portion of the Repurchase Price with respect to any Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 19 18 shall be construed to modify, terminate or otherwise affect the Lessees' Lessee’s obligations under this Agreement.