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 2021-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 2021-A Exchange Note Collection Account an amount equal to the 2021-A Exchange Note Purchase Price. The 2021-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2021-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 2021-A Exchange Note and the 2021-A Leases and 2021-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 20212016-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 20212016-A Exchange Note Collection Account an amount equal to the 20212016-A Exchange Note Purchase Price. The 20212016-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212016-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 20212016-A Exchange Note and the 20212016-A Leases and 20212016-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 20212012-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 20212012-A Exchange Note Collection Account an amount equal to the 20212012-A Exchange Note Purchase Price. The 20212012-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212012-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 20212012-A Exchange Note and the 20212012-A Leases and 20212012-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 20212019-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 20212019-A B Exchange Note Collection Account an amount equal to the 20212019-A B Exchange Note Purchase Price. The 20212019-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212019-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 20212019-A B Exchange Note and the 20212019-A B Leases and 20212019-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 20212017-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 20212017-A Exchange Note Collection Account an amount equal to the 20212017-A Exchange Note Purchase Price. The 20212017-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212017-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 20212017-A Exchange Note and the 20212017-A Leases and 20212017-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 20212024-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 20212024-A Exchange Note Collection Account an amount equal to the 20212024-A Exchange Note Purchase Price. The 20212024-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212024-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 20212024-A Exchange Note and the 20212024-A Leases and 20212024-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 20212025-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 20212025-A B Exchange Note Collection Account an amount equal to the 20212025-A B Exchange Note Purchase Price. The 20212025-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212025-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 20212025-A B Exchange Note and the 20212025-A B Leases and 20212025-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 20212016-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 20212016-A B Exchange Note Collection Account an amount equal to the 20212016-A B Exchange Note Purchase Price. The 20212016-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212016-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 20212016-A B Exchange Note and the 20212016-A B Leases and 20212016-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 20212024-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 20212024-A B Exchange Note Collection Account an amount equal to the 20212024-A B Exchange Note Purchase Price. The 20212024-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212024-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 20212024-A B Exchange Note and the 20212024-A B Leases and 20212024-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 20212019-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 20212019-A Exchange Note Collection Account an amount equal to the 20212019-A Exchange Note Purchase Price. The 20212019-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212019-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 20212019-A Exchange Note and the 20212019-A Leases and 20212019-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 20212018-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 20212018-A B Exchange Note Collection Account an amount equal to the 20212018-A B Exchange Note Purchase Price. The 20212018-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212018-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 20212018-A B Exchange Note and the 20212018-A B Leases and 20212018-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 20212023-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 20212023-A Exchange Note Collection Account an amount equal to the 20212023-A Exchange Note Purchase Price. The 20212023-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212023-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 20212023-A Exchange Note and the 20212023-A Leases and 20212023-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 2021-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 2021-A B Exchange Note Collection Account an amount equal to the 2021-A B Exchange Note Purchase Price. The 2021-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2021-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 2021-A B Exchange Note and the 2021-A B Leases and 2021-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 20212020-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 20212020-A Exchange Note Collection Account an amount equal to the 20212020-A Exchange Note Purchase Price. The 20212020-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212020-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 20212020-A Exchange Note and the 20212020-A Leases and 20212020-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 20212025-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 20212025-A Exchange Note Collection Account an amount equal to the 20212025-A Exchange Note Purchase Price. The 20212025-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212025-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 20212025-A Exchange Note and the 20212025-A Leases and 20212025-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 20212018-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 20212018-A Exchange Note Collection Account an amount equal to the 20212018-A Exchange Note Purchase Price. The 20212018-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212018-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 20212018-A Exchange Note and the 20212018-A Leases and 20212018-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 20212026-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 20212026-A Exchange Note Collection Account an amount equal to the 20212026-A Exchange Note Purchase Price. The 20212026-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212026-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 20212026-A Exchange Note and the 20212026-A Leases and 20212026-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 20212020-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 20212020-A B Exchange Note Collection Account an amount equal to the 20212020-A B Exchange Note Purchase Price. The 20212020-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212020-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 20212020-A B Exchange Note and the 20212020-A B Leases and 20212020-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 20212015-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 20212015-A Exchange Note Collection Account an amount equal to the 20212015-A Exchange Note Purchase Price. The 20212015-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212015-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 20212015-A Exchange Note Note, and the 20212015-A Leases and 20212015-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 20212013-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 20212013-A Exchange Note Collection Account an amount equal to the 20212013-A Exchange Note Purchase Price. The 20212013-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212013-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 20212013-A Exchange Note Note, and the 20212013-A Leases and 20212013-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 20212013-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 20212013-A B Exchange Note Collection Account an amount equal to the 20212013-A B Exchange Note Purchase Price. The 20212013-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212013-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 20212013-A B Exchange Note Note, and the 20212013-A B Leases and 20212013-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 20212014-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 20212014-A Exchange Note Collection Account an amount equal to the 20212014-A Exchange Note Purchase Price. The 20212014-A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212014-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 20212014-A Exchange Note Note, and the 20212014-A Leases and 20212014-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 20212015-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 20212015-A B Exchange Note Collection Account an amount equal to the 20212015-A B Exchange Note Purchase Price. The 20212015-A B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20212015-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 20212015-A B Exchange Note Note, and the 20212015-A B Leases and 20212015-A B Vehicles shall be reallocated to the Revolving Facility Pool.