DEFAULT

(a) A default under an agreement under this chapter by a manufacturer, distributor, or dealer is: (1) a material failure to meet minimum product stocking requirements as specified by the agreement; (2) a material failure to make timely payment of any material obligation as specified by the agreement; (3) a material failure to substantially comply with a federal, state, or local law, rule, regulation, ordinance, or order applicable to the agreement; or (4) an act of material fraud relating to the performance of a right or obligation under the agreement. (b) A default by a dealer under an agreement under this chapter is: (1) a material failure to meet applicable performance standards as specified by the agreement for a defined one model year marketing cycle; (2) a material failure to meet applicable marketing standards as specified by the agreement; (3) a material failure to meet applicable standards for a dedicated or self-funded line of credit or a trade-in or self-funded trade-in line of credit as specified by the agreement; or (4) the marketing of the manufacturer's boats by the dealer outside of the dealer's territory in violation of this chapter.