Common use of Special Default Clause in Contracts

Special Default. If on any Business Day, the Lessee or the Guarantor obtains actual knowledge that a BTF Truck included in the Borrowing Base is not titled in the name of BTF with the Trustee or a Nominee Titleholder noted as the first lienholder on the Certificate of Title for such BTF Truck (or, if such Business Day is on or before June 25, 2005, the Lessee or Guarantor obtains actual knowledge that the Titling Procedures (with respect to any BTF Truck for which an Oklahoma Certificate of Title has not been issued) have not been properly satisfied with respect to any BTF Truck included in the Borrowing Base), then the Lessee shall within three (3) Business Days make an application (or correct its application, as the case may be) with the Oklahoma Tax Commission (the “OTC”) or any Oklahoma motor vehicle license agent (“License Agent”) to properly title such BTF Truck in the name of BTF with a lien in favor of the Trustee (or a Nominee Titleholder, as the case may be). If the Lessee fails to perform under the preceding sentence by the close of business on the third Business Day after obtaining such knowledge, then the Lessee shall promptly, but in no event later than three (3) Business Days thereafter, sell or purchase any improperly titled BTF Vehicles (or any such BTF Truck which respect to which the Titling Procedures have not been properly satisfied). If the proceeds of the sale of any such BTF Vehicle are less than the applicable Vehicle Purchase Price for such improperly titled BTF Truck, then the Lessee shall pay to BTF an amount equal to such deficiency; provided that if the Lessee purchases any such BTF Truck, it shall pay to the Lessor the applicable Vehicle Purchase Price therefor.

Special Default. If on any Business Day, the Lessee or the Guarantor obtains actual knowledge that a BTF Group I Truck included in the Borrowing Base is not titled in the name of BTF CPF with the Trustee or a an Applicable Nominee Titleholder Lienholder noted as the first lienholder on the Certificate of Title for such BTF Truck (or, if such Business Day is on or before June 25, 2005, the Lessee or Guarantor obtains actual knowledge that the Titling Procedures (with respect to any BTF Truck for which an Oklahoma Certificate of Title has not been issued) have not been properly satisfied with respect to any BTF Truck included in the Borrowing Base)Group I Truck, then the Lessee shall within three (3) Business Days make an application (or correct its application, as the case may be) with the Oklahoma Tax Commission (the “OTC”) or any Oklahoma motor vehicle license agent (“License Agent”) to properly title such BTF Group I Truck in the name of BTF CPF with a lien in favor of the Trustee (or a an Applicable Nominee TitleholderLienholder, as the case may be). If the Lessee fails to perform under the preceding sentence by the close of business on the third Business Day after obtaining such knowledge, then the Lessee shall promptly, but in no event later than three (3) Business Days thereafter, sell or purchase any improperly titled BTF Vehicles (or any such BTF Truck which respect to which the Titling Procedures have not been properly satisfied)Group I Trucks. If the proceeds of the sale of any such BTF Vehicle Group I Truck are less than the applicable Vehicle Purchase Price for such improperly titled BTF Group I Truck, then the Lessee shall pay to BTF CPF an amount equal to such deficiency; provided provided, that if the Lessee purchases any such BTF Group I Truck, it shall pay to the Lessor the applicable Vehicle Purchase Price therefor.

Special Default. If on any Business Day, the Lessee or the Guarantor obtains actual knowledge that a BTF Group I Truck included in the Borrowing Base (other than any Group I Truck that is an Eligible Truck solely by reason of the proviso to the definition of Eligible Trucks) is not titled in the name of BTF CPF with the Trustee or a an Applicable Nominee Titleholder Lienholder noted as the first lienholder on the Certificate of Title for such BTF Group I Truck (or, if such Business Day is on or before June 25, 2005, the Lessee or the Guarantor obtains actual knowledge that the Titling Procedures (with respect to any BTF Truck for which an Oklahoma Certificate of Title has not been issued) have not been properly satisfied with respect to any BTF Group I Truck included in the Borrowing Base), then the Lessee shall within three (3) Business Days make an application (or correct its application, as the case may be) with the Oklahoma Tax Commission (the “OTC”) or any Oklahoma motor vehicle license agent (“License Agent”) to properly title such BTF Group I Truck in the name of BTF CPF with a lien in favor of the Trustee (or a an Applicable Nominee TitleholderLienholder, as the case may be). If the Lessee fails to perform under the preceding sentence by the close of business on the third Business Day after obtaining such knowledge, then the Lessee shall promptly, but in no event later than three (3) Business Days thereafter, sell or purchase any improperly titled BTF Vehicles Group I Trucks (or any such BTF Group I Truck which with respect to which the Titling Procedures have not been properly satisfied). If the proceeds of the sale of any such BTF Vehicle Group I Truck are less than the applicable Vehicle Purchase Price for such improperly titled BTF Group I Truck, then the Lessee shall pay to BTF CPF an amount equal to such deficiency; provided provided, that if the Lessee purchases any such BTF Group I Truck, it shall pay to the Lessor the applicable Vehicle Purchase Price therefor.

Special Default. If If, on any Business Day, the Lessee or the Guarantor obtains actual knowledge that a BTF Group II Truck included in the Borrowing Base (other than any Group II Truck that is an Eligible Truck solely by reason of the proviso to the definition of “Eligible Truck”) is not titled in the name of BTF CPF with the Trustee or a an Applicable Nominee Titleholder Lienholder noted as the first lienholder on the Certificate of Title for such BTF Group II Truck (or, if such Business Day is on or before June 25, 2005, the Lessee or the Guarantor obtains actual knowledge that the Titling Procedures (with respect to any BTF Truck for which an Oklahoma Certificate of Title has not been issued) have not been properly satisfied with respect to any BTF Group II Truck included in the Borrowing Base), then the Lessee shall within three (3) Business Days make an application (or correct its application, as the case may be) with the Oklahoma Tax Commission (the “OTC”) or any Oklahoma motor vehicle license agent (“License Agent”) to properly title such BTF Group II Truck in the name of BTF CPF with a lien in favor of the Trustee (or a an Applicable Nominee TitleholderLienholder, as the case may be). If the Lessee fails to perform under the preceding sentence by the close of business on the third Business Day after obtaining such knowledge, then the Lessee shall promptly, but in no event later than three (3) Business Days thereafter, sell or purchase any improperly titled BTF Vehicles Group II Trucks (or any such BTF Group II Truck which with respect to which the Titling Procedures have not been properly satisfied). If the proceeds of the sale of any such BTF Vehicle Group II Truck are less than the applicable Vehicle Purchase Price for such improperly titled BTF Group II Truck, then the Lessee shall pay to BTF CPF an amount equal to such deficiency; provided provided, that if the Lessee purchases any such BTF Group II Truck, it shall pay to the Lessor the applicable Vehicle Purchase Price therefor.