Redesignation of Vehicles. If a Program Vehicle becomes ineligible for repurchase by its Manufacturer or for sale at auction under the applicable Manufacturer Program or the return of a Program Vehicle to the applicable Manufacturer cannot otherwise be effected for any reason (including by reason of the occurrence of a Manufacturer Event of Default with respect to the Manufacturer of such Program Vehicle or the failure of a Manufacturer to accept such Program Vehicle for repurchase and acceptance is not expected upon a subsequent return), the Lessee of such Vehicle may redesignate the related Program Vehicle as a Non-Program Vehicle, provided that (i) no Amortization Event or Potential Amortization Event has occurred and is continuing and (ii) no violation of the requirements of Section 10.13 of the AESOP I Operating Lease Loan Agreement or Section 2.8 hereof would be caused by such redesignation, and provided further, in each case, that (x) the relevant Lessee of such Vehicle shall pay to the Lessor on the next succeeding Payment Date an amount equal to the difference, if any, between the Net Book Value of such Vehicle as of the date of redesignation and an amount equal to the Net Book Value of such Vehicle as of the date of redesignation had such Vehicle been a Non-Program Vehicle at the time of delivery thereof pursuant to Section 2.1 and (y) the Required Enhancement Amount required under each Supplement, after giving effect to such redesignation, shall be satisfied on the date of redesignation.
Redesignation of Vehicles. (a) At any time, including upon the occurrence of a Manufacturer Event of Default with respect to the Manufacturer of any Program Vehicle or any such Vehicle’s becoming ineligible for repurchase by its Manufacturer or for sale at Auction under the applicable Manufacturer Program due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Manufacturer Program, or due to any failure or inability to return the Vehicle to the Manufacturer or the designated auction prior to the expiration of the Repurchase Period, or due to any other event or circumstance, the Servicer (or the related Sub-Servicer) may redesignate the related Vehicle as a Non-Program Vehicle; provided that, with respect to any such redesignation other than a redesignation pursuant to and in accordance with Section 18, no Amortization Event or Potential Amortization Event with respect to any Series of Group I Notes has occurred and is continuing or would be caused by such redesignation; and provided further, in each case, in connection with any such redesignation, the Servicer shall assign a new Depreciation Schedule for such Vehicle as a Non-Program Vehicle, and in connection therewith, the Lessee of such Vehicle shall pay on the next succeeding Payment Date, as additional Monthly Base Rent due with respect to such Vehicle, an amount equal to the excess, if any, of (i) the Net Book Value of such Vehicle immediately before the redesignation over (ii) the Net Book Value of such Vehicle after recomputing the Net Book Value as of the date of such redesignation by applying the new Depreciation Schedule for such Vehicle as though such Vehicle had been a Non-Program Vehicle since the Vehicle Lease Commencement Date for such Vehicle. 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 I Notes of any redesignation of Program Vehicles of such Manufacturer as Non-Program Vehicles pursuant to this Section 14.
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, 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 Section 4.2 or (b) the Noteholders holding the requisite Invested Amount of each applicable Series of Notes included in the Group IV Series of Notes waive, in each case as and to the extent permitted under the related Series Supplement, the requirements of Section 4.2 as applied to this Section 14 and all such other conditions, requirements or restrictions 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 the applicable Supplement, after giving effect to such designation, shall be satisfied on the date of designation.
Redesignation of Vehicles. (a) Mandatory Series 2013-G1 Program Vehicle to Series 2013-
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. 12 SECTION 15.
Redesignation of Vehicles. At any time, including upon the occurrence of a Manufacturer Event of Default with respect to the Manufacturer of any Program Vehicle or a Program Vehicle's becoming ineligible for repurchase by its Manufacturer or for sale at Auction under the applicable Manufacturer Program, due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Manufacturer Program, or due to any failure or inability to return the Vehicle to the Manufacturer or the designated Auction prior to the expiration of the Repurchase Period, or due to any other event or circumstance, the Servicer may designate the related Vehicle as a Non-Program Vehicle if such Vehicle, as a Non-Program Vehicle, will be an Eligible Vehicle, provided that no Amortization Event or Potential Amortization Event has occurred and is continuing and provided further that no violation of the requirements of Section 25.5 has occurred and is continuing or would be caused by such redesignation and no failure or violation of any other condition, requirement, or restriction specified in any related Series Supplement would be caused by such redesignation (subject to the right of the Noteholders holding the requisite Invested Amount of each applicable Series of Notes to waive such violation, in each case as and to the extent permitted under the related Series Supplement); 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 on the next succeeding Payment Date, and (y) the minimum level of Enhancement required under the applicable Series Supplement, after giving effect to such designation, shall be satisfied on the date of designation.
Redesignation of Vehicles. From time to time (i) HGI may sell New HVF Vehicles to HVF pursuant to Section 1.05 of the Purchase Agreement, (ii) HGI may sell Transferred HGI Vehicles to HVF pursuant to Section 1.07 of the Purchase Agreement and (iii) HVF may sell Transferred HVF Vehicles to HGI pursuant to Section 1.07 of the Purchase Agreement. On the effective date of any such sale, upon the satisfaction of the conditions to the effectiveness of such sale under the Purchase Agreement, the Servicer shall redesignate on its computer systems such New HVF Vehicles as HVF Vehicles, such Transferred HGI Vehicles as HVF Vehicles or such Transferred HVF Vehicles as HGI Vehicles, as the case may be. The Servicer shall redesignate each such Vehicle on its computer systems at the then current Net Book Value of such Vehicle. Except as otherwise provided in Section 2.5(d), (i) the HVF Secured Party hereby acknowledges that it shall have no interest in any Vehicle or other related Vehicle Collateral after such Vehicle has been redesignated as a HGI Vehicle in accordance with the terms of this Section 2.3 and that any such redesignation shall automatically constitute a release by the HVF Secured Party of any interest therein and (ii) the HGI Secured Party hereby acknowledges that it shall have no interest in any Vehicle or other related Vehicle Collateral after such Vehicle has been redesignated as a HVF Vehicle in accordance with the terms of this Section 2.3 and that any such redesignation shall automatically constitute a release by the HGI Secured Party of any interest therein.
Redesignation of Vehicles. (a) Upon a Group IV Repurchase Vehicle's becoming ineligible for repurchase by its Manufacturer or for sale in accordance with applicable Repurchase Program procedures, due to physical damage, repair charges or accrued mileage, in each case in excess of that permitted under the related Repurchase Program, or due to any failure or inability to return such Group IV 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, the Servicer may designate such Vehicle as a Group IV Non-Repurchase Vehicle if such Group IV Vehicle, as a Group IV Non-Repurchase Vehicle, will be an Eligible Non-Repurchase Vehicle and an Eligible Vehicle and if either (a) such designation meets the applicable conditions of Section 2.5 hereof or (b) the Noteholders holding the requisite Invested Amount of each applicable Series of Notes included in the Group IV Series of Notes waive, in each case as and to the extent permitted under the related Series Supplement, the requirements of Section 2.5 as applied to this Section 14 and all such other conditions, requirements or restrictions 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 Group IV Vehicle, relating to the decrease, if any, of the Net Book Value of such Group IV 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 the applicable Series Supplement, after giving effect to such designation, shall be satisfied on the date of designation.
Redesignation of Vehicles. 19 SECTION 15. GENERAL INDEMNITY AND PAYMENT OF EXPENSES......................................................20 Section 15.1. Indemnity and Payment of Expenses by the Lessees................................20 Section 15.2. Indemnification of the Trustee..................................................22 Section 15.3. Reimbursement Obligation by the Lessees.........................................22 Section 15.4. Notice to Lessee of Claims......................................................22 Section 15.5. Defense of Claims...............................................................23
