Program Vehicle definition

Program Vehicle means any Group II Vehicle which at the time of purchase or financing by RCFC or a Lessee, as the case may be, is eligible under an Eligible Vehicle Disposition Program.

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Program Vehicle means, as of any date of determination, an Eligible Vehicle that is (i) eligible under, and subject to, a Manufacturer Program as of such date and (ii) not designated as a Non-Program Vehicle pursuant to a Master Lease as of such date.

Program Vehicle means a motor vehicle from either the current model year or the immediately preceding model year, that was repurchased by a manufacturer or distributor from a rental car company.

Examples of Program Vehicle in a sentence

• With respect to any redesignation to be effected pursuant to Sub-Clause 2.5(a) (Mandatory Program Vehicle to Non-Program Vehicle Redesignations), such redesignation shall occur as of the first calendar day of the calendar month following the date on which the applicable event or condition described in Sub-Clause 2.5(a)(i) or (ii) (Mandatory Program Vehicle to Non-Program Vehicle Redesignations) occurs.

• Upon the occurrence of any event or condition with respect to any Lease Vehicle that is then designated as a Program Vehicle that would reasonably be expected to result in a redesignation of such Lease Vehicle pursuant to Sub-Clause 2.5(a)(ii) (Mandatory Program Vehicle to Non-Program Vehicle Redesignations), the Lessee of such Lease Vehicle shall notify the Lessor and the Servicer of such event or condition in the normal course of operations.

• If the Program Vehicle Depreciation Assumption True-Up Amount with respect to any Lease Vehicle is a positive number as of the first day following the end of the Estimation Period for such Lease Vehicle, then the Lessee of such Lease Vehicle shall pay the Lessor such Program Vehicle Depreciation Assumption True-Up Amount with respect to such Lease Vehicle in accordance with Sub-Clause 4.7.1 (Payments).

• If a Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum Term, then such Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided.

• With respect to each Program Vehicle leased by a Lessee, comply, or cause the related Franchisee to comply, as appropriate, with all of its obligations under the applicable Vehicle Disposition Program relating to such Vehicle.

More Definitions of Program Vehicle

Program Vehicle means a Vehicle eligible under, and subject to, a Manufacturer Program.

Program Vehicle means a Series 2010-3 Program Vehicle.

Program Vehicle means, as of any date of determination, any Eligible Vehicle that (i) was manufactured by a Series 2022-1 ▇▇▇▇▇’▇ Non- Investment Grade (High) Manufacturer or a Series 2022-1 ▇▇▇▇▇’▇ Non-Investment Grade (Low) Manufacturer and (ii) is not a Series 2022-1 ▇▇▇▇▇’▇ Non-Investment Grade (High) Program Vehicle or a Series 2022-1 ▇▇▇▇▇’▇ Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

Program Vehicle means a Series 2013-G1 Program Vehicle.

Program Vehicle means any Vehicle that is (a) a previously titled Vehicle purchased by a Dealer at a closed auction conducted by Ford, or (b) a previously titled Vehicle, including a Vehicle previously subject to Ford Credit’s retail lease programs and purchased by a Dealer at market prices established by Ford Credit or at an auction conducted by Ford.

Program Vehicle means a vehicle that is purchased at a manufacturer’s closed auction or sold by or directly from the manufacturer or distributor which is a current or previous year model that has been previously tagged and/or titled, and returned to the manufacturer for disposal.

Program Vehicle means any Group VII Vehicle which at the time of purchase or financing by RCFC or a Lessee, as the case may be, or when so designated by the Master Servicer pursuant to Section 14 of the Master Lease, is eligible and included under an Eligible Vehicle Disposition Program, unless, in any case, such Group VII Vehicle has been redesignated as a Non-Program Vehicle pursuant to Section 14 of the Master Lease; provided, that, for the avoidance of doubt, if any Group VII Vehicle that has been redesignated as a Non-Program Vehicle is subsequently redesignated as a Program Vehicle pursuant to Section 14 of the Master Lease such Group VII Vehicle shall be a “Program Vehicle”.