Program Car definition
Program Car means any Motor Vehicle in the current or immediately preceding model year in readily saleable condition, previously used by a car rental company as a part of its rental fleet or previously driven by an executive of a Manufacturer before being offered for sale to the Company or any other Floor Plan Borrower at a Manufacturer sponsored auction.
Program Car means a car 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 Car means an automobile, truck, van or any other motor vehicle in the current or immediately preceding model year in readily saleable condition, previously used by a car rental company as a part of its rental fleet or previously driven by an executive of a Manufacturer before being offered for sale to the Company or any other Floor Plan Borrower at a Manufacturer sponsored auction. "Qualified Sale/Lease back Transaction" means the sale by any of the Borrowers of real property and related fixtures and accessories thereto used in ordinary course of business, which property is, in a concurrent transaction, leased by a Borrower from the purchaser thereof under a lease agreement, the terms of which, as of the date of such transaction, based upon the immediately preceding four fiscal quarters of the Company, would not cause the Company to be in Default of any of the provisions of Section 10.13(a), Section 10.14, Section 10.15, Section 10.16 or Section 10.17 or any other provision of this Agreement.
Examples of Program Car in a sentence
Contract Fares see City Pair Program Car Rental Federal travelers should rent.