Manufacturer Event of Default is defined in Section 18 of the Master Lease.
Manufacturer Event of Default means with respect to any Manufacturer, (i) there shall be Past Due Amounts owing to a FleetCo with respect to such Manufacturer in an amount equal to or in excess of the lesser of (x) €30 million and (y) the then outstanding aggregate amount of repurchase obligations of such Manufacturer under its Manufacturer Program in respect of all Vehicles, in each case, on an aggregate basis for all FleetCos and net of Past Due Amounts aggregating no more than €30 million, (A) that are the subject of a good faith dispute as evidenced in a writing by such FleetCo or the Manufacturer questioning the accuracy of amounts paid or payable in respect of certain Vehicles tendered for repurchase under a Manufacturer Program (as distinguished from any dispute relating to the repudiation by such Manufacturer generally of its obligations under such Manufacturer Program or the assertion by such Manufacturer of the invalidity or unenforceability as against it of such Manufacturer Program) and (B) with respect to which such FleetCo as the case may be, has provided adequate reserves as reasonably determined by such Person, (ii) the occurrence and continuance of an Event of Bankruptcy with respect to such Manufacturer; or (iii) the termination of such Manufacturer’s Manufacturer Program or the failure of such Manufacturer’s Repurchase Program or Guaranteed Depreciation Program to qualify as a Manufacturer Program.
Manufacturer Event of Default means with respect to any Manufacturer, (i) there shall be Past Due Amounts owing to Hertz, HGI, HVF or the Intermediary with respect to such Manufacturer in an amount equal to or in excess of the lesser of (x) $25 million and (y) the then outstanding aggregate amount of repurchase obligations of such Manufacturer under its Manufacturer Program in respect of all Vehicles, in each case, net of Past Due Amounts aggregating no more than $50 million, (A) that are the subject of a good faith dispute as evidenced in a writing by Hertz, HGI, HVF or the Manufacturer questioning the accuracy of amounts paid or payable in respect of certain Vehicles tendered for repurchase under a Manufacturer Program (as distinguished from any dispute relating to the repudiation by such Manufacturer generally of its obligations under such Manufacturer Program or the assertion by such Manufacturer of the invalidity or unenforceability as against it of such Manufacturer Program) and (B) with respect to which Hertz, HGI or HVF, as the case may be, has provided adequate reserves as reasonably determined by such Person, (ii) the occurrence of an Event of Bankruptcy with respect to such Manufacturer and such Manufacturer has not assumed its Manufacturer Program in accordance with the Bankruptcy Code or (iii) the termination of such Manufacturer’s Manufacturer Program or the failure of such Manufacturer’s Repurchase Program or Guaranteed Depreciation Program to qualify as a Manufacturer Program.
Examples of Manufacturer Event of Default in a sentence
No Manufacturer Event of Default has occurred and is continuing with respect to any Eligible Program Manufacturer.
Following a Lease Event of Default or Manufacturer Event of Default, and upon the Lessor’s request, each Lessee shall advise the Lessor in writing where all Vehicles leased by such Lessee hereunder as of such date are principally located.
No Manufacturer Event of Default has occurred and is continuing with respect to any Manufacturer of a Program Vehicle.
If such Lessee or such other designated Person is unable to arrange for a sale of such Vehicle prior to such date thirty (30) days prior to the expiration of such Maximum Term, then such Lessee or such other designated Person shall cease attempting to arrange for such a sale and such Lessee shall return such Vehicle, if a Manufacturer Event of Default has not occurred, to the applicable Manufacturer as herein provided.
Subsequent to the occurrence of a Manufacturer Event of Default pursuant to clause (ii) of the definition thereof with respect to the Manufacturer of any Program Vehicle, the Servicer (or the related Sub-Servicer) shall promptly notify the Rating Agencies with respect to each Series of Group IV Notes of any redesignation of Program Vehicles of such Manufacturer as Non-Program Vehicles pursuant to this SECTION 14.
More Definitions of Manufacturer Event of Default
Manufacturer Event of Default means with respect to the Series 2001-1 Notes and with respect to any Manufacturer, (i) the occurrence of an Event of Bankruptcy with respect to such Manufacturer; and (ii) the failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer's Vehicle Disposition Programs and its incentive programs, in an aggregate amount in excess of $25,000,000 (net of amounts that are the subject of a good faith dispute, as evidenced in writing by either the applicable Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $25,000,000 continues for more than ninety (90) days following the Disposition Date for the related Vehicle.
Manufacturer Event of Default has the meaning given to it in Section 18 of the Base Lease.
Manufacturer Event of Default means, with respect to each such event with respect to a Manufacturer of Program Vehicles (i) the failure of such Manufacturer to pay Guaranteed Payments, Repurchase Payments and/or Incentive Payments due under, respectively, such Manufacturer’s Vehicle Disposition Programs and its incentive programs, in an aggregate amount with respect to Group V Vehicles that are Program Vehicles in excess of $5,000,000 (net of amounts aggregating no more than $10,000,000 (A) that are the subject of a good faith dispute, as evidenced in writing by either the applicable Lessee or the Manufacturer questioning the accuracy of the amounts paid or payable in respect of any such Vehicle Disposition Programs or incentive programs and (B) with respect to which the applicable Lessee or Guarantor, as the case may be, has provided adequate reserves as reasonably determined by such Person), which failure, in the case of each such Guaranteed Payment, Repurchase Payment and/or Incentive Payment included in such amount in excess of $5,000,000 continues for more than thirty (30) days following the date such amounts are due under the applicable Vehicle Disposition Program for the related Vehicle, (ii) the occurrence and continuance for a period of thirty (30) days of an Event of Bankruptcy with respect to such Manufacturer, and the Confirmation Condition is not satisfied; provided, that for the purposes of clauses (a), (b) and (d) of this Section 18, the Lessees and the Lessor agree to take (or refrain from taking) the actions specified in such clauses if not legally prohibited from doing so during the thirty (30) day period following such Event of Bankruptcy or (iii) the termination of such Manufacturer’s Vehicle Disposition Program or the failure of such Manufacturer’s Vehicle Disposition Program to qualify as an Eligible Vehicle Disposition Program; provided, that such termination or failure shall not constitute a Manufacturer Event of Default so long as such Manufacturer continues to perform its obligations under the related Vehicle Disposition Program with respect to related Program Vehicles that are Group V Vehicles as of the date of such termination and the Lessees and the Lessor take (or refrain from taking) the actions specified in clauses (a) and (d) of this Section 18.
Manufacturer Event of Default means, with respect to a Manufacturer, (i) the failure by such Manufacturer (or if such Manufacturer's Manufacturer Program is a Guaranteed Depreciation Program, such Manufacturer or any related auction dealers) to pay any amount due under such Manufacturer's Manufacturer Program with respect to a Program Vehicle turned in to such Manufacturer and such failure continues for more than one hundred (100) days following the Due Date ("Past Due Amounts") and the aggregate Past Due Amounts owing to any of the Lessees, any other lessee under a Leasing Company Lease, the Lessor or any other lessor under a Leasing Company Lease from such Manufacturer are equal to or in excess of the lesser of (x) $25 million and (y) the then outstanding aggregate amount of repurchase obligations of such Manufacturer under its Manufacturer Program in respect of Program Vehicles, in each case net of Past Due Amounts, aggregating no more than $50 million, (A) that are the subject of a good faith dispute as evidenced in a writing by any of the Lessees, any other lessee under a Leasing Company Lease, the Lessor or any other lessor under a Leasing Company Lease, as applicable, or the Manufacturer questioning the accuracy of amounts paid or payable in respect of certain Program Vehicles tendered for repurchase under a Manufacturer Program (as distinguished from any dispute relating to the repudiation by such Manufacturer generally of its obligations under such Manufacturer Program or the assertion by such Manufacturer of the invalidity or unenforceability as against it of such Manufacturer Program) and (B) with respect to which such Lessee, such other lessee, the Lessor or such other lessor has provided adequate reserves as reasonably determined by such Person, (ii) the occurrence of an Event of Bankruptcy with respect to such Manufacturer or (iii) the termination of such Manufacturer's Manufacturer Program or the failure of such Manufacturer's Repurchase Program or Guaranteed Depreciation Program to meet the requirements of an Eligible Manufacturer Program. 45 "Manufacturer Payment Rights" means all rights of NFLP under any Manufacturer Program to receive payments on account of Repurchase Prices of Program Vehicles.
Manufacturer Event of Default means, with respect to any Manufacturer, (a) the failure of such Manufacturer to pay any amount when due pursuant to the related Repurchase Program with respect to a Pledged Vehicle turned in to such Manufacturer or delivered to an authorized auction site pursuant to the related Repurchase Program; provided, however, that such failure continues for more than sixty (60) days following the Turnback Date such that the aggregate of any such amounts not paid for more than sixty (60) days are in the aggregate in excess of $5,000,000 net of amounts that are the subject of a good faith dispute as evidenced in writing by either the Borrower or any of its Subsidiaries, on the one hand, or the Manufacturer, on the other hand, questioning the accuracy of the amounts paid or payable in respect of certain Pledged Vehicles tendered for repurchase, or delivered to an authorized auction site, under a Repurchase Program, (b) the termination of such Manufacturer's Repurchase Program, (c) the occurrence of a Bankruptcy Event with respect to such Manufacturer, (d) such Manufacturer is no longer an Eligible Manufacturer or (e) the Repurchase Program of a Manufacturer shall no longer be an Eligible Repurchase Program.
Manufacturer Event of Default means, with respect to any Manufacturer, (i) the failure by such Manufacturer (or in the case of a Guaranteed Depreciation Program, the failure by such Manufacturer or any related auction dealers) to pay any amount due under such Manufacturer's Manufacturer Program with respect to a Vehicle turned in to such Manufacturer (including any Relinquished Vehicle); provided, however, that (a)(I), in the case of an Eligible Manufacturer Program, such failure continues for more than ninety (90) days following the Turnback Date for such Vehicle or (II) in the case of any other Manufacturer Program, such failure continues for more than thirty (30) days following the Turnback Date for such Vehicle and (b) in the case of an Eligible Manufacturer Program only, the aggregate of any such amounts not paid (each, a "Past Due Amount") are equal to or in excess of the lesser of the Default Amount with respect to such Manufacturer Program and the then outstanding aggregate amount of repurchase obligations of the Manufacturer under such Manufacturer Program, in each case net of Past Due Amounts that are the subject of a good faith dispute as evidenced by a writing by AESOP Leasing, AESOP Leasing II or ARAC, as applicable, or the Manufacturer questioning the accuracy of amounts paid or payable in respect of certain Vehicles tendered for repurchase under a Manufacturer Program (as distinguished from any dispute relating to the repudiation by such Manufacturer generally of its obligations under such Manufacturer Program or the assertion by such Manufacturer of the invalidity or unenforceability as against it of such Manufacturer Program); (ii) the occurrence of an Event of Bankruptcy with respect to such Manufacturer; or (iii) the termination of such Manufacturer's Manufacturer Program or the failure of an Eligible Program Manufacturer's Manufacturer Program to meet the requirements of an Eligible Manufacturer Program.
Manufacturer Event of Default means with respect to any HVIF Manufacturer: