Manufacturer Programs and Vehicles Sample Clauses

Manufacturer Programs and Vehicles. (i) Upon the occurrence of a Liquidation Event of Default, the Trustee, upon direction of the ARG Trustee, shall exercise its rights under the Lease and cause the Issuer or the Lessees to return the Program Vehicles to the related Manufacturers (after the minimum holding period specified in the Manufacturer’s Manufacturer Program and so long as a Manufacturer Event of Default has not occurred and is continuing with respect to the related Manufacturer) and then, to the extent any Manufacturer fails to accept any such Program Vehicles under the terms of the applicable Manufacturer Program (or if a Manufacturer Event of Default has occurred and is continuing with respect to the related Manufacturer), shall cause the Issuer or the Lessees to liquidate the Program Vehicles in accordance with the rights of the Issuer under the Lease and to otherwise sell or cause to be sold to third parties all Non-Program Vehicles. Upon the occurrence of a Limited Liquidation Event of Default with respect to any Series of Notes, the Trustee, upon direction of the ARG Trustee, shall exercise its rights under the Lease and cause the Issuer or the Lessees to return Program Vehicles to the related Manufacturers (after the minimum holding period specified in the Manufacturer’s Manufacturer Program and so long as a Manufacturer Event of Default has not occurred and is continuing with respect to the related Manufacturer) and to sell Non-Program Vehicles or cause Non-Program Vehicles to be sold to third parties in an amount sufficient to pay the lesser of all interest and principal on such Series of Notes and the amount payable in respect of such Series of Notes after the occurrence of an Affiliate Issuer Liquidation Event set forth in the applicable Series Supplement, taking into account the availability of proceeds of Vehicles being disposed of under the Leasing Company Leases, and to the extent that any Manufacturer fails to accept any such Program Vehicles under the terms of the applicable Manufacturer Program (or if a Manufacturer Event of Default has occurred and is continuing with respect to the related Manufacturer), shall cause the Issuer or the Lessees to liquidate such Program Vehicles in accordance with the rights of the Issuer under the Lease; provided, however, that the Issuer shall select the Program Vehicles to be returned to the related Manufacturers and the Non-Program Vehicles to be sold to third parties in a manner that does not adversely affect in any material resp...
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