Common use of Vehicle Term Clause in Contracts

Vehicle Term. Group III Non-Repurchase Vehicles. The "Vehicle Lease Commencement Date" for each Group III Non-Repurchase Vehicle shall mean the day referenced as such in the Group III Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Group III Non-Repurchase Vehicle but in no event beyond the date that funds are expended by the Lessor to acquire such Group III Non-Repurchase Vehicle. The "Vehicle Term" with respect to each Group III Non-Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) if the Group III Non-Repurchase Vehicle is sold to a third party, the date such Vehicle is sold to such third party and funds in respect of such sale are received by the Trustee in the Group III Collection Account (from such third party or from any member of the Lessee Group on behalf of such third party) and such funds equal or exceed the Non-Repurchase Vehicle Value of such Group III Non-Repurchase Vehicle, (ii) if the Group III Non-Repurchase Vehicle becomes a Casualty, the date funds in the mount of the Non-Repurchase Vehicle Value thereof are received by the Trustee in the Group III Collection Account from the applicable Lessee, (iii) the date that the Group III Non-Repurchase Vehicle is purchased by the applicable Lessee pursuant to Paragraph 6 or 7 of Annex A to this Agreement and the Non-Repurchase Vehicle Value with respect to such purchase (and any unpaid Monthly Base Rent and Monthly Variable Rent with respect to such Group III Non-Repurchase Vehicle) is received by the Trustee and (iv) the maximum vehicle lease term of the Operating Lease and the Financing Lease, as applicable, as specified in, respectively, paragraph 5 of each of Annex A and Annex B to this Agreement (the earliest of such four dates being referred to as the "Vehicle Lease Expiration Date"); provided, however, that the Lessees shall use commercially reasonable efforts to dispose of (a) each Group III Non-Repurchase Vehicle, within twenty-four (24) months after the date of the original new dealer invoice for such Vehicle or, where no such invoice exists, the date such Vehicle was first put into service, or (b) with respect to any Vehicle, such longer period with respect to which Rating Agency Confirmation has been obtained or, if no Rating Agency is then currently requested to rate any Group III Series of Notes, approved by Noteholders of the Group III Series of Notes holding more than 50% of the aggregate Invested Amounts of all outstanding Group III Series (the "Majority Group III Noteholders") (such period described in clauses (a), (b), (c) and (d) above, the "Non-Repurchase Maximum Term"). If a Group III Vehicle's age is unknown as of its Vehicle Lease Commencement Date, such age (in months) shall be the lesser of (i) the number obtained by dividing the number of miles on the odometer of such Group III Vehicle at the Vehicle Lease Commencement Date by 1500 and (ii) the number of months in the period commencing on September 1 of the calendar year prior to the model year of such Group III Vehicle through the Vehicle Lease Commencement Date for such Group III Vehicle.

Vehicle Term. Group III Non-Repurchase Vehicles. The "Vehicle Lease Commencement Date" for each Group III Non-Repurchase Vehicle shall mean the day referenced as such in the Group III Vehicle Series 1996-1 Acquisition Schedule or Refinancing Schedule with respect to such Group III Non-Repurchase Vehicle but in no event beyond the date that funds are expended by the Lessor to acquire such Group III Non-Repurchase Vehicle. The "Vehicle Term" with respect to each Group III Non-Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) if the Group III Non-Turnback Date for such Repurchase Vehicle, (ii) the date the Vehicle is sold to a third party, party through any means other than an auction conducted by or through or arranged by the date such Vehicle is sold Manufacturer pursuant to such third party its Repurchase Program and the funds in respect of such sale are received by the Trustee in the Group III Collection Account (from such third party or from any member of the Lessee Group on behalf of such third party) and such funds equal or exceed the Non-Repurchase Vehicle Value of such Group III Non-Repurchase Vehicle), (iiiii) if the Group III Non-Repurchase Vehicle becomes a Casualty, the date funds in the mount amount of the Non-Repurchase Vehicle Net Book Value thereof are received by the Trustee in the Group III Collection Account from the applicable Lessee, or (iiiiv) the date that the Group III Non-Repurchase Vehicle is purchased by the applicable Lessee pursuant to Paragraph 6 Section 2.5 or 7 of Annex A to this Agreement 2.6 hereof and the Non-Repurchase Vehicle Value Purchase Price with respect to such purchase (and any unpaid Monthly Base Rent and Monthly Variable Rent with respect to such Group III Non-Repurchase Vehicle) is received by the Trustee and (iv) the maximum vehicle lease term of the Operating Lease and the Financing Lease, as applicable, as specified in, respectively, paragraph 5 of each of Annex A and Annex B to this Agreement (the earliest of such four dates being referred to as the "Vehicle Lease Expiration Date"). The Lessor and each Lessee agree that each Lessee shall use its commercially reasonable efforts to deliver each Repurchase Vehicle to the related Manufacturer or the designated auction site, as applicable, (a) not prior to the end of the minimum holding period specified in the related Repurchase Program (prior to which the Lessor may not deliver such Repurchase Vehicle without penalty (the "Minimum Term")) and (b) not later than the end of the maximum holding period (after which the Lessor may not return such Repurchase Vehicle without penalty (the "Maximum Term")); provided, however, that if for any reason, a Lessee fails to deliver a Repurchase Vehicle to the Lessees applicable Manufacturer or designated auction site during the time period between the expiration of the Minimum Term and the expiration of the Maximum Term, such Lessee shall use commercially reasonable efforts be obligated to dispose of (a) each Group III Non-purchase such Repurchase Vehicle, within twenty-four (24) months Vehicle from the Lessor on the first Due Date after the date expiration of the original new dealer invoice Maximum Term for such an amount equal to the Vehicle or, where no such invoice exists, the date such Vehicle was first put into service, or (b) Purchase Price with respect to any such Repurchase Vehicle, such longer period with respect to which Rating Agency Confirmation has been obtained or, if no Rating Agency is then currently requested to rate any Group III Series of Notes, approved by Noteholders . Each Lessee will pay the equivalent of the Group III Series Rent for the Minimum Term for Repurchase Vehicles returned before the Minimum Term, regardless of Notes holding more than 50% of the aggregate Invested Amounts of all outstanding Group III Series (the "Majority Group III Noteholders") (such period described actual usage, unless a Vehicle is a Casualty which will be handled in clauses (a), (b), (c) and (d) above, the "Non-Repurchase Maximum Term"). If a Group III Vehicle's age is unknown as of its Vehicle Lease Commencement Date, such age (in months) shall be the lesser of (i) the number obtained by dividing the number of miles on the odometer of such Group III Vehicle at the Vehicle Lease Commencement Date by 1500 and (ii) the number of months in the period commencing on September 1 of the calendar year prior to the model year of such Group III Vehicle through the Vehicle Lease Commencement Date for such Group III Vehicleaccordance with Section 6 hereof.

Vehicle Term. Group III IV Non-Repurchase Vehicles. The "Vehicle Lease Commencement Date" for each Group III IV Non-Repurchase Vehicle shall mean the day referenced as such in the Group III IV Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Group III IV Non-Repurchase Vehicle but in no event beyond the date that funds are expended by the Lessor to acquire such Group III IV Non-Repurchase Vehicle. The "Vehicle Term" with respect to each Group III IV Non-Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) if the Group III IV Non-Repurchase Vehicle is sold to a third party, the date such Vehicle is sold to such third party and funds in respect of such sale are received by the Trustee in the Group III IV Collection Account (from such third party or from any member of the Lessee Group on behalf of such third party) and such funds equal or exceed the Non-Repurchase Vehicle Value of such Group III IV Non-Repurchase Vehicle, (ii) if the Group III IV Non-Repurchase Vehicle becomes a Casualty, the date funds in the mount amount of the Non-Repurchase Vehicle Value thereof are received by the Trustee in the Group III IV Collection Account from or on behalf of the applicable Lessee, (iii) the date that the Group III IV Non-Repurchase Vehicle is purchased by the applicable Lessee pursuant to Paragraph paragraph 6 or 7 of Annex A to this Agreement or paragraph 8 of Annex B and the Non-Repurchase Vehicle Purchase Price, in the case of Vehicles purchased pursuant to Annex A, or Net Book Value of the applicable Vehicle, in the case of Vehicles purchased pursuant to Annex B, with respect to such purchase (and any unpaid Monthly Base Rent, Monthly Variable Rent, Monthly Finance Rent and Monthly Variable Supplemental Rent with respect to such Group III IV Non-Repurchase Vehicle) is received by the Trustee and (iv) the maximum vehicle lease term of the Operating Lease and the Financing Lease, as applicable, as specified in, respectively, paragraph 5 of each of Annex A and Annex B to this Agreement (the earliest of such four dates being referred to as the "Vehicle Lease Expiration Date"); provided, however, that the Lessees shall use commercially reasonable efforts to dispose of (a) each Group III IV Non-Repurchase Vehicle, within twenty-four (24) months after the date of the original new dealer invoice for such Vehicle or, where no such invoice exists, the date such Vehicle was first put into service, or (b) with respect to any Vehicle, such longer period with respect to which Rating Agency Confirmation has been obtained or, if no Rating Agency is then currently requested to rate any Group III Series of Notes, approved by Noteholders of the Group III Series of Notes holding more than 50% of the aggregate Invested Amounts of all outstanding Group III Series (the "Majority Group III Noteholders") (such period described in clauses (a), (b), (c) and (d) above, the "Non-Repurchase Maximum Term"). If a Group III Vehicle's age is unknown as of its Vehicle Lease Commencement Date, such age (in months) shall be the lesser of (i) the number obtained by dividing the number of miles on the odometer of such Group III Vehicle at the Vehicle Lease Commencement Date by 1500 and (ii) the number of months in the period commencing on September 1 of the calendar year prior to the model year of such Group III Vehicle through the Vehicle Lease Commencement Date for such Group III Vehicle.

Vehicle Term. Group III Non-IV Type II Repurchase Vehicles. The "Vehicle Lease Commencement Date" for each Group III Non-IV Type II Repurchase Vehicle shall mean the day referenced as such in the Group III IV Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Group III Non-IV Type II Repurchase Vehicle but in no event beyond the date that funds are expended by the Lessor to acquire such Group III Non-IV Type II Repurchase Vehicle. The "Vehicle Term" with respect to each Group III Non-IV Type II Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) if the Turnback Date for such Group III Non-IV Type II Repurchase Vehicle, (ii) the date the Vehicle is sold to a third party, party through any means other than an auction conducted by or through or arranged by the date such Vehicle is sold Manufacturer pursuant to such third party its Repurchase Program and the funds in respect of to such sale are received by the Trustee in the Group III IV Collection Account (from such third party or from any member of the Lessee Group on behalf of such third party) ), and such funds equal or exceed the Non-Type II Repurchase Vehicle Value of such Group III Non-IV Type II Repurchase Vehicle, (iiiii) if the Group III Non-IV Type II Repurchase Vehicle becomes a Casualty, the date funds in the mount amount of the Non-Type II Repurchase Vehicle Value thereof are received by the Trustee in the Group III IV Collection Account from or on behalf of the applicable Lessee, (iiiiv) the date that the Group III Non-IV Type II Repurchase Vehicle is purchased by the applicable Lessee pursuant to Paragraph paragraph 6 or 7 of Annex A to this Agreement or paragraph 8 of Annex B and the Non-Repurchase Vehicle Purchase Price, in the case of Vehicles purchased pursuant to Annex A, or Net Book Value of the applicable Vehicle, in the case of Vehicles purchased pursuant to Annex B, with respect to such purchase (and any unpaid Monthly Base Rent, Monthly Variable Rent, Monthly Finance Rent and Monthly Variable Supplemental Rent with respect to such Group III Non-IV Type II Repurchase Vehicle) is received by the Trustee and (ivv) the maximum vehicle lease term of the Operating Lease and the Financing Lease, as applicable, as specified in, respectively, paragraph 5 of each of Annex A and Annex B to this Agreement (the earliest of such four five dates being referred to as the "Vehicle Lease Expiration Date"); provided, however, that the Lessees shall use commercially reasonable efforts to dispose of (a) each Group III Non-Repurchase Vehicle, within twenty-four (24) months after the date of the original new dealer invoice for such Vehicle or, where no such invoice exists, the date such Vehicle was first put into service, or (b) with respect to any Vehicle, such longer period with respect to which Rating Agency Confirmation has been obtained or, if no Rating Agency is then currently requested to rate any Group III Series of Notes, approved by Noteholders of the Group III Series of Notes holding more than 50% of the aggregate Invested Amounts of all outstanding Group III Series (the "Majority Group III Noteholders") (such period described in clauses (a), (b), (c) and (d) above, the "Non-Repurchase Maximum Term"). If a Group III Vehicle's age is unknown as of its Vehicle Lease Commencement Date, such age (in months) shall be the lesser of (i) the number obtained by dividing the number of miles on the odometer of such Group III Vehicle at the Vehicle Lease Commencement Date by 1500 and (ii) the number of months in the period commencing on September 1 of the calendar year prior to the model year of such Group III Vehicle through the Vehicle Lease Commencement Date for such Group III Vehicle.IV Type II