A motorboat dealer defaults on an agreement if the motorboat dealer:
(1) materially fails to:
(a) meet minimum product stocking requirements as specified under the agreement;
(b) make timely payment of a material obligation as specified under the agreement; or
(c) meet an applicable standard, as specified by the agreement, for:
(i) a dedicated or self-funded line of credit; or
(ii) a trade-in or self-funded trade-in line of credit; or
(2) markets the manufacturer's motorboats outside of the motorboat dealer's territory in violation of the agreement.