Program Negotiation Vehicles Sample Clauses

Program Negotiation Vehicles. (a) It is recognized that the Partnership may purchase between August 1 and December 15 in a year Vehicles of the upcoming model year manufactured by an Eligible Manufacturer whose current year Vehicles are subject to a Repurchase Agreement and from whom the Partnership has (i) a letter of undertaking stating that a Repurchase Agreement is being negotiated which, if completed, will cover that Manufacturer’s Vehicles of the upcoming model year, or (ii) a draft form of Repurchase Agreement tabled by that Manufacturer, that if signed, would cover that Manufacturer’s Vehicles of the upcoming model year. Such Vehicles are referred to herein as “Program Negotiation Vehicles”. (b) Subject to the following sentence, Program Negotiation Vehicles shall be deemed to be Partnership Program Vehicles for the purposes of section 5.2(i) hereof and the definition of “Depreciation”. If a Repurchase Agreement between the Partnership and the Eligible Manufacturer is not entered into by December 15 in the calendar year in which the Program Negotiation Vehicle is purchased by the Partnership, then thereafter for all purposes hereof such Vehicle will be a Partnership Non-program Vehicle. (c) Notwithstanding section 3.2(c), when and to the extent the General Partner makes a Capital Call for the purpose of funding the purchase of Program Negotiation Vehicles, for every $1.00 called from the Limited Partner the General Partner must make, simultaneously with the payment from the Limited Partner, an Additional Capital Contribution by way of immediately available funds deposited to the Vehicle Account of $0.108033, so that, by way of example, if a Capital Call were made on the Limited Partner in the amount of $3,000,000 and were entirely for the purpose of funding the purchase of Program Negotiation Vehicles, the General Partner would be required to contribute $324,099 to the Partnership. (d) If a Repurchase Agreement is entered into on or before December 15 covering Partnership Vehicles that prior thereto had been Program Negotiation Vehicles, then thereafter all such Vehicles will be for all purposes hereof Partnership Program Vehicles and the General Partner shall be entitled to a distribution from the Partnership by way of return of capital of the amount, without interest, by which its Additional Capital Contribution in respect of the Program Negotiation Vehicles was greater than it would have been had such Vehicles been Partnership Program Vehicles when purchased (the “PNV Excess...
Sample 1
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Program Negotiation Vehicles. The General Partners shall deliver a signed copy of any letter of undertaking referred to in subsection 5.4(a) of the LP Agreement to each Securitization Agent and the Rating Agency as soon as reasonably practicable and, in any event, prior to the Partnership purchasing Program Negotiation Vehicles from the relevant Eligible Manufacturer.
Sample 1

Related to Program Negotiation Vehicles

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