Common use of MANUFACTURER EVENTS OF DEFAULT Clause in Contracts

MANUFACTURER EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each, a "Manufacturer Event of Default") with respect to a Manufacturer, the Lessee on behalf of the Lessor (a) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer (each, a "Defaulting Manufacturer") and (b) shall cancel any Vehicle Order with such Defaulting Manufacturer to which a vehicle identification number (a "VIN") has not been assigned as of the date such Manufacturer Event of Default occurs: Section 18.1. The failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer's Vehicle Disposition Programs and its incentive programs, in an aggregate amount in excess of $15,000,000 (net of amounts that are the subject of a good faith dispute, as evidenced in writing by either the Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $15,000,000, continues for more than ninety (90) days following the Disposition Date of the related Vehicle. Section 18.2. The occurrence of an Event of Bankruptcy with respect to such Manufacturer.

MANUFACTURER EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each, a "Manufacturer Event of Default") with respect to a Manufacturer, the Lessee Lessees on behalf of the Lessor (a) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer (each, a "Defaulting Manufacturer") and (b) shall cancel any Vehicle Order with such Defaulting Manufacturer to which a vehicle identification number (a "VIN") has not been assigned as of the date such Manufacturer Event of Default occurs: Section 18.1. The failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer's Vehicle Disposition Programs and its incentive programs, in an aggregate amount in excess of $15,000,000 [$ ] (net of amounts that are the subject of a good faith dispute, as evidenced in writing by either the applicable Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $15,000,000, [$ ] continues for more than ninety (90) days following the Disposition Date of for the related Vehicle. Section 18.2. The occurrence of an Event of Bankruptcy with respect to such Manufacturer.

MANUFACTURER EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each, a "Manufacturer Event of Default") with respect to a Manufacturer, the Lessee Lessees on behalf of the Lessor (a) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer (each, a "Defaulting Manufacturer") and (b) shall cancel any Vehicle Order with such Defaulting Manufacturer to which a vehicle identification number (a "VIN") has not been assigned as of the date such Manufacturer Event of Default occurs: Section 18.1. The failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer's Vehicle Disposition Programs and its incentive programs, in an aggregate amount in excess of $15,000,000 25,000,000 (net of amounts that are the subject of a good faith dispute, as evidenced in writing by either the applicable Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $15,000,000, 25,000,000 continues for more than ninety (90) days 90)days following the Disposition Date of for the related Vehicle. Section 18.2. The occurrence of an Event of Bankruptcy with respect to such Manufacturer.

MANUFACTURER EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each, a "“Manufacturer Event of Default"”) with respect to a Manufacturer, the Lessee Lessees on behalf of the Lessor (a) shall no longer place Vehicle Orders for additional Program Vehicles from such Manufacturer (each, a "“Defaulting Manufacturer"”) and (b) shall cancel any Vehicle Order with such Defaulting Manufacturer to which a vehicle identification number (a "“VIN"”) has not been assigned as of the date such Manufacturer Event of Default occurs: Section 18.1. The failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer's ’s Vehicle Disposition Programs and its incentive programs, in an aggregate amount in excess of $15,000,000 40,000,000 (net of amounts that are the subject of a good faith dispute, as evidenced in writing by either the applicable Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $15,000,000, 40,000,000 continues for more than ninety (90) days following the Disposition Date of for the related Vehicle. Section 18.2. The occurrence of an Event of Bankruptcy with respect to such Manufacturer.