Special Default Payments. (a) On the Determination Date immediately following the receipt of payment of the Repurchase Price of each Program Vehicle from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Program Vehicle sold through an auction conducted by or through a Manufacturer) or on the Determination Date immediately following the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer will calculate the amount of any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date (any such charges are referred to as “Program Vehicle Special Default Payments”). (b) On the first Determination Date following the last day of the Related Month in which the Disposition Proceeds from the sale or other disposition of any Non-Program Vehicle (other than a Casualty, a Vehicle that has been purchased by the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicle) are deposited into a Collateral Account, the Servicer will calculate, in respect of such Non-Program Vehicle, an amount equal to the quotient of (i) the sum of all Program Vehicle Special Default Payments payable by the Lessee on the twelve Payment Dates preceding such Determination Date divided by (ii) the number of Program Vehicles that were turned back to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding such twelve Payment Dates, and the Lessee will pay such amount to the Lessor on the Payment Date immediately following such Determination Date (any such charges are referred to as “Non-Program Vehicle Special Default Payments” and, together with the Program Vehicle Special Default Payments, the “Special Default Payments”).
Appears in 3 contracts
Samples: Master Motor Vehicle Operating Lease and Servicing Agreement (Hertz Global Holdings Inc), Master Motor Vehicle Operating Lease and Servicing Agreement (Hertz Corp), Master Motor Vehicle Operating Lease and Servicing Agreement (Hertz Global Holdings Inc)
Special Default Payments. (a) On The Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the Repurchase Price due from a Manufacturer or payable by Lessor upon the turn back of such Program Vehicles under the applicable Manufacturer Program. Upon receipt of payment of the Repurchase Price of each such Program Vehicle leased hereunder from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Program Vehicle sold through an auction conducted by or through a Manufacturer) or on the Determination Date immediately following upon the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate charge the amount of Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “"Program Vehicle Special Default Payments”").
(b) On The Lessee will use its best efforts to maintain the first Determination Date following the last day of the Related Month Non-Program Vehicles leased hereunder in which the Disposition Proceeds from the sale or other disposition of any a manner such that no Non-Program Vehicle Special Default Payments (other than a Casualty, a Vehicle that has been purchased by the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicleas defined below) are deposited into a Collateral Account, the Servicer will calculate, in respect shall be due upon disposition of such Non-Program VehicleVehicles by or for the benefit of the Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the benefit of the Lessor, other than the sale of any such NonProgram Vehicle to the Lessee in accordance with the terms hereof, the Lessor will charge the Lessee (i) if such Non-Program Vehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the quotient of (i) the sum of all comparable Program Vehicle Special Default Payments payable by pursuant to the Lessee on applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the twelve Payment Dates preceding such Determination Date divided by applicable Manufacturer Program, as the case may be, and (ii) the number of if such Non-Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding a Vehicle Turn-In Condition standard established pursuant to Section 13.1(b)(ii), an amount equal to any charges applicable to such twelve Payment Dates, and the Lessee will pay Non-Program Vehicle pursuant to such amount to the Lessor on the Payment Date immediately following such Determination Date Vehicle Turn-In Condition standard (any such charges are referred to as “"Non-Program Vehicle Special Default Payments” " and, together with the Program Vehicle Special Default Payments, the “"Special Default Payments”").
(c) On each Payment Date, the Lessee shall pay to the Lessor all Special Default Payments that have accrued during the Related Month. The obligation of the Lessee to pay Special Default Payments shall constitute the sole remedy respecting the breach of its covenant contained in the first sentence of Section 13.3(a) and Section 13.3(b). The provisions of this Section 13.3 will survive the expiration or earlier termination of the Term.
Appears in 1 contract
Samples: Master Motor Vehicle Finance Lease Agreement (Avis Rent a Car Inc)
Special Default Payments. (a) On The Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the Repurchase Price due from a Manufacturer or payable by Lessor upon the turn back of such Program Vehicles under the applicable Manufacturer Program. Upon receipt of payment of the Repurchase Price of each such Program Vehicle leased hereunder from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Program Vehicle sold through an auction conducted by or through a Manufacturer) or on the Determination Date immediately following upon the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate charge the amount of Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “"Program Vehicle Special Default Payments”").
(b) On The Lessee will use its best efforts to maintain the first Determination Date following the last day of the Related Month Non-Program Vehicles leased hereunder in which the Disposition Proceeds from the sale or other disposition of any a manner such that no Non-Program Vehicle Special Default Payments (other than a Casualty, a Vehicle that has been purchased by the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicleas defined below) are deposited into a Collateral Account, the Servicer will calculate, in respect shall be due upon disposition of such Non-Program VehicleVehicles by or for the benefit of the Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the benefit of the Lessor, other than the sale of any such NonProgram Vehicle to the Lessee in accordance with the terms hereof, the Lessor will charge the Lessee (i) if such Non-Program Vehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the quotient of (i) the sum of all comparable Program Vehicle Special Default Payments payable by pursuant to the Lessee on applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the twelve Payment Dates preceding such Determination Date divided by applicable Manufacturer Program, as the case may be, and (ii) the number of if such Non-Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding a Vehicle Turn-In Condition standard established pursuant to Section 13.1(b)(ii), an amount equal to any charges applicable to such twelve Payment Dates, and the Lessee will pay Non-Program Vehicle pursuant to such amount to the Lessor on the Payment Date immediately following such Determination Date Vehicle Turn-In Condition standard (any such charges are referred to as “"Non-Program Vehicle Special Default Payments” and, together with the Program Vehicle Special Default Payments, the “Special Default Payments”)."
Appears in 1 contract
Samples: Master Motor Vehicle Finance Lease Agreement (Avis Rent a Car Inc)
Special Default Payments. (a) On The Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the receipt Repurchase Price due from a Manufacturer or payable by the Lessor upon the turn back of payment such Program Vehicles under the applicable Manufacturer Program. Upon (i) the deposit of the Repurchase Price of each any Program Vehicle from leased hereunder payable by the Manufacturer in the Collection Account or a Joint Collection Account (or the receipt of payment deposit of the Repurchase Price of each such any Program Vehicle sold through an auction conducted by or through a ManufacturerManufacturer in the Collection Account or a Joint Collection Account), or (ii) or on the Determination Date immediately following the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate charge the amount of Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “Program Vehicle Special Default Payments”).
(b) On The Lessee will use its best efforts to maintain the first Determination Date following Non-Program Vehicles leased hereunder in a manner such that no Non-Program Vehicle Special Default Payments (as defined below) shall be due upon disposition of such Non-Program Vehicles by or for the last day benefit of the Related Month in which Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the Disposition Proceeds from benefit of the Lessor, other than the sale or other disposition of any Non-Program Vehicle (other than a Casualty, a Vehicle that has been purchased by to the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicle) are deposited into a Collateral Accountin accordance with the terms hereof, the Servicer Lessor will calculate, in respect of charge the Lessee (i) if such Non-Program VehicleVehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the quotient of (i) the sum of all comparable Program Vehicle Special Default Payments payable by pursuant to the Lessee on applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the twelve Payment Dates preceding such Determination Date divided by applicable Manufacturer Program, as the case may be, and (ii) the number of if such Non-Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding a Vehicle Turn-In Condition standard established pursuant to Section 13.1(b)(ii), an amount equal to any charges applicable to such twelve Payment Dates, and the Lessee will pay Non-Program Vehicle pursuant to such amount to the Lessor on the Payment Date immediately following such Determination Date Vehicle Turn-In Condition standard (any such charges are referred to as “Non-Program Vehicle Special Default Payments” and, together with the Program Vehicle Special Default Payments, the “Special Default Payments”).
Appears in 1 contract
Samples: Master Motor Vehicle Operating Lease Agreement (Cendant Corp)
Special Default Payments. (a) On Each Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased by such Lessee hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the receipt Repurchase Price due from a Manufacturer or payable by the Lessor upon the turn back of payment such Program Vehicles under the applicable Manufacturer Program. Upon (i) the deposit of the Repurchase Price of each any Program Vehicle from leased by a Lessee hereunder payable by the Manufacturer in the Collection Account or a Joint Collection Account (or the receipt of payment deposit of the Repurchase Price of each such any Program Vehicle sold through an auction conducted by or through a ManufacturerManufacturer in the Collection Account or a Joint Collection Account), or (ii) or on the Determination Date immediately following the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate the amount of charge such Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “Program Vehicle Special Default Payments”).
(b) On Each Lessee will use its best efforts to maintain the first Determination Date following the last day of the Related Month Non-Program Vehicles leased by such Lessee hereunder in which the Disposition Proceeds from the sale or other disposition of any a manner such that no Non-Program Vehicle Special Default Payments (other than a Casualty, a Vehicle that has been purchased by the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicleas defined below) are deposited into a Collateral Account, the Servicer will calculate, in respect shall be due upon disposition of such Non-Program VehicleVehicles by or for the benefit of the Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the benefit of the Lessor, other than the sale of any such Non-Program Vehicle to the Lessee of such Vehicle in accordance with the terms hereof, the Lessor will charge such Lessee (i) if such Non-Program Vehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the quotient of (i) the sum of all comparable Program Vehicle Special Default Payments payable by pursuant to the Lessee on applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the twelve Payment Dates preceding such Determination Date divided by applicable Manufacturer Program, as the case may be, and (ii) the number of if such Non- Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding a Vehicle Turn-In Condition standard established pursuant to Section 13.1(b)(ii), an amount equal to any charges applicable to such twelve Payment Dates, and the Lessee will pay Non-Program Vehicle pursuant to such amount to the Lessor on the Payment Date immediately following such Determination Date Vehicle Turn-In Condition standard (any such charges are referred to as “Non-Program Vehicle Special Default Payments” and, together with the Program Vehicle Special Default Payments, the “Special Default Payments”).
(c) On each Payment Date, each Lessee shall pay to the Lessor all Special Default Payments that have accrued during the Related Month. The obligation of each Lessee to pay Special Default Payments shall constitute the sole remedy respecting the breach of its covenant contained in the first sentence of each of Section 13.3(a) and Section 13.3(b).
(d) The provisions of this Section 13.3 will survive the expiration or earlier termination of the Term.
Appears in 1 contract
Special Default Payments. (a) On Each Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased by such Lessee hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the receipt Repurchase Price due from a Manufacturer or payable by the Lessor upon the turn back of payment such Program Vehicles under the applicable Manufacturer Program. Upon (i) the deposit of the Repurchase Price of each any Program Vehicle from leased by a Lessee hereunder payable by the Manufacturer in the Collection Account or a Joint Collection Account (or the receipt of payment deposit of the Repurchase Price of each such any Program Vehicle sold through an auction conducted by or through a ManufacturerManufacturer in the Collection Account or a Joint Collection Account), or (ii) or on the Determination Date immediately following the date by which the Repurchase Price of each such Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate the amount of charge such Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “Program Vehicle Special Default Payments”).
(b) On Each Lessee will use its best efforts to maintain the first Determination Date following the last day of the Related Month in which the Disposition Proceeds from the sale or other disposition of any Non-Program Vehicle (other than Vehicles leased by such Lessee hereunder in a Casualty, a Vehicle manner such that has been purchased by the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicle) are deposited into a Collateral Account, the Servicer will calculate, in respect of such Non-Program Vehicle, an amount equal to the quotient of (i) the sum of all Program Vehicle Special Default Payments payable by the Lessee on the twelve Payment Dates preceding such Determination Date divided by (ii) the number of Program Vehicles that were turned back to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding such twelve Payment Dates, and the Lessee will pay such amount to the Lessor on the Payment Date immediately following such Determination Date (any such charges are referred to as “no Non-Program Vehicle Special Default Payments” andPayments (as defined below) shall be due upon disposition of such Non-Program Vehicles by or for the benefit of the Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the benefit of the Lessor, together other than the sale of any such Non-Program Vehicle to the Lessee of such Vehicle in accordance with the terms hereof, the Lessor will charge such Lessee (i) if such Non-Program Vehicle Special Default Paymentsis manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the “Special Default Payments”).comparable Program Vehicle pursuant to the applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the applicable Manufacturer Program, as the case may be, and (ii) if such Non-
Appears in 1 contract
Samples: Master Motor Vehicle Finance Lease Agreement (Avis Budget Group, Inc.)
Special Default Payments. (a) On Each Lessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles leased by such Lessee hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the Repurchase Price due from a Manufacturer or payable by the Lessor upon the turn back of such Program Vehicles under the applicable Manufacturer Program. Upon any of (i) receipt of payment of the Repurchase Price of each Program Vehicle leased by a Lessee hereunder from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Program Vehicle sold through an auction conducted by or through a Manufacturer), (ii) receipt of payment of the Repurchase Price of each Relinquished Vehicle from the Manufacturer, or on the Determination Date immediately following (iii) the date by which the Repurchase Price of each such Program Vehicle turned turned-back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Lessor will calculate the amount of charge such Lessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor on the Payment Date immediately following such Determination Date Program (any such charges are referred to as “"Program Vehicle Special Default Payments”").
(b) On Each Lessee will use its best efforts to maintain the first Determination Date following Non-Program Vehicles leased by such Lessee hereunder in a manner such that no Non-Program Vehicle Special Default Payments (as defined below) shall be due upon disposition of such Non-Program Vehicles by or for the last day benefit of the Related Month in which Lessor. Upon disposition of each Non-Program Vehicle leased hereunder by or for the Disposition Proceeds from benefit of the Lessor, other than the sale or other disposition of any Non-Program Vehicle (other than a Casualty, a Vehicle that has been purchased by to the Lessee pursuant to Section 2.4 or a Transferred HVF Vehicle) are deposited into a Collateral Accountof such Vehicle in accordance with the terms hereof, the Servicer Lessor will calculate, in respect of charge such Lessee (i) if such Non-Program VehicleVehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that would be applicable to the quotient of (i) the sum of all comparable Program Vehicle Special Default Payments payable by pursuant to the Lessee on applicable Manufacturer Program or an amount equal to any Excess Damage Charges and/or Excess Mileage Charges that are applicable to such Vehicle pursuant to the twelve Payment Dates preceding such Determination Date divided by applicable Manufacturer Program, as the case may be, and (ii) the number of if such Non-Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding a Vehicle Turn-In Condition standard established pursuant to Section 13.1(b)(ii), an amount equal to any charges applicable to such twelve Payment Dates, and the Lessee will pay Non-Program Vehicle pursuant to such amount to the Lessor on the Payment Date immediately following such Determination Date Vehicle Turn-In Condition standard (any such charges are referred to as “"Non-Program Vehicle Special Default Payments” " and, together with the Program Vehicle Special Default Payments, the “"Special Default Payments”").
(c) On each Payment Date, each Lessee shall pay to the Lessor all Special Default Payments that have accrued during the Related Month; provided, however, that in the case of Assigned Special Default Payments, the Lessor, or the Administrator on its behalf, may invoice the relevant Lessee or Lessees for payment of such amounts as may be required to pay amounts owing by the Intermediary pursuant to the Receivables Financing Agreement on a Business Day other than a Payment Date, and may direct the relevant Lessee or Lessees to pay such amounts directly to the Intermediary or to the Lender Agent. The obligation of such Lessee to pay Special Default Payments shall constitute the sole remedy respecting the breach of its covenant contained in the first sentence of each of Section 13.3(a) and 13.3(b). The provisions of this Section 13.3 will survive the expiration or earlier termination of the Term.
Appears in 1 contract
Samples: Master Motor Vehicle Operating Lease Agreement (Avis Rent a Car Inc)
Special Default Payments. (a) On Each Sublessee will use its best efforts to maintain the Determination Date immediately following Program Vehicles subleased by such Sublessee hereunder such that no Excess Damage Charges or Excess Mileage Charges will be deductible from the Repurchase Price due from a Manufacturer or payable by the Sublessor or AESOP Leasing upon the turn back of such Program Vehicles under the applicable Manufacturer Program. Upon the earliest of (i) receipt of payment of the Repurchase Price of each Program Vehicle subleased by a Sublessee hereunder from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Program Vehicle sold through an auction conducted by or through a Manufacturer), (ii) receipt of payment of the Repurchase Price of each Relinquished Vehicle from the Manufacturer, or on the Determination Date immediately following (iii) the date by which the Repurchase Price of each such Program Vehicle turned turned-back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer Sublessor will calculate the amount of charge such Sublessee for any Excess Damage Charges and/or Excess Mileage Charges applicable to such Program Vehicle pursuant to the applicable Manufacturer Program, and Program to the Lessee will pay the full amount of extent such charges are charged to the Lessor on Sublessor pursuant to the Payment Date immediately following such Determination Date terms of the AESOP I Operating Lease (any such charges are referred to as “Program Vehicle Special Default Payments”"PROGRAM VEHICLE SPECIAL DEFAULT PAYMENTS").
(b) On Each Sublessee will use its best efforts to maintain the first Determination Date following the last day of the Related Month in which the Disposition Proceeds from the sale or other disposition of any Non-Program Vehicle (other than Vehicles subleased by such Sublessee hereunder in a Casualty, a Vehicle manner such that has been purchased no amounts payable by the Lessee Sublessor pursuant to Section 2.4 or a Transferred HVF VehicleSECTION 13.3(b) are deposited into a Collateral Account, of the Servicer will calculate, in respect AESOP I Operating Lease shall be due upon disposition of such Non-Program VehicleVehicles by or for the benefit of AESOP Leasing. Upon disposition of each Non-Program Vehicle subleased hereunder by or for the benefit of AESOP Leasing, the Sublessor will charge such Sublessee and such Sublessee hereby agrees to pay such charges (i) if such Non-Program Vehicle is manufactured by the same Manufacturer as any Program Vehicle or is subject to a Manufacturer Program, an amount equal to the quotient amount the Sublessor is charged under SECTION 13.3(b)(i) of (i) the sum of all Program Vehicle Special Default Payments payable by the Lessee on the twelve Payment Dates preceding such Determination Date divided by AESOP I Operating Lease and (ii) the number of if such Non-Program Vehicles that were turned back Vehicle is subject to Manufacturers or sold through auctions conducted by or through Manufacturers during the twelve Related Months respectively preceding such twelve Payment Datesa Vehicle Turn-In Condition standard established pursuant to SECTION 13.l(b)(ii), and the Lessee will pay such an amount equal to the Lessor on amount the Payment Date immediately following such Determination Date Sublessor is charged under SECTION 13.3(b)(ii) of the AESOP I Operating Lease (any such charges are referred to as “Non"NON-Program Vehicle Special Default Payments” PROGRAM VEHICLE SPECIAL DEFAULT PAYMENTS" and, together with the Program Vehicle Special Default Payments, the “"SPECIAL DEFAULT PAYMENTS").
(c) On each Payment Date, each Sublessee shall pay to the Sublessor all Special Default Payments”Payments that have accrued during the Related Month; PROVIDED, HOWEVER, that the Sublessor may invoice the relevant Sublessee or Sublessees for payment of such amounts on a Business Day other than a Payment Date, and may direct the relevant Sublessee or Sublessees to pay such amounts directly to the Intermediary or to the Lender Agent. The obligation of such Sublessee to pay Special Default Payments shall constitute the sole remedy respecting the breach of its covenant contained in the first sentence of each of SECTION 13.3(a) and 13.3(b). The provisions of this SECTION 13.3 will survive the expiration or earlier termination of the Term.
Appears in 1 contract
Samples: Master Motor Vehicle Operating Sublease Agreement (Avis Group Holdings Inc)