Common use of Redesignation of Vehicles Clause in Contracts

Redesignation of Vehicles. (a) Upon a Program Vehicle’s becoming ineligible for repurchase by its Manufacturer or for sale in accordance with applicable Auction Procedures, due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Vehicle Disposition Program, or due to any failure or inability to return such Vehicle to the Manufacturer or the designated auction site prior to the expiration of the Maximum Term, or due to any other event or circumstance, including the occurrence and continuance of a Manufacturer Event of Default with respect to the Manufacturer of such Program Vehicle, the applicable Servicer may designate such Vehicle as a Non-Program Vehicle if such Vehicle, as a Non-Program Vehicle, will be an Eligible Vehicle and if either (a) such designation meets the conditions of Sections 4.1.1, 4.1.2, 4.1.5 and 4.1.6 or (b) the Noteholders holding the requisite Invested Amount of each applicable Series of Notes included in the Group VII Series of Notes waive, in each case as and to the extent permitted under the related Series Supplement, the requirements of Sections 4.1.1, 4.1.2, 4.1.5 and 4.1.6 as applied to this Section 14 and all such other conditions, requirements or restrictions applicable to the leasing of Eligible Vehicles under this Lease with respect to which a failure or violation has occurred; provided, in each case, that (x) any additional Monthly Base Rent due with respect to each such Vehicle, relating to the decrease, if any, of the Net Book Value of such Vehicle under the newly applicable Depreciation Schedule, shall be paid by the applicable Lessee on the next succeeding Due Date, and (y) the minimum level of Enhancement required under each applicable Group VII Series Supplement, after giving effect to such designation, shall be satisfied on the date of designation.

Redesignation of Vehicles. (a) Upon a Program Vehicle’s becoming ineligible for repurchase by its Manufacturer or for sale in accordance with applicable Auction Procedures, due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Vehicle Disposition Program, or due to any failure or inability to return such Vehicle to the Manufacturer or the designated auction site prior to the expiration of the Maximum Term, or due to any other event or circumstance, including the occurrence and continuance of a Manufacturer Event of Default with respect to the Manufacturer of such Program Vehicle, the applicable Servicer may designate such Vehicle as a Non-Program Vehicle if such Vehicle, as a Non-Program Vehicle, will be an Eligible Vehicle and if either (a) such designation meets the conditions of Sections 4.1.1, 4.1.2, 4.1.5 and 4.1.6 or (b) the Noteholders holding the requisite Invested Amount of each applicable Series of Notes included in the Group VII V Series of Notes waive, in each case as and to the extent permitted under the related Series Supplement, the requirements of Sections 4.1.1, 4.1.2, 4.1.5 and 4.1.6 as applied to this Section 14 and all such other conditions, requirements or restrictions applicable to the leasing of Eligible Vehicles under this Lease with respect to which a failure or violation has occurred; provided, in each case, that (x) any additional Monthly Base Rent due with respect to each such Vehicle, relating to the decrease, if any, of the Net Book Value of such Vehicle under the newly applicable Depreciation Schedule, shall be paid by the applicable Lessee on the next succeeding Due Date, and (y) the minimum level of Enhancement required under each applicable Group VII V Series Supplement, after giving effect to such designation, shall be satisfied on the date of designation.

Redesignation of Vehicles. (a) Upon a Program Vehicle’s 's becoming ineligible for repurchase by its Manufacturer or for sale in accordance with at Auction under the applicable Auction ProceduresVehicle Disposition Program, due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Vehicle Disposition Program, or due to any failure or inability to return such the Vehicle to the Manufacturer or the designated auction site Auction prior to the expiration of the Maximum Term, or due to any other event or circumstance, including the occurrence and continuance of a Manufacturer Event of Default with respect to the Manufacturer of such Program Vehicle, the applicable Servicer may designate such the related Vehicle as a Non-Program Vehicle if such Vehicle, as a Non-Program Vehicle, will be an Eligible Vehicle and if either (a) such designation meets the conditions of of, as applicable, Sections 4.1.14.2(a) and (c) (as Section 4.2(c) relates to the Maximum Non-Program Percentage), 4.1.2, 4.1.5 and 4.1.6 or (b) the Noteholders holding the requisite Invested Amount of each applicable Series of Notes included in the Group VII Series of Notes waive, in each case as and to the extent permitted under the related Series Supplement, the requirements of Sections 4.1.14.2(a) or (c) (as Section 4.2(c) relates to the Maximum Non-Program Percentage), 4.1.2, 4.1.5 and 4.1.6 in each case as applied to this Section 14 and all such other conditions, requirements or restrictions applicable to the leasing of Eligible Vehicles under this Lease with respect to which a failure or violation has occurred; provided, in each case, that (x) any additional Monthly Base Rent due with respect to each such Vehicle, relating to the decrease, if any, of the Net Book Value of such Vehicle under the newly applicable Depreciation Schedule, shall be paid by the applicable Lessee on the next succeeding Due Date, and (y) the minimum level of Enhancement required under each the applicable Group VII Series Supplement, after giving effect to such designation, shall be satisfied on the date of designation.