Common use of Optional Termination Clause in Contracts

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 2018-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 2018-A Exchange Note Collection Account an amount equal to the 2018-A Exchange Note Purchase Price. The 2018-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2018-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 2018-A Exchange Note and the 2018-A Leases and 2018-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182019-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182019-A Exchange Note Collection Account an amount equal to the 20182019-A Exchange Note Purchase Price. The 20182019-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182019-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182019-A Exchange Note and the 20182019-A Leases and 20182019-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182019-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182019-A B Exchange Note Collection Account an amount equal to the 20182019-A B Exchange Note Purchase Price. The 20182019-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182019-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182019-A B Exchange Note and the 20182019-A B Leases and 20182019-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182016-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182016-A B Exchange Note Collection Account an amount equal to the 20182016-A B Exchange Note Purchase Price. The 20182016-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182016-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182016-A B Exchange Note and the 20182016-A B Leases and 20182016-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 2018-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 2018-A B Exchange Note Collection Account an amount equal to the 2018-A B Exchange Note Purchase Price. The 2018-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2018-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 2018-A B Exchange Note and the 2018-A B Leases and 2018-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182025-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182025-A B Exchange Note Collection Account an amount equal to the 20182025-A B Exchange Note Purchase Price. The 20182025-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182025-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182025-A B Exchange Note and the 20182025-A B Leases and 20182025-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182024-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182024-A Exchange Note Collection Account an amount equal to the 20182024-A Exchange Note Purchase Price. The 20182024-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182024-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182024-A Exchange Note and the 20182024-A Leases and 20182024-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182020-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182020-A Exchange Note Collection Account an amount equal to the 20182020-A Exchange Note Purchase Price. The 20182020-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182020-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182020-A Exchange Note and the 20182020-A Leases and 20182020-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182021-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182021-A Exchange Note Collection Account an amount equal to the 20182021-A Exchange Note Purchase Price. The 20182021-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182021-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182021-A Exchange Note and the 20182021-A Leases and 20182021-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182017-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182017-A Exchange Note Collection Account an amount equal to the 20182017-A Exchange Note Purchase Price. The 20182017-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182017-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182017-A Exchange Note and the 20182017-A Leases and 20182017-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182021-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182021-A B Exchange Note Collection Account an amount equal to the 20182021-A B Exchange Note Purchase Price. The 20182021-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182021-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182021-A B Exchange Note and the 20182021-A B Leases and 20182021-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182023-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182023-A Exchange Note Collection Account an amount equal to the 20182023-A Exchange Note Purchase Price. The 20182023-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182023-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182023-A Exchange Note and the 20182023-A Leases and 20182023-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182024-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182024-A B Exchange Note Collection Account an amount equal to the 20182024-A B Exchange Note Purchase Price. The 20182024-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182024-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182024-A B Exchange Note and the 20182024-A B Leases and 20182024-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182016-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182016-A Exchange Note Collection Account an amount equal to the 20182016-A Exchange Note Purchase Price. The 20182016-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182016-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182016-A Exchange Note and the 20182016-A Leases and 20182016-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182012-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182012-A Exchange Note Collection Account an amount equal to the 20182012-A Exchange Note Purchase Price. The 20182012-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182012-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182012-A Exchange Note and the 20182012-A Leases and 20182012-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182025-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182025-A Exchange Note Collection Account an amount equal to the 20182025-A Exchange Note Purchase Price. The 20182025-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182025-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182025-A Exchange Note and the 20182025-A Leases and 20182025-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182020-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182020-A B Exchange Note Collection Account an amount equal to the 20182020-A B Exchange Note Purchase Price. The 20182020-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182020-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182020-A B Exchange Note and the 20182020-A B Leases and 20182020-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182013-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182013-A B Exchange Note Collection Account an amount equal to the 20182013-A B Exchange Note Purchase Price. The 20182013-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182013-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182013-A B Exchange Note Note, and the 20182013-A B Leases and 20182013-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182015-A B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182015-A B Exchange Note Collection Account an amount equal to the 20182015-A B Exchange Note Purchase Price. The 20182015-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182015-A B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182015-A B Exchange Note Note, and the 20182015-A B Leases and 20182015-A B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182015-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182015-A Exchange Note Collection Account an amount equal to the 20182015-A Exchange Note Purchase Price. The 20182015-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182015-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182015-A Exchange Note Note, and the 20182015-A Leases and 20182015-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182014-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182014-A Exchange Note Collection Account an amount equal to the 20182014-A Exchange Note Purchase Price. The 20182014-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182014-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182014-A Exchange Note Note, and the 20182014-A Leases and 20182014-A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20182013-A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20182013-A Exchange Note Collection Account an amount equal to the 20182013-A Exchange Note Purchase Price. The 20182013-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20182013-A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20182013-A Exchange Note Note, and the 20182013-A Leases and 20182013-A Vehicles shall be reallocated to the Revolving Facility Pool.