Common use of Operating Lease Commitment Clause in Contracts

Operating Lease Commitment. (a) Upon the execution and delivery of this Operating Lease, the Group IV Lessor shall, subject to the terms and conditions of the Agreement, purchase or refinance (as applicable) from time to time on or after the Lease Commencement Date and prior to the Lease Expiration Date, (i) all Group IV Refinanced Vehicles to be leased under this Operating Lease and identified in Group IV Refinanced Vehicle Schedules for a purchase price or refinancing payment amount equal to the aggregate Group IV Net Book Value thereof, and (ii) all other Group IV Acquired Vehicles identified in Vehicle Orders placed under this Operating Lease by a Group IV Lessee for a purchase price equal to the Capitalized Cost thereof, and simultaneously therewith, the Group IV Lessor shall under the Operating Lease enter into operating leases with the applicable Group IV Lessee with respect to such Group IV Vehicles.